Ethereum rallies to closer to $5,000 [Video]

Eliman Dambell Sayvio AI

Prices of Ethereum were also trading higher on Monday, with the world’s second largest cryptocurrency moving closer to $5,000.

ETHUSD rallied to an intraday high of $4,794, its highest level on record, and comes as the interest in DeFi networks continues to grow.

The Ethereum network has been one of the pillars in developing NFT’s, and with interest in these tokens becoming more popularised, ETH has profited as a result.

Litecoin was also trading by as much as 10% to start the week, with prices in BTCUSD nearing new highs also.

Despite recent highs, many are still cautious on the price surge, and expect some corrections in upcoming weeks.

Gold climbs, as US consumer spending expectation climb to 8-year high

Gold prices were up to start the week, as markets reacted to data which showed that consumers in the U.S. expected to spend and earn more over the next year.

According to the survey from the New York Federal Reserve, consumers believe that household income will grow by an average of 3.3% in 2022.

This is 0.3% higher than September’s survey, and the highest since the series began in October 2013.

In addition to this, consumers expected more in the next year, with expectations rising to 5.4% in October from 5.0% in September, which was also a new high.

XAUUSD rose to an intraday high of $1,826, its highest level since September 6th.

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Author

Eliman Dambell

Sayvio AI

With over a decade in financial markets, Eliman brings an experienced and diversified point of view to market analysis. He covers current and historical macro trends to give insights on Metals, FX, Stocks, and Crypto.

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