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Three factors could push Ethereum to $5,000
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Following the Bitcoin (BTC) crash on December 10, altcoins took a huge hit. However, Ethereum (ETH) showed strength and has already begun its recovery. With inflation data from the United States coming in line with expectations, the cryptocurrency recorded gains of 6.8% and is approaching US$3,800.
This move contrasts with ETH’s performance in 2024, when its price lags far behind BTC in terms of gains. But three signs emerged that suggest Ethereum’s recent price rally could be the start of a bullish rally towards $5,000.
A closer look at the Ethereum network shows that the cryptocurrency is seeing strong user activity as the altcoin season continues. The data shows that network growth and the number of active addresses have continued to increase in recent months.
Despite Bitcoin’s recent crash, the price of Ethereum and its investors remain unfazed. This is the first sign that the ETH is bound to rise.
Key Signs Suggesting Ethereum Price Could Explode
A spike in usage and network growth suggests that new addresses are joining, which in turn means that new capital is flowing into the network. Therefore, an uptrend is highly likely.
Furthermore, on-chain metrics show that large investors have continued to buy Ethereum in recent weeks. The data shows that the wallets holding between 1,000 and 10,000 ETH increased from 13.2 million to 14.23 million.
Likewise, those holding between 10,000 and 100,000 ETH increased their holdings of 24.87 million to 24.97 million. That is, a addition of 10 million new addresses.
Whale purchases are a a sign that they are confident that the currency has more potential to rise. If large investors continue to acquire ETH in large quantities, the increased demand could outpace supply growth and lead to further appreciation.
Thirdly – after a lackluster reception by Wall Street – there are signs that investors have started buying Ethereum ETFs. The data shows that these funds had entries in the last three consecutive weeksbringing total net assets to US$12.46 billion.
To the Fund inflows into ETFs are at more than US$1.8 billiona value that could continue to grow. A potential catalyst is that the SEC may approve the staking of these ETFs, which will attract more capital. The data is from SoSo Value.
Three factors could push Ethereum to $5,000
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Three factors could push Ethereum to $5,000
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Three factors could push Ethereum to $5,000
