Goldman Sachs analysts see 80% Ethereum rally to push it to $8,000

Goldman Sachs market analysts expect Ethereum’s price movements in line with inflation may place the asset for another upward rally at 80 percent towards $8,000.

Ethereum recently shot up to $4,400 to mark a new all-time high following a tremendous bull run alongside top crypto bitcoin.

The push towards ETH at $10K continues and market analysts are marking a path that could lead the market there.

Goldman Sachs Global Markets Managing Director Bernhard Rzymelka correlated ETH’s price movements with inflation breakevens for the past two years.

Inflation has been a driving force behind the recent adoption of crypto in recent times as it kept countries from carrying out trade with one another.

With inflation rates for the US reaching 4.2 percent in 2021, investors turned to crypto such as Ethereum as a hedge.

However, Goldman Sachs analysts see that the current inflation pressures may persist that could be “a sign of exhaustion and peaking."

Ethereum had trended downwards registering lower than expected on Monday.

But the recent complete Altair upgrade had brought more interest into ETH, making it a step closer to becoming a deflationary asset that would trigger a surge in its price once the coins become more scarce.

Although indicators lean to a more bullish movement, a drop below the $4,300 resistance point will drag the asset further towards $4,000 again.