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Ethereum Might Hit $2K in Coming Weeks; Here's Key Factor per This Analyst

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Wed, 10/08/2022 - 13:23
Ethereum Might Hit $2K in Coming Weeks; Here's Key Factor per This Analyst
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Expectations are in place ahead of the awaited consumer-price index (CPI) statistics, with markets watching for signs that inflation eased in July despite unexpectedly strong U.S. jobs numbers last week.

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To this end, crypto analyst and economist Alex Kruger is expressing his take on the Ethereum price action. According to the analyst, Ethereum might reach the $2K mark if pricing pressures start to show significant signs of easing. On the contrary, higher-than-expected stats might mean a weeklong drop, which will enable investors to buy the dip. This may also apply to Bitcoin and other cryptocurrencies amid a general correlation in the risk asset class.

''If the number comes in hot think a week-long downtrend makes sense, then reload the dip. If the number comes in cool then $ETH 2K within two weeks. All risk assets would move similarly. $ETH is my risk asset of choice for now," he stated.

According to Matt Maley, chief market strategist at Miller Tabak & Co., if inflation is lower than predicted, there may be greater liquidity due to a potential Federal Reserve pivot. If inflation is higher than projected, cryptocurrencies should decline. The U.S. inflation figures may indicate whether the Federal Reserve is willing to hike rates more quickly.

It is anticipated that the Consumer Price Index report should reveal a downturn in July, which might be good news for cryptocurrencies.

$1,350 predicted in "max pain" scenario

According to Glassnode, Ethereum derivatives traders continue to make bets on the cryptocurrency in a clear direction, particularly on the impending Merge update. While upward bets reveal a $2,200 probability, even up to $5,000, the maximum pain price is around $1,350, at which the greatest number of options would expire out of the money.

As the Merge update slated for Sept. 19 approaches, there has been speculation of numerous Ethereum PoW forks arising. To this end, Circle Internet Financial, an issuer of the crypto stablecoin USDC, said it will not support any offshoots of Ethereum when the blockchain network undergoes its proof-of-stake transition.

At the time of publication, Ethereum was changing hands for $1,708.

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