Ethereum hits $4670 – All-time high seems imminent

Ethereum (ETH), is currently experiencing a huge price surge. It has recovered the price of $4,671.71, which was last seen in November 2021. According to CoinGecko’s Ethereum statisticsETH is currently up by 8.6% on the daily charts. It’s also up 30.2% weekly, and 22.5% 14-day charts. The price has increased 53.7% in comparison to the prior month. And 75.4% from August 2024. Ethereum (ETH) has fallen by only 4.2% since its high point of $4,878.26.

Is Ethereum Set to Hit an All-Time Record High this Week?

If ETH rises at its current rate it might reach a record-breaking high within the next 24 hour. According to CoinCodex ETH analystsIt will continue to rise over the coming weeks. According to the platform, it is expected that on August 28, this asset will be trading at $5.558.17. To reach $5,558.17 at current prices will require a nearly 19% increase.

Why is the asset’s price increasing?

Ethereum’s recent upward movement is most likely a result of the US CPI coming in at 2.7% – lower than the expected 2,8%. CPI data that is lower has led to a high level of optimism regarding a possible interest rate decrease in September. Rate cuts will probably lead to an increase in investments into risky assets such as cryptocurrency. Under this pretext, ETH as well as the entire market may continue to rise.

High ETF inflows may have sped up ETH’s rise. ETH ETFs recently saw more than $1 billion in inflowsThe largest rally since the US launch. The rally of ETH may continue if ETF flows keep coming in.

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There is a possibility that ETH will face a correction over the next few days. It is still a while before the global economy recovers from Trump’s trade tariffs. The crypto market could be hindered by geopolitical and trade wars. It remains to be seen how things will unfold.