Analyst Indicates Ethereum Could Surge to $2,500 as Bitcoin, Ethereum, and Dogecoin Experience Minor Rise Prior to Inflation Data Release
Major cryptocurrencies traded slightly positively on Tuesday evening as investors awaited the release of Wednesday’s Consumer Price Index (CPI), which has the potential to determine the continuation of the range-bound trading pattern. Bitcoin has had a strong year so far, with prices up 84% year-to-date. However, much of the gains were consolidated during the winter months, while February, April, and May saw relatively stagnant or negative returns. The global crypto market capitalization stood at $1.19 trillion, increasing by 0.19% over the last day. U.S. stocks rebounded on Tuesday, with the S&P 500 and Nasdaq Composite both recording gains. Crypto trader Michael Van de Poppe noted that the current consolidation phase of Ethereum at its current prices could potentially result in a breakout, and if ETH manages to rise above $1,935, it could trigger a rapid rally. This could potentially take ETH to a level last witnessed in May 2022.