Ethereum Breaks Records Amidst Weakening US Dollar

Ethereum has experienced a notable surge, reaching new heights with its price exceeding $2,593. This upward trajectory is attributed to the weakening of the US Dollar Index (DXY). As per crypto analyst “Crypto Uncle”, this inverse relationship between ETH and the dollar signifies potential for significant growth in the future. 2020 saw a similar pattern emerge when a strong DXY led to Ethereum’s price slump. The current scenario combines a weakened dollar with increased trading volume and rising ETF inflows, leading to discussions about breaking through the $3,000 mark.