Ethereum (ETH) might be about to take off, if its current pricing trend is any indication. The cryptocurrency token gained 5.94% late Wednesday night.

The coin is following the same trajectory as Bitcoin, demonstrating bullish behavior that could lead to much higher gains in the short term.

Both of these coins have shot up over the last day, and now their trade volumes are slowing and the prices are stabilizing. This may only be a minor slowdown, though, as the coins are reaching highs they have not seen in weeks and setting records that top their performance for the past couple of months.

Ethereum’s trade volume is up by nearly 20% today, and we expect the coin to continue to rise over the next couple of days. The reason Ethereum is doing so well, and the rest of the crypto currency market is too, is because of positive CPI data that released on Wednesday. This data showed that consumer prices were a bit lower than expected, pointing to inflation slowing down.

The Consumer Price Index is one of the biggest factors that indicate where inflation is at and where it might be headed, so the fact that this indicator was looking good has helped to spur extensive trading within the cryptocurrency industry and across the stock markets.

Where Will Ethereum Go from Here?

Since we are not expecting another CPI report for a while, Ethereum could do well for a time. There is the Unemployment Claims report coming up soon, and that could sway the market, but it will not have the impact of the CPI report. We believe Ethereum will keep climbing for now, and we expect to see it not just move past $3,000 but fly past it very quickly.

The bullish trend for Ethereum looks to be just starting, and a new support level may be emerging in the next couple of days.