Ethereum price surged significantly in the past day, crossing the $2,300 mark once again. Ether outperformed Bitcoin in this growth. Looking ahead, there’s speculation that Ethereum might hit an all-time high in the coming weeks or months, potentially surpassing the $5,000 mark after Bitcoin halving. Will ETH reach the $5000 mark? Let’s take a look at this Ethereum price forecast article in more detail.
Ethereum’s price has seen a significant increase again in recent days, especially just one day ago. The ETH value increased by more than 4% during this time.
The price of Ethereum today is $2,291.83, and in the last 24 hours, it went up by 1.03%. The total value of all Ethereum in circulation is $275.44 billion, and it makes up 16.50% of the entire cryptocurrency market. The recent trading activity in the last day reached $25.55 billion.
The highest price Ethereum has ever reached was on November 10, 2021, when it reached $4,867.17. Its lowest price ever was on October 21, 2015, at $0.420897. After reaching its highest, the price went down to a low of $897.01, and then it went up again to $2,408.42.
Right now, people are generally optimistic about the future price of Ethereum, and the Fear & Greed Index is at 70, indicating a sense of greed among investors.
The total number of Ethereum coins currently in circulation is 120.18 million. In the past year, 2.19 million new Ethereum coins were created, resulting in a yearly supply inflation rate of -1.79%. Ethereum is currently ranked #1 in the Proof-of-Stake Coins category and #2 in the Layer 1 category based on market cap.
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Ethereum Price Forecast: Is there going to be a price explosion after the Bitcoin halving?
The Bitcoin Halving is scheduled for April 2024 and there’s a high probability that the first Bitcoin Spot ETFs will get approval in the US even before that. This approval could not only boost the price of Bitcoin but also impact the Ethereum price positively. In recent weeks, it has been observed that the price of Ethereum tends to rise shortly after Bitcoin experiences an increase.
This suggests the possibility of a significant surge in Ethereum’s value during the first quarter of 2024. Additionally, there is speculation that this uptrend may prompt discussions about the introduction of an Ethereum ETF. Rumors circulating over the past few weeks even hint at plans by BlackRock, a major investment management company, to explore the creation of an Ethereum ETF.
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Can Ethereum price rise to $5,000 after halving?
If the current bullish trend in the crypto market persists and the introduction of Bitcoin Spot ETFs has a notably positive impact on prices, there’s a potential for a substantial and rapid increase in the Ethereum price within the first 3 to 4 months.
Over the past year, Ethereum (ETH) has demonstrated remarkable performance, with an impressive 87% increase in its price. This surge has not only outpaced a majority, precisely 57%, of the top 100 cryptocurrencies but has also positioned Ethereum as a standout performer in the market.
The consistent upward trajectory is further highlighted by the fact that Ethereum is currently trading above its 200-day simple moving average, a key indicator of sustained positive momentum. Remarkably, in the last 30 days, Ethereum has experienced 19 green days, accounting for a significant 63% of the observed period, underscoring the prevailing bullish sentiment.
The cryptocurrency is also hovering near its cycle high, hinting at the potential for further gains. Additionally, Ethereum boasts high liquidity, substantiated by its substantial market cap. Moreover, the negative yearly inflation rate of -1.79% contributes to its appeal as a deflationary asset, potentially attracting long-term investors.
As the crypto market continues to evolve, these factors collectively suggest a favorable outlook for Ethereum, hinting at the possibility of continued growth and positive price developments in the near future.
Following the Bitcoin Halving, there’s a possibility of reaching a new all-time high in 2024, and the $5,000 mark is within reach. With increasingly optimistic forecasts in recent weeks for both Bitcoin and Ethereum, it’s conceivable that the Ethereum price could hit $5,000 in 2024.
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Where to Buy Ethereum?
Bitget stands out as a viable platform to purchase Ethereum. Known for its security and user-friendly interface, Bitget makes starting your cryptocurrency investment journey straightforward. To buy Ethereum on Bitget, simply create an account, complete the necessary KYC procedures, deposit funds, and execute your purchase.