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The price of Ethereum (ETH) has skyrocketed beyond the $2,000 market value for the first time since August 2022, now sitting at $2,004 on the Bitstamp exchange. The second-largest cryptocurrency has seen a 4% increase in the past 24 hours, surpassing market expectations and renewing investor interest.

This remarkable rise can be attributed to several primary contributing factors. Firstly, the successful launch of Shapella, which is Ethereum's major upgrade since The Merge, has enabled validators to withdraw their staked ether (ETH). Consequently, increasing buying pressure has outweighed any potential selling pressure.

Secondly, data from the Bureau of Labor Statistics (BLS) unveiled that the Producer Price Index (PPI) for final demand declined by 0.5% in March. This deficit surpasses the estimated 0.1% and the previous month's -0.1%, leading to possible implications for risk assets. Pantheon Macroeconomics, a U.K.-based economic research consultancy, has predicted that good PPI numbers could prevent another Federal Reserve rate hike, indicating an increase in investor confidence.

All in all, the excellent cohesion of these two external factors has created a perfect capitalization environment to fuel Ethereum's price synergy, helping to reach beyond the $2,000 mark. With expectations of ETH continuing to reach new highs, the future looks increasingly promising for Ethereum-based investors.



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