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

Swift, UBS, Chainlink Complete Pilot for Global Tokenized Fund Settlement Network

Swift, UBS Asset Management, and Chainlink have completed a proof-of-concept that would settle tokenized fund…

12 mins ago

Jambo and Lif3 Partner to Make Crypto Payments Accessible to Millions of Users in Emerging Markets

Abu Dhabi, United Arab Emirates, 5th November 2024, Chainwire

16 mins ago

Jito and Solana Outpace Ethereum in 24-Hour Fee Revenue

According to data from SolanaFloor, Jito and Solana's 24-hour protocol fee income has surpassed Ethereum's…

49 mins ago

Which 3 Altcoins Will Skyrocket the Most in the Next Big Bitcoin Rally?

As the crypto market is about to witness the next big Bitcoin surge, Rexas Finance,…

1 hour ago

Gate.io Shatters Records in Total Trading Volume in Q3 2024, with Its User Base Surpassing 17 Million

In the third quarter of 2024, despite a challenging market environment, Gate.io maintained strong growth…

2 hours ago

MEXC Champions the Future of Crypto Content Creation at CCCC

MEXC is proud to partner with the inaugural Crypto Content Creator Campus CCCC event, taking…

2 hours ago

This website uses cookies.