Ethereum has experienced a mild setback after breaking the important barrier at $2,000 and continues to trade in the green over today’s trading session. The cryptocurrency is leading the current crypto market relief and sees poised for further gains.
At the time of writing, Ethereum (ETH) trades at $1,980 with a 6% and 15% profit over the last 24 hours and 7 days, respectively. Only Solana (SOL), and Cardano (ADA) come close to ETH’s price gains with double digits profits over the same period.
ETH’s price with important gains on the 4-hour chart. Source: ETHUSDT Tradingview
Trading firm QCP Capital believes the bullish momentum is on track to extend on the back of positive macro-economic factors. The crypto relief rally took off last week when the U.S. published the Consumer Price Index (CPI) July print, a measure of inflation in the dollar.
The metric stood at around 8.5% and, as QCP Capital said, “confirms the peak inflation narrative”. Thus, market participants expect a less aggressive Federal Reserve (Fed) as inflation appears to be tren ..
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