Main navigation

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

Wed, 10/08/2022 - 13:23
Ethereum Might Hit $2K in Coming Weeks; Here's Key Factor per This Analyst
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

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.


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.


Latest Press Releases

Is Bitcoin Mining Legal? Regions in the World Where Mining Is Legally Permissible
Zircuit, New ZK-Rollup Focused on Security, Launches Staking Program
AI Analysis Launches The AIA Mastercard – The Future of Crypto-Fiat Transactions
VAP Group hosts the majestic Global Blockchain Show 2024 in Dubai
Digital Transformation Week Is Returning to Santa Clara This Summer
Arab Financial Services (AFS) Enter Strategic Alliance with Xpence to Innovate SME Financial Management in Bahrain
Breaking Records: UXLINK Attracts 978,000 New Web3 Wallet Registration with $78,000,000 Deposit asset from February 01 to February 22, 2024
What To Expect from The Bitcoin Halving in April 2024
Testnet Launch for dWallet Network - Composable Modular Signature Network
ETH Denver Top Builders Base by Supermoon, Cointelegraph, NDC, Horizen, & Conflux
Citrea, Bitcoin’s First ZK Rollup, Announces $2.7M Seed Funding
Chromia’s Flagship Game ‘My Neighbor Alice’ Unveils 2024 Roadmap
First-Ever ICO on Bitcoin Blockchain: $3.1M Raised in Under 6 Days
CoinList to Host the MASA Token Public Sale as it Unleashes the World’s Personal Data Network
Sui Reveals Initial Wave of Speakers, Famed Venue for First Annual Basecamp Event
Vitalik Buterin Comes to Taiwan as Keynote Speaker at ETHTaipei 2024
Elevating Europe’s Crypto Hub: Next Block Expo Returns to Poland
Bridging the Data Trust Gap: 2024 RegTech Confab Set to Unlock Africa’s Economic Potential
ApeX Protocol Partners with Alertatron to Enhance Automated Trading Capabilities
TeachMeCode Institute Announces Grand Opening of Cutting-Edge Dubai School
Our social media
There's a lot to see there, too

Popular articles