Ethereum Weekly Price Spike Hits 50% as Bitcoin, Solana and Dogecoin Gain
Ethereum surged over 8% in 24 hours, reaching a peak of $2,700 before slightly retreating. The cryptocurrency has increased by 51% in the past week, driven by a positive inflation report and renewed investor interest. The consumer price index showed a modest 0.2% rise for April, with annual inflation at 2.3%, near the Federal Reserve's target. This has raised expectations for potential monetary policy easing. Other cryptocurrencies, including Solana, Dogecoin, and Shiba Inu, also saw gains. Bitcoin traded above $104,200, marking a 1.4% weekly increase. Analysts suggest Ethereum has room to outperform further, with $2,800 identified as a potential resistance level. Current market positioning indicates readiness for continued upward movement if this level is surpassed.
