Ethereum (ETH) Price Gears Up for Another Rally to $5,000
(note: the post contains data by CoinPedia)
Ethereum (ETH) price has consolidated between $3,649 and $3,446 in the past four weeks as the bulls attempt to establish a fresh momentum. The large-cap altcoin, with a fully diluted valuation of about $424 billion and a daily average trading volume of around $14 billion, has significantly benefited from the mass adoption of web3 projects and digital assets.
Furthermore, the Ethereum network remains the top tokenization blockchain despite rising competition from other layer-one blockchains, such as Solana (SOL), BSC, and Tron (TRX).
The demand for Ether and its products has remained high, especially among institutional investors intending to diversify their crypto portfolio. Speculation on the approval of spot Ether ETF in the United States has helped the bulls remain in control.
Moreover, the 4th Bitcoin halving is about eight days from happening, which some analysts believe will be a sell-the-news event. With the ETH/BTC pair at its lowest on a falling channel, it is a matter of time before a rebound happens. A rebound on the ETH/BTC pair will push Ether’s price against the U.S. dollar to an all-time high and trigger a fresh altseason.
According to a popular crypto analyst alias Captain Faibik, the Ether price is aiming for $5,000 in the coming weeks, fueled by post-halving crypto FOMO (fear of missing out).
