Ethereum Breaks Seven-Month Barrier as CPI Hits Five-Year Low
Ethereum (ETH) broke through its $2,600 barrier for the first time in seven months on Friday. This came after core CPI hit a five-year low, causing a sharp shift towards risk-on investing.
The sudden surge of $127 billion back into the total crypto market cap in just 90 minutes after the CPI release also contributed to Ethereum's breakout. As Benzinga reported, investors treated the rate hike as a priced-in event rather than a new shock, sparking a sharp move towards risk-on investing.
Ethereum's price surge has been accompanied by strong buying activity, which could offset the $19.30 million in net outflows recorded by Spot ETH ETFs this week through Thursday. Analyst Ali Martinez predicted Ethereum would approach his target of $2,740, while Michaël van de Poppe stated that ETH making new highs is a signal for altcoin bulls.