Ethereum Price Sees Concise Surge as Crypto Market Rebounds

• The crypto market reacted positively to the recent U.S CPI data release.
• If the ETH price falls below the $1541 support level, then a fresh decline is highly anticipated.

Vitalik Buterin, co-founder of Ethereum, spoke with David Hoffman at Blockworks’ Permissionless event recently, outlining his hopes for Ethereum and the larger Web3 ecosystem. Buterin said that existing advancements in the blockchain field, such as DeFi and NFTs, are vital but relatively restricted in magnitude, and he called for more innovative thinking.

To ensure that user interaction in decentralized social networks is authentic and not controlled, Buterin emphasized the significance of developing sybil-resistant systems. In contrast to the current Web2 scene, the co-founder emphasized the potential of crypto-based solutions to improve decentralization, privacy, and security.

Buterin’s vision for the future, highlights the adaptability of Ethereum and the promise of Web3 to usher in a more decentralized, and secure digital ecosystem.

Brief Recovery

The crypto market reacted positively to the recent U.S CPI data release. According to the Consumer Price Index (CPI) report from the U.S. Bureau of Labour Statistics, annual U.S. inflation hit 3.7% in August, above the consensus estimate of 3.6%.

Bitcoin managed to climb all the way to $25,540. Ethereum also witnessed an uptick with the price reaching $1636. However, the price faced resistance at this point. At the time of writing ETH is trading at $1620 and is up 1.69% in the last 24 hours.

If the price manages to break above the recent high of $1636 then it will test the next resistance level at $1655. Contrarily, if the price falls below the $1541 support level, then a fresh decline is highly anticipated. The price will then likely test the $1431 support level.