The price of Ethereum has shown significant fluctuations in recent weeks, largely influenced by movements in the price of Bitcoin. However, there is potential for a substantial increase in the coming weeks, which could push the Ethereum price to a new all-time high. The question is whether ETH can surpass the $5,000 mark.
How has the Ethereum price moved in recent weeks?
The Ethereum price has experienced significant fluctuations in recent weeks. At the end of January, ETH was priced at $2,200 and has since risen steadily and sharply. By the beginning of March, it reached the $4,000 mark, which is less than 20% below its all-time high.
In the weeks following, the Ethereum price dropped below the $3,200 mark after a decline. Subsequently, ETH experienced a significant recovery, surpassing $3,600. Despite another minor decline, we have seen further recovery in recent days, with the price fluctuating between $3,400 and $3,500.
As of today, the Ethereum price stands at $3,440.37 with a 24-hour trading volume of $15.77 billion, a market capitalization of $413.09 billion, and a market dominance of 15.83%. Over the last 24 hours, ETH has increased by 1.43%.
Ethereum achieved its highest price on November 10, 2021, reaching its all-time high of $4,867.17. Its lowest recorded price was on October 21, 2015, at its all-time low of $0.420897. Since its all-time high (ATH), the lowest price observed was $897.01 (cycle low), and the highest price since the last cycle low was $4,094.18 (cycle high). Currently, the sentiment for Ethereum price prediction is neutral, while the Fear & Greed Index shows 76 (Extreme Greed).
The current circulating supply of Ethereum is 120.07 million ETH. The yearly supply inflation rate is -0.32%, indicating that approximately -387,272 ETH were created in the last year.
What occurs after the Bitcoin Halving?
The Bitcoin Halving has historically had a positive impact on the crypto market. By reducing the supply of new bitcoins, there is often a delayed effect of price increase. This time, the Halving could potentially trigger a surge in prices by the end of April.
If Bitcoin’s price experiences a significant rise and reaches new all-time highs, this could lead to strong increases in Ethereum and other altcoins with some delay. We might observe even larger percentage gains in ETH compared to BTC during this phase.
Will the Ethereum Price reach a new all-time high within the next 3 months?
The Ethereum price reached its all-time high of $4,891.70 on November 16, 2021. It’s possible that this all-time high could be revisited within the next 3 months. Following the halving, there may be an extended period during which cryptocurrency prices could surge once more.
Based on recent trends and indicators, Ethereum (ETH) has shown substantial growth over the past year, with its price rising by 86%. This consistent upward movement is further supported by the fact that Ethereum is currently trading above its 200-day simple moving average, suggesting a bullish sentiment in the market. Additionally, out of the last 30 trading days, Ethereum has experienced 17 green days, accounting for 57% of the period, indicating strong positive momentum. Moreover, the yearly inflation rate for Ethereum is negative at -0.32%, which could potentially contribute to its value retention and price appreciation over time. Considering these factors, Ethereum appears to be in a favorable position for continued growth and may potentially see further price increases in the near future, especially if market sentiment and demand remain positive.
It will be interesting to see whether the Ethereum price will rise at a similar pace to or faster than the Bitcoin price. Bitcoin has the advantage of spot ETFs, which could attract significant capital inflows into BTC. The question is whether Ethereum’s price can also surge rapidly due to hype. If so, Ethereum could potentially surpass the $5,000 mark and reach a new all-time high within the next 3 months.
Source: https://cryptoticker.io/en/ethereum-price-all-time-high