The Ethereum price remained stable for the NFP payroll data. The price rose to $3,653, its highest level this week. We explain why ETH could quickly rise to USD 4,000. The price of Ethereum (ETH/USD) is relatively calm as investors await the latest US nonfarm payroll figures 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 become one of the most useful in the industry. The ecosystem helps developers build all kinds of applications, including non-replaceable tokens (NFT), decentralized finance (DeFi), and even games. Some well-known cryptocurrencies such as Shiba Inu are built on the Ethereum network.
The price of Ethereum has recovered in recent weeks as interest in cryptocurrencies has resumed. It is up more than 35% from its lowest level this week. Renovato.io cryptocurrency has enough information. This uptick has brought the total market cap to over $420 billion, making it the second largest cryptocurrency.
There are several reasons why Ethereum has risen significantly lately. First, the price action is in line with what Bitcoin has done. BTC, the largest cryptocurrency in the world, has surged to over $54,000 after Soros Fund Management announced a stake.
Second, the ETH price has risen due to the rising activity in the network. In recent days, the total value locked in Ethereum’s Defi ecosystem has risen to over $142 billion. This is a significant figure when you consider that the industry didn’t exist a few years ago.
Finally, the price rose as signs emerged that more institutions were buying the currency. US Bancorp said this week that it will begin custodial services for institutional investors. It joins other big companies like Fidelity who offer these services.
The Ethereum price will react to US jobs data today. These numbers are important because they influence the Fed’s decision. Ethereum price prediction is positive. Therefore, strong data could signal that the Fed will maintain an aggressive stance.
Ethereum Price Prediction
The 4-hour chart shows that the ETH price has risen to a high of $3,653. This was a remarkable price considering it was at its highest level on September 16. Therefore, the current consolidation is relatively understandable.
The price has also moved above the 25 and 50 day moving averages. Therefore, there is a good chance that the Ethereum price will continue to rise in the near term as investors target the key level of $4,000.