Categories: Market

ETH returns to pricing when it approaches $ 5,000

The Ethereum blockchain’s native ETH asset hit a new ATH on Nov 8, thanks to a positive uptrend in leading cryptocurrencies ahead of this week’s top US inflation report.

ETH price rose to $ 4,782 for the first time in history when Bitcoin retook the $ 66,000 mark, showing a strong positive correlation between the top two digital stocks.

Correlation table for cryptocurrencies (based on data collected over the past 24 hours) | Source: Crypto Watch

Inflationary pressures are back

Wall Street Economists suspect The US consumer price index is set to climb to 5.8% in October ahead of the Bureau of Labor Statistics inflation report on Wednesday. So if the forecast is correct, the index will rise by one level since 1990.

In addition, the consensus projections observed by Bloomberg show US consumer prices rise 0.6 percent in September-October, compared to 0.4 percent in August-May.

US headline inflation | Source: Bloomberg, Bureau of Labor Statistics

The latest inflation figures come after the Federal Reserve’s (Fed) monetary policy meeting last week. The US Federal Reserve has decided to discontinue its $ 120 billion bond purchase program.

However, Fed officials maintained their long-term view that inflation was “transitory” and eventually decided to keep the benchmark interest rate near zero. This helped Bitcoin maintain its momentum thanks to high yields during a period of extremely low interest rates and large bond purchases .

Technical analysis of the ETH price

The ETH technical indicators suggest a bullish outlook towards the dominant ascending trendline of channel resistance – near the USD 4,800-5,000 region – as shown in the chart below.

Daily ETH price chart and ascending channel configuration | Source: TradingView

In addition, a sustained bull outbreak has brought ETH’s profit target close to $ 4,800.

Bernhard Rzymelka, Managing Director Global Markets at Goldman Sachs, suspect ETH will hit $ 8,000 in December 2021 if the token continues to move in line with inflation expectations.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

At home at home

According to Cointelegraph

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

CoinX

Recent Posts

The New Lead of Presidential Crypto Council Appointed by Trump Is Bo Hines

President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.

19 minutes ago

Best New Meme Coins with 1000X Potential: BTFD Coin’s Hot BIG50 Discount As Baby Doge Coin, Dogs Takes Gaming to the Next Level

Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…

1 hour ago

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

3 hours ago

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

3 hours ago

Book of Meme Old News? This Best Meme Coin to Invest in 2024 Is Multiplying Gains Like a Champ

Over the years, meme coins have evolved from inside jokes into serious investment opportunities.

4 hours ago

Time’s Ticking on BlockDAG’s 5-Tier Bonus- Few Days Left to Grab It While Cardano Whales Take Action, Aave Rallies Strong

Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…

5 hours ago

This website uses cookies.