Recent data from the prediction market Polymarket indicates a significant decrease in the perceived probability of Ethereum (ETH) reaching $5000 by the end of August. CryptoPotato reported a drop from 64% to just 24%, signaling a shift in market sentiment. Furthermore, the likelihood of ETH hitting $4800 has also fallen sharply, from 90% to 47%. This decline coincides with a broader downturn in cryptocurrency prices following the unexpectedly high US Producer Price Index (PPI) last week. The stronger-than-anticipated PPI data fueled concerns about continued inflation and potential interest rate hikes by the Federal Reserve, negatively impacting risk assets like cryptocurrencies. While ETH remains a strong asset, traders are currently pricing in less bullish scenarios for its near-term performance. ```

#ETH #PPI