{"id":475122,"date":"2021-11-01T17:00:58","date_gmt":"2021-11-01T17:00:58","guid":{"rendered":"https:\/\/uniquehot.com\/?p=475122"},"modified":"2021-11-01T16:20:18","modified_gmt":"2021-11-01T16:20:18","slug":"analysts-for-ethereum-at-8000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/analysts-for-ethereum-at-8000\/","title":{"rendered":"Goldman Sachs Analysts Shoot For Ethereum At $8,000 With Expected 80% Rally"},"content":{"rendered":"
Ethereum recently hit a new all-time high following a tremendous bull run alongside top crypto bitcoin. The altcoin has enjoyed glowing success as the market turns to the upside in terms of sentiment. This has helped push ETH and countless altcoins towards new highs in the market. Expectations have been on the rise following this success and Goldman Sachs market analysts believe there are merits to the expectations.<\/p>\n
Ethereum\u2019s rally towards $4,400 has set it on a path for even greater value. Faith in the asset has been on the rise in the past few months despite the slow month of September. This has caused an influx of both retail and institutional investors into the digital asset, who are investing for the long-term rather than chasing short-term gains. The push towards ETH at $10K continues and market analysts are marking a path that could lead the market there.<\/p>\n
Related Reading |\u00a0MicroStrategy Bent On Increasing Bitcoin Bet After 9,000 BTC Purchase, Says CEO<\/a><\/strong><\/em><\/p>\n Market analysts at Goldman Sachs have said Ethereum\u2019s price movements in line with inflation if continued, may place the asset in position for another upward rally. Goldman Sachs Global Markets Managing Director Bernhard Rzymelka circulated a note that outlined the correlation of ETH\u2019s price movements with inflation breakevens for the past two years.<\/p>\n Inflation has been one of the driving forces behind the adoption of crypto in recent times. As countries shut down due to the pandemic in 2020, inflation rates around the globe shot up as nations could no longer carry out trade with one another. This has persisted into 2021 with inflation rates for the United States at 4.2%. As such, investors have had to find better ways than traditional investment options to hedge against growing inflation and digital currencies as Ethereum has presented as an option.<\/p>\n <\/p>\n Goldman Sachs market analysts put forward that if ETH continues to follow the same line, then the digital asset will rally 80% towards $8,000. However, the analysts explained that this could go either way. Investors\u2019 views of current inflation pressures may persist and if they do, it could be \u201ca sign of exhaustion and peaking, or a starting point of an accelerating rally upon a break higher,\u201d the note said.<\/p>\n Ethereum had trended downwards after losing its footing above $4,400. Bulls had hoped to settle the digital asset above the $4,500 but market momentum dropping during the weekend has seen ETH register lower than expected in the early hours of Monday. This had however not deterred the bulls as the asset is poised to begin another rally to once again test the $4,400 price point.<\/p>\n Related Reading |\u00a0New Ethereum-to-Cardano Bridge Will Provide NFT Creators Eco-friendly Options<\/a><\/strong><\/em><\/p>\nGearing Up For $8,000<\/h2>\n
ETH price drops from ATH | Source: ETHUSD on TradingView.com<\/a><\/pre>\n
Ethereum Trending Higher<\/h2>\n