Will Ethereum Reach $5,000 by the End of this Weekend ?

Why Ethereum Could Surpass $5,000 Very Soon

The cryptocurrency market has its eyes fixed on Ethereum, which appears ready to break through the symbolic $5,000 threshold. Currently, ETH is trading at $4,680, just 2% away from its 2021 all-time high. Investors are anticipating a breakthrough beyond $5,000 as early as this weekend.

Several key indicators suggest that Ethereum’s bullish momentum is far from slowing down. First, the SMA30 indicator (30-day moving average) shows a clear outflow of 40,000 ETH per day, reflecting strong buying pressure from institutional investors. Meanwhile, ETFs recently purchased $1 billion worth of Ethereum in a single trading session.

Furthermore, five Ethereum treasury companies currently hold 2.4 million ETH, equivalent to $5 billion. They are preparing to acquire an additional $27 billion worth of Ethereum, equivalent to 40% of the supply available on exchanges.

Technical Analysis : $5,013 Target in Sight

From a technical perspective, the ETH/USD 4-hour chart shows a well-defined Elliott Wave pattern. The price recently reached $4,699 during wave 3 and is currently undergoing a wave 4 correction, before heading toward the projected target of $5,013, with broader resistance around $5,216.

Although the Relative Strength Index (RSI) is currently at an elevated level of 76, suggesting overbought conditions in the short term, the bullish movement remains solidly supported by the 9-period moving average. A slight consolidation or correction toward the support zone of $4,492-$4,410 could be anticipated before a decisive move toward the $5,000 threshold.

With a market capitalization exceeding $567 billion and a daily trading volume of more than $60 billion, Ethereum is establishing itself as a safe haven in the cryptocurrency market. Strong fundamentals, combined with bullish technical analysis, suggest a new phase of growth for the second-largest cryptocurrency by market cap.

How to Buy ETH on Bitget ?

Ethereum is in full bullish momentum and could reach $7,000 in the coming months. In case of a correction, accumulation at $3,700 would be optimal for a rebound in the coming months beyond $6,000.

Here’s how to take advantage by buying the token on the Bitget exchange with minimal fees.

1. Sign up on Bitget : Create an account with an email address or phone number, then complete the KYC verification.
2. Deposit funds : Fund your account with fiat (credit card, bank transfer) or cryptocurrencies like USDT.
3. Access the ETH market : In “Spot Trading,” select ETH/USDT or ETH/BTC.
4. Place an order : Choose a market order for immediate purchase or a limit order to set your price.

More on this topic :

• Chainlink (LINK) poised to surge by 82% following its return to $24
• Bitcoin Hits New All-Time High : What’s Next for the Leading Cryptocurrency ?
• Discover the Surging Reasons Behind BTC, SOL, BNB, and XRP Today