Goldman Sachs, EthereumHe said that if the company continues its current relationship with inflation expectations, it could increase 80% to $ 8,000 in the next two months.
Bernhard Rzymelka, Goldman’s managing director of global markets, said on Monday that crypto assets have been following inflation closely over the past few years. Rzymelka compared the Bloomberg Galaxy Crypto index with a market-based measure of inflation expectations and found a strong correlation.
He said that ETH monitors inflation especially closely. The strategist added that the token is cyclical – meaning it tends to rise when the economy is better.
Rzymelka said that Ethereum could also be about to take a leap, given that inflation expectations have risen sharply recently.
According to Bitstamp data, Ethereum hit an all-time high around $4,500 on Tuesday. Goldman said the latest chart pattern shows that the cryptocurrency has either run out or has reached the “starting point of an accelerating rally.”
Rzymelka’s note included a chart that addressed the potential future direction of ETH, showing it could rise to $8,000 by the end of the year. That’s roughly 80% higher than Tuesday’s record high of $4,468. As mentioned above, if the correlation with global inflation rates continues, it is considered a reasonable target for the Ethereum price to reach $ 8,000.
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