On August 14, the United States will release the monthly Consumer Price Index (CPI) data, a leading economic indicator. U.S. CPI news may influence all finance markets worldwide, including cryptocurrencies, stocks, forex, and commodities – driving Finbold to seek insights on an Ethereum (ETH) price prediction.
Ethereum is the second-largest cryptocurrency by market capitalization behind Bitcoin (BTC) and the most valuable blockchain infrastructure ecosystem. Recently, the project has gained the spotlight with traditional finance participants like BlackRock (NYSE: BLK) through the ETH spot ETFs.
Therefore, as the leading Web3 and decentralized finance (DeFi) token grows in relevancy on Wall Street, macroeconomic data releases like the CPI could have a larger impact on its short-term price speculation.
As of this writing, ETH trades at $2,660, up 44.31% in a year. However, Ethereum has been down 1.32% in the last 24 hours since the CPI’s week started.
Ethereum (ETH) pric
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