Ethereum, the leading platform for smart contracts and the second-largest cryptocurrency has been hovering around the $3,800 mark for the past couple of days, bouncing back impressively from its low point earlier this week at $3,224. Despite experiencing a slight 0.34% dip in the last 24 hours, Ethereum has seen a notable 9.66% increase in value over the past week. Yet, the ETH price could reach $5000 in the next few days. Let’s take a look at this Ethereum price prediction in more detail.
Ethereum Price Prediction: How has the ETH price moved in recent days?
The trading volume has seen a significant 48% decrease to $26 billion, accompanied by a 2.45% decline in market capitalization, as reported by CoinMarketCap. This suggests a waning interest, possibly due to the ongoing stalemate between buyers and sellers at the $3,800 level.
As of today, Ethereum is trading at $3,815.94, with a 24-hour trading volume of $26.77 billion and a market capitalization of $458.35 billion. Ethereum holds a market dominance of 18.07%. Over the past day, the price of ETH has increased by 0.61%.
Ethereum hit its highest price on November 10, 2021, reaching an all-time high of $4,867.17. On the other hand, its lowest price was recorded on October 21, 2015, at an all-time low of $0.420897. Since its all-time high, the lowest price reached was $897.01 during a cycle low, while the highest ETH price since that low point was $3,897.51 during a cycle high. Currently, sentiment towards Ethereum’s price prediction is bullish, with the Fear & Greed Index showing 82, indicating extreme greed among investors.
The circulating supply of Ethereum is currently 120.11 million ETH. The yearly supply inflation rate stands at -1.85%, indicating that approximately -2.26 million ETH were created over the past year.
Ethereum Price Prediction: Why ETH Price Could Rise Further?
According to data from IntoTheBlock analytics, the Ethereum community has achieved a significant milestone: over 31 million ETH have been staked within the ecosystem, marking the first time in history. This milestone comes after Ethereum completed its transition from a proof of work (PoW) mechanism to a proof of stake (PoS) mechanism, leading to a notable increase in staking activity.
When people stake their tokens, it’s like making a long-term investment in the asset. This not only shows confidence in its future growth but also takes some coins out of circulation, which means there’s less available for sale.
So, as more holders lock up their tokens to help secure the network and earn rewards, the reduced supply could lead to significant price jumps.
Looking ahead, Ethereum could very well reach new all-time highs and keep climbing. The upcoming Dencun upgrade is just one reason for optimism. This upgrade focuses on “proto-danksharding,” aimed at reducing transaction costs on layer-2 networks by creating a designated area for storing data. Other factors, like the possibility of a spot ETH ETF and the Bitcoin halving, could also have a big impact on Ethereum’s trajectory upwards.
Looking at the recent performance of Ethereum (ETH) and considering various factors, it’s tough to say definitively whether it will hit $5000 in the next few days. Over the past year, ETH has been on quite a ride, with its price skyrocketing by 146%. That’s impressive, especially when you consider that it’s outperformed the majority (59%) of other top crypto assets.
Right now, ETH is trading above its 200-day moving average, which is generally a good sign for its upward momentum. Plus, in the last month, it’s had more green days than red, showing some strong positive movement lately. But here’s the thing – it’s also hovering near its cycle high, which could mean it’s due for a bit of a breather or could face some resistance as it climbs higher.
On the bright side, Ethereum has a lot of liquidity thanks to its substantial market cap, which means there’s a lot of trading activity happening with it. So, while hitting $5000 in the next few days isn’t out of the question entirely, it might encounter some bumps along the way. Keep an eye on the market sentiment, price movements, and any big news that might affect Ethereum’s trajectory. That’ll give you a better sense of whether it’s likely to reach that $5000 milestone soon or if it’ll take a bit longer to get there.
Where to BUY Ethereum?
Bitget stands out as a reliable crypto exchange. It provides a user-friendly interface, making it easy for both beginners and experienced traders to navigate and make transactions at the lowest fees on the market. To get started with Bitget, you need to create an account, complete the necessary KYC procedures, and then you can begin trading a variety of altcoins available on the platform.
