Ethereum Almost Reached Up $5K
The second-largest cryptocurrency in the world, Ethereum (ETH), on November 8, rose 3.30% per day, breaking the $4,700 mark, reaching $4,770.
This happened after Bitcoin (BTC) overcame $66,000, indicating a strong positive correlation between the two digital assets.
Wall Street economists expected the US CPI to rise to 5.8% in October, much faster than the 5.4% growth recorded in September, the highest since 1990.
Bloomberg consensus forecasts suggest that US consumer prices rose 0.6% from September to October, up 0.4% from August to September.
Fed officials believe inflation is temporary and have kept their base interest rates close to zero, allowing Bitcoin to maintain its bullish momentum.
Ether’s technical specs supported the upside outlook, with the price trending towards the resistance trendline of the prevailing bullish channel – around the $4,800-5,000 area – as shown in the chart below.
In addition, the ongoing bull flag breakout also pushed Ether’s profit target to around $4,800.
Bernhard Rzimelka, Managing Director for Global Markets at Goldman Sachs, is confident that Ether could reach $8,000 by December 2021 if the token tracks’ inflation expectations.