Ethereum price prediction: $5,000 after March 13th?

By Crypto Gloom On Mar 8, 2024

Ethereum, a leading platform for smart contracts and the second-largest cryptocurrency, has hovered around $3,800 over the past few days, rebounding impressively from a low of $3,224 earlier this week. Despite experiencing a slight 0.34% decline over the past 24 hours, Ethereum has seen a notable 9.66% increase in value over the past week. However, ETH price may 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 ETH price moved recently?

According to a report by CoinMarketCap, trading volume fell 48% to $26 billion and market capitalization also fell 2.45%. This probably means interest is waning due to the ongoing stalemate between buyers and sellers at the $3,800 level.

Ethereum is currently 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 reached its highest price of $4,867.17 on November 10, 2021. Meanwhile, the lowest price hit an all-time low of $0.420897 on October 21, 2015. The lowest price reached during the cycle low since the all-time high was $897.01, and the highest ETH price reached since the all-time low was $3,897.51 during the cycle high. Currently, sentiment on Ethereum’s price prediction is bullish, with the Fear and Greed Index showing 82, indicating extreme greed among investors.

The current circulating supply of Ethereum is 120.11 million ETH. The annual supply inflation rate is -1.85%, which indicates that approximately -2.26 million ETH were created over the past year.

Ethereum Price Prediction: Why could ETH price rise further?

According to data from IntoTheBlock analytics, the Ethereum community has achieved a significant milestone. For the first time in history, more than 31 million ETH has been staked within the ecosystem. This milestone comes after Ethereum completed its transition from a proof-of-work (PoW) mechanism to a proof-of-stake (PoS) mechanism, resulting in a notable increase in staking activity.

When people stake tokens, it is like making a long-term investment in an asset. Not only does this show confidence in future growth, but some coins will be taken out of circulation, meaning there will be fewer coins available for sale.

Therefore, as more holders lock up their tokens to secure the network and earn rewards, the price could rise significantly due to supply reduction.

In the future, Ethereum could hit new all-time highs and continue rising. The upcoming Dencun upgrade is just one reason for optimism. This upgrade focuses on “proto-danksharding,” which aims to reduce transaction costs in Layer 2 networks by creating designated areas for data storage. Other factors, such as the possibility of a spot ETH ETF and the Bitcoin halving, could also have a significant impact on Ethereum’s upward trajectory.

Looking at Ethereum (ETH)’s recent performance and considering various factors, it is difficult to say for sure whether it will reach $5,000 in the coming days. Over the past year, ETH has seen significant gains, with its price soaring 146%. This is especially impressive considering that it outperforms the majority (59%) of other top crypto assets.

ETH is currently trading above its 200-day moving average, which is generally a good sign for upward momentum. Moreover, there were more green days than red last month, showing a strong positive movement recently. But here’s the problem. It’s hovering near its cycle high, which could mean it’s due for some breathing room or may face some resistance as it moves higher.

On the positive side, Ethereum has plenty of liquidity thanks to its significant market capitalization. This means that there is a lot of trading activity happening on Ethereum. So, while it’s not completely impossible to hit $5000 in the next few days, you may encounter some bumps along the way. Keep an eye out for big news that could impact market sentiment, price movements, and the trajectory of Ethereum. This will give you a better understanding of whether you are likely to reach your $5,000 goal soon or if it will take a little longer to get there.

Where can I buy Ethereum?

Bitget stands out as a trustworthy cryptocurrency exchange. It offers a user-friendly interface so both beginners and experienced traders can easily navigate and trade with some of the lowest fees on the market. To get started with Bitget, you can create an account, complete the necessary KYC procedures, and then start trading the various altcoins available on the platform.