The managing director of Goldman Sachs Global Markets believes that ether can almost double by the end of the year and reach $ 8,000.
Bernhard Rzymelka believes that inflation is one of the main drivers for the growth of cryptocurrencies in general and ether in particular. He compared a chart of the Bloomberg Cryptocurrency Index and a chart of USD inflation swaps. It turned out that the correlation is extremely high.
In a letter to investors, Rzimelka emphasized that now the inflationary background looks quite favorable for the growth of ETH, since “this cryptocurrency is especially strongly correlated with inflation in the market, which reflects its cyclical nature of the” network “asset”. The strategist stressed that the current surge in inflation provides significant prerequisites for a large-scale growth in ether, “if the behavior similar to the previous episodes continues.”
According to Goldman Sachs analysts, now the relative strength indicator (RSI) on the ether chart is still far from the overbought zone, and the ETH rate may well reach $ 8,000 in two months. They expect growth in other cryptocurrencies, stressing that “the market is still far from the top.”
It is worth noting that in recent days, the ether has repeatedly updated its historical maximum, and at the time of this writing, ETH is trading above $ 4,600. This is also facilitated by the opinion of analysts who expect that ETF on ether futures will be launched in the first quarter of next year.
In early September, billionaire and investor Raoul Pal announced that ETH could well reach $ 20,000.
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