Markets are focused on the “consumer price index (CPI)” from the US and are waiting for news that “inflation” has dropped in July, in addition to the strong employment data released last week. If this is an important development, according to analyst Alex Kruger. Ethereum may affect the price.
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.
— Alex Krüger (@krugermacro) August 10, 2022
Crypto analyst and economist Alex KrugerHe shared his views by stating that he is closely following the Ethereum movement. According to the analyst, Ethereum could hit the $2,000 price tag if pricing pressures start to show significant signs of easing.
Koinfinans.com On the contrary, higher-than-expected stats could create a one-week drop that could prompt investors to buy from the bottom. This is a scenario that could also apply to Bitcoin and other cryptocurrencies amid a general correlation in the risk asset class.
“If the figure is higher than expected, you might think a one-week downtrend makes sense, then you may have an opportunity to buy at the bottom. If the figure turns out better than expected, we may see an Ethereum at $ 2,000 in two weeks. All risk assets will act similarly. $ETH is my preferred risk asset for now.”
chief market strategist at Miller Tabak & Co. Matt MaleyIf inflation is lower than anticipated, there may be more liquidity due to a potential Federal Reserve axis. If inflation is higher than predicted, cryptocurrencies may naturally go bearish. U.S. inflation figures may indicate whether the Federal Reserve is willing to raise rates faster.
Consumer price index The decline of the report for July may mean that it will resonate as a positive development for cryptocurrency prices.
What Is the Worst Case Scenario for Ethereum?
In the news we previously reported as Koinfinans.com; According to Glassnode, Ethereum futures traders continue to bet on the cryptocurrency in a clear direction, especially on the upcoming Merge update. Increasing bets open up the possibility of $2,200 or even $5,000, while the maximum drop estimate is around $1,350.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.