Ether (ETH) is experiencing a significant price surge, rapidly approaching the $3,000 mark.
The upward momentum is primarily attributed to two key macroeconomic developments: a tentative trade agreement between the United States and China easing global economic tensions, and a softer-than-expected U.S. Consumer Price Index (CPI) report suggesting potential relief from inflationary pressures.
These factors have combined to boost investor confidence in risk assets, including cryptocurrencies. The positive sentiment surrounding the U.S.-China trade understanding alleviates concerns about global economic friction, while the mild CPI data fuels speculation about a less aggressive monetary policy stance from the Federal Reserve.
As a result, capital has flowed back into the crypto markets, with Ether, the native asset of the Ethereum network, seeing substantial buying pressure as it targets the psychologically significant $3,000 level.