Will Ethereum Price Rise to $5000? Current Analysis!

• On March 8th, Friday, the world’s second-largest cryptocurrency, Ethereum (ETH), surpassed $4,000 but experienced a slight pullback.
• CrediBULL crypto shared insights into the current market dynamics of Ethereum (ETH), especially after Bitcoin reached its previous all-time high.
• As 2024 progresses, Ethereum continues to outperform Bitcoin. While Bitcoin (BTC) gained 10% last week, ETH achieved a 15% gain during the same period.

Ethereum surpassed the significant barrier of $4,000; now, is it expected for Ethereum’s price to rise further?

What’s the Next Target for Ethereum Price?

On March 8th, Friday, the world’s second-largest cryptocurrency, Ethereum (ETH), surpassed $4,000 but experienced a slight pullback. As of the time of writing, the Ethereum price is trading at $3,933, with a market cap of $472 billion.

CrediBULL crypto, a leading crypto analyst, shared insights into the current market dynamics of Ethereum (ETH), especially after Bitcoin reached its previous all-time high.

According to the analyst, there is a widespread expectation within the crypto community that Ethereum will experience a significant surge after surpassing Bitcoin’s ATH milestone. Some onlookers are eyeing the $3,600-$3,700 range with the expectation of a potential correction, a sentiment shared by many participants in the market.

However, CrediBULL crypto points out that the demand for Ethereum is strong and suggests that such a correction may not happen immediately. Ethereum’s price could show a significant increase of 25% or more before a substantial correction, according to the analyst.

Meanwhile, as 2024 progresses, Ethereum continues to outperform Bitcoin. While Bitcoin (BTC) gained 10% last week, ETH achieved a 15% gain during the same period. With the upcoming Dencun upgrade and positive sentiment around Bitcoin’s renewed circulation, Ethereum gains momentum as the second-largest cryptocurrency. The analysis of the ETH/BTC chart indicates that altcoins are approaching a tipping point.

All Eyes on the Dencun Upgrade

Next week, the Ethereum blockchain will undergo the long-awaited Dencun upgrade, bringing significant improvements to the network. The planned Dencun upgrade for this month will reduce transaction costs on layer 2 networks, encourage increased activity, and potentially attract mainstream consumer interest to Ethereum.

Another catalyst is the expected regulatory decision on spot Ethereum ETF applications, anticipated to be announced in May. While approval chances are more uncertain compared to spot Bitcoin ETFs, according to a Bitwise analyst, this situation still brings excitement to Ethereum.

According to IntoTheBlock data, the revenue generated from ETH mainnet network fees reached $193 million this week, marking the highest level since May 2022. This 78% increase compared to the previous week reflects the rising speculation involving meme coins.