Ethereum price has corrected to around $4K but remains positioned for a rally to $5K if U.S. demand and Coinbase premium recover; on-chain metrics and record CME Futures open interest support a bullish thesis for short‑term upside.
ETH pulled back to $4K — seen as a healthy correction and potential springboard to $5.1K.
Exchange reserves hit yearly lows, pointing to sustained off‑exchange accumulation.
Record CME Futures open interest (~$8B) and strong basis trades boosted institutional flow in August.
Ethereum price update: ETH slipped to $4K but bulls eye $5K; track Coinbase premium and CME OI for confirmation — read latest analysis and indicators.
How likely is ETH to reach $5K in the near term?
Ethereum price is positioned for a near‑term rally if key demand indicators recover. On‑chain data (exchange reserves falling) and record CME Futures open interest back the bullish case, but a renewed U.S. retail and institutional bid — visible via the Coinbase Premium Index — is needed to confirm a $5K run.
Why did ETH pull back to $4K and is this correction healthy?
The pullback to $4K is consistent with technical and wave‑based analysis cited by major Wall Street analysts as a typical correction. Exchange sell pressure has declined to yearly lows, suggesting long‑term holders are off‑exchange or staking, which supports structural bullishness.
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Key data: ETH briefly found support near $4K, CME Futures Open Interest topped roughly $8B in August, and basis trades for ETH averaged around 10% versus 7–9% for BTC, attracting delta‑neutral strategies.
Exchange reserves for ETH have declined to new yearly lows, indicating reduced sell pressure from centralized venues. Large transfers to self‑custody and staking validators remove supply from circulation and tend to be bullish over time.
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Source: https://en.coinotag.com/tom-lee-projects-eth-could-reach-5-1k-as-exchange-reserves-hit-yearly-lows-u-s-demand-softens/