The Global Markets manager of the famous company Goldman Sachs shared a note for Ethereum, the largest altcoin by market cap. According to the note shared by the manager, the price of the leading altcoin Ethereum could rise by more than 80 percent in the next two months if it continues to correlate with inflation expectations.
Delightful prediction from Goldman Sachs for the leading altcoin ETH
As Cryptokoin.com reported, Ethereum (ETH), which closed October with a 43% gain, reached an all-time high last week with $4.467. At the time of writing, it is trading as much as 3.2 percent below that level. So, why does Goldman Sachs think ETH will continue to rise?
Bernhard Ryzmelka, Head of Global Markets at GS, says the answer lies in the correlation of ETH with 2-year inflation swaps. The executive explained that crypto markets have been watching inflation breakouts since 2019. The bank thinks that if this correlation continues, we could see much higher prices in cryptocurrencies in the near future.
Goldman Sachs analysts say that if current views of inflation pressures persist, it could be a sign of “either an exhaustion or a peak.” Another option is to be at the “starting point of an accelerating rally”. Analysts say they expect the price of ETH to reach $8,000 in the next two months if the historical correlation with inflation continues.
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