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?

Ethereum-ETH

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.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Bitcoin BTC’s Roller Coaster: Plunge and Surge Amid Halving Event and Market Volatility

Explore the dramatic shifts in Bitcoin's price as it navigates through halving aftermath and potential market recoveries.

Exploring Blockchain’s Future: Insights from Gateio’s VC & Web3 Ecosystem Party at TOKEN2049

Join industry leaders from Gate.io and Huawei Cloud as they delve into the future of blockchain and Web3 technologies, following a successful gathering at TOKEN2049 in Dubai.

Bitcoin BTC’s Post-Halving Era Begins: Dominance Stabilizes as Altcoins Rally

Explore the evolving dynamics of the cryptocurrency market following Bitcoin's latest halving, which could set the stage for altcoin success.

Bitcoin Fees Skyrocket, Surpassing Ethereum – Could Ordinals Boost BTC Security?

Discover how Bitcoin fees have soared, the role of Ordinals in this trend, and the potential implications for Bitcoin's security model.

Bitcoin Halving Sparks Market Volatility: Demand Surge Meets Miner Challenges

Discover the key factors driving Bitcoin's trajectory after the halving. Get expert insights into the potential for a supply shock, the role of ETFs, and the challenges faced by miners.
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Litecoin Could Be Preparing for a 20% Rise! Current LTC Analysis

Will Litecoin continue its upward trend? What should LTC investors expect? What are the targets in the current LTC analysis?

Ethereum Might Be Preparing for a Rise! Current ETH Analysis

Ethereum's daily chart has sustained a rise up to $3100 after strong buying in the $2867 - $2950 range. Current ETH Analysis

NEO Launches Uptrend to $25! Current NEO Analysis

Analyzed NEO's 3-hour chart, showing upward trend post $14.80 resistance breakthrough, eyeing $15.18 resistance; potential long positions suggested at $14.636 - $14.448 support range with a stop loss at $13.90, as NEO aims for $25 target amidst over 5% gains.

Is Litecoin Ready to Launch its Rise to $140? Current LTC Analysis

When examining LTC's technical chart, a downward trend is observed in recent days. The nearest support is at the level of 91.86 dollars. The support range between 97.61$ and 99.07$ on the 4-hour chart is significant. For long positions, the support range of 92.41$ - 91.07$ can be expected.

Bitcoin (BTC) Surges Past $70k: Could a Rally to $75k be Next?

Get expert analysis on Bitcoin's breakout above $70,000. Discover what's driving the price action, key levels to watch, and potential scenarios for BTC's near-term future.
Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
spot_imgspot_imgspot_imgspot_img

Bitcoin BTC’s Roller Coaster: Plunge and Surge Amid Halving Event and Market Volatility

Explore the dramatic shifts in Bitcoin's price as it navigates through halving aftermath and potential market recoveries.

Exploring Blockchain’s Future: Insights from Gateio’s VC & Web3 Ecosystem Party at TOKEN2049

Join industry leaders from Gate.io and Huawei Cloud as they delve into the future of blockchain and Web3 technologies, following a successful gathering at TOKEN2049 in Dubai.

Bitcoin BTC’s Post-Halving Era Begins: Dominance Stabilizes as Altcoins Rally

Explore the evolving dynamics of the cryptocurrency market following Bitcoin's latest halving, which could set the stage for altcoin success.