Ethereum, the leading smart contract platform and the second largest cryptocurrency, has been hovering around the $3,800 mark for the past few days, rebounding impressively from its low of $3,224 earlier this week. Despite a slight drop of 0.34% in the last 24 hours, Ethereum has seen a notable 9.66% increase in value over the past week. Still, the ETH price may reach $5000 in the next few days. Let’s look at this Ethereum price prediction in more detail.
Ethereum Price Prediction: How has the ETH price moved in recent days?
Trading volume saw a significant decrease of 48% to $26 billion, accompanied by a 2.45% decrease in market capitalization, as reported by CoinMarketCap. This indicates 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 cap of $458.35 billion. Ethereum has a market dominance of 18.07%. The price of ETH increased by 0.61% in the last day.
Ethereum reached its highest price on November 10, 2021, reaching a 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 was $3,897.51 during a cycle high. Currently, sentiment towards Ethereum’s price forecast 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 annual supply inflation rate stands at -1.85%, indicating that approximately -2.26 million ETH have been created over the past year.
Ethereum Price Prediction: Why ETH Price May Rise Further?
According to data from IntoTheBlock analysis, the Ethereum community has reached a significant milestone: more than 31 million ETH have been staked in the ecosystem, which is 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, which led 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, meaning there are fewer 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 continue to climb. The upcoming Dencun upgrade is just one reason for optimism. This upgrade focuses on “proto-thanksgiving”, which aims to reduce transaction costs on layer-2 networks by creating a designated area for storing data. Other factors, such as 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 several factors, it is difficult to definitively say whether it will reach $5,000 in the next few days. Over the past year, ETH has been on quite a ride, with its price soaring 146%. This is impressive, especially when you consider that it has 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. Moreover, it has had more green days than red in the past month, showing a strong positive movement lately. But here’s the thing – it’s also hovering near its cycle high, which could mean it needs a bit of a break or may face some resistance as it climbs higher.
On the positive side, Ethereum has a lot of liquidity thanks to its significant market capitalization, which means that there is a lot of trading activity taking place with it. So, while it’s not entirely out of the question to hit $5,000 in the next few days, it may encounter some bumps along the way. Keep an eye on market sentiment, price movements, and any big news that could affect Ethereum’s trajectory. This will give you a better idea of whether it’s likely to reach that $5,000 milestone soon or whether it will take a little longer to get there.
Where to BUY Ethereum?
Bitget stands out as a reliable crypto exchange. It offers a user-friendly interface, making it easy for both beginners and experienced traders to navigate and transact 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 start trading a variety of altcoins available on the platform.
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Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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