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Ethereum’s native token, Ether (ethereum), rose to a three-week high, and rose Keeping pace with the broader cryptocurrency marketand stocks.
On January 9, ETH’s price rose 2.85%, surpassing $1,325 for the first time in three weeks. This is a critical level where the token will pave the way to his next $1,350 if previous price performance is any indication.
of Market cap of the crypto market It earned 2.66%, or $21.18 billion, during the same period.
Investors are flooding risky markets cooling inflation.
In particular, on January 6, the U.S. Department of Labor Nonfarm Salary Report Market watchers interpreted it as a sign that the Federal Reserve’s hawkish policies have successfully brought inflation down.
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Such a scenario could prompt the Fed to slow its pace. interest rate hikewhich could prove bullish for crypto assets like Ether.
Inflation will continue to decline over the next few months. This will cause the Fed to pause and eventually ease and the market will surge. As the Fed begins easing, we enter the second stage of inflation.People don’t seem to really understand how sticky inflation can be pic.twitter.com/iFKbUWg9QA
Nate O’Brien (@nateobrienn) January 9, 2023
The market is now awaiting the latest data on US consumer prices due on 12th January. Those numbers will set the tone for his two-day meeting of the Federal Open Market Committee, which begins Jan. 31. CME data shows the market consensus for a 50-75 basis point rate hike going into February.
Ethereum options traders are becoming more confident about the potential for price gains in the first quarter of 2023 as macro indicators become short-term bullish in risk markets.
Notably, according to data tracked by Glassnode, open interest in Ethereum expiring on March 31 is mostly bullish, with most strike targets in the $3,500-$4,000 range.
The upward outlook is further boosted by Jiang Zhuoer, CEO/co-founder of Bitcoin (BTC) mining service B.TOP. I believe Ether will permanently break out of its current bottom range between March and May 2023, citing deflationary supply in recent months.
Related: Ethereum’s Shanghai Upgrade Could Supercharge Liquid Staking Derivatives Here’s How
Looking at Ethereum data, when Ethereum was in Proof of Work (POW) inflation was 3.59%. Bitcoin inflation is 1.72%, he wrote, stating: Added.
ETH inflation remains low at 0.01% as inactive coins burn even after bear market […] From this data, we can conclude that the ETH bull market will start in a spiral deflationary mode.
However, the Fed needs to see a sustained fall in inflation before it can stop raising rates. caution Edward Park, Chief Investment Officer of London-based Brooks McDonald’s, said:
$ETH. Bear market analysis. Since hitting a high in December 2021, the price has been moving in a descending channel so far.
Prices are expected to continue rising from here or form a double bottom before the next impulse move. #DYOR #NFA pic.twitter.com/roAgsyZXPf
The London Crypto (@SerLondonCrypto) January 9, 2023
If that doesn’t happen, investor risk-on sentiment will weaken again and in such a scenario Ether could fall below $1,000 and form a double bottom.
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.
