2021-10-08 05:15:12

ETH eyes $4,000 ahead of NFP data

Ethereum (ETH/USD) price is relatively calm as investors wait for the latest American non-farm payroll numbers scheduled for Friday. Ether is trading at $3,574, which is slightly below this week’s high of $3,653. 

Ethereum and NFP data

Ethereum is a blockchain project that has grown to become one of the most useful in the industry. The ecosystem helps developers build all kinds of applications, including non-fungible tokens (NFT), decentralized finance (DeFi), and even games. Some well-known cryptocurrencies like Shiba Inu are built on Ethereum’s network.

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Ethereum price has rebounded in the past few weeks as interest in cryptocurrencies has resumed. It has risen by more than 35% from its lowest level this week. This rebound has pushed its total market capitalization to more than $420 billion, making it the second-biggest cryptocurrency.

There are several reasons why Ethereum has risen substantially recently. First, the price action is in line with what Bitcoin has done. BTC, the biggest cryptocurrency in the world has jumped to more than $54,000 after Soros Fund Management announced a stake.

Second, ETH price has rallied because of the rising activities in the network. In the past few days, the total value locked in Ethereum’s Defi ecosystem has jumped to more than $142 billion. This is a substantial figure considering that the industry was inexistent a few years ago.

Finally, the price jumped as signs emerged that more institutions were buying the currency. For example, this week, US Bancorp said that it will start custody services for institutional investors. It joins other big firms like Fidelity that offer these services.

The Ethereum price will today react to the American jobs numbers. These numbers are important because they have an influence on the Fed decision. Therefore, strong numbers could send a signal that the Fed will maintain a hawkish stance.

Ethereum price prediction

Ethereum price

The four-hour chart shows that ETH price jumped to a high of $3,653. This was a notable price since it was along the highest level on September 16. Therefore, the current consolidation is relatively understandable. 

The price has also risen above the 25-day and 50-day moving averages. Therefore, there is a likelihood that the Ethereum price will keep rising in the near term as investors target the key level at $4,000.

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