Ethereum Price Prediction: Will ETH Price Cross $5,000? 

By Gaurav Kudekar

Published on:

Ethereum Price Prediction: As Bitcoin stays strong above $52,000, other cryptocurrencies are bouncing back in February 2024. During this upward trend, the price of Ethereum has reached its highest point in the past year.

After rebounding from the 200-day Simple Moving Average, Ethereum is climbing through different Fibonacci retracement levels. Also, with the current bullish market trend, investors are wondering if Ethereum will reach a new all-time high in 2024.

Weekly Breakout Hints At A 35% Jump

In the weekly charts, Ethereum, the largest alternative cryptocurrency, has been doing well in 2024. Its market value is $351 billion. There’s a positive trend in the price of Ethereum, as it has risen above $2900, showing strong momentum.

Additionally, a 42% increase in trading activity, reaching $25 billion, suggests a rise in buying interest. Ethereum also experienced a significant 14.89% increase last week and a total surge of 29% over the past three weeks.

The price of Ethereum (ETH) went up by 1.41% this Monday, continuing its upward trend. It’s currently trading at $2,921 and is on track to reach the $3,000 mark.

Can ETH Price Trend Bring A New All-time High?

The ETH price going past the 50% Fibonacci level is a positive sign during its recovery. Also, when the 50-day and 200-day SMA lines cross, it strengthens the chance of prices going up.

Currently, the breakout suggests that the trend will likely continue up to $3,872, which lines up with the 78.60% Fibonacci level. If this breakout happens, the upward trend could exceed the highest price ever reached of $4,868, aiming for a bullish target of $6,835.

Disclaimer: The information on this website isn’t meant to be taken as advice for investing money. Investing involves uncertainty, and there’s a chance you could lose your money when you invest.

Gaurav Kudekar

I am a multifaceted content creator with expertise in blogging, finance, and cryptocurrency reviews. My creative journey involves weaving captivating stories into blogs, designing aesthetically pleasing and functional websites, and dissecting the nuances of cinema. We are dedicated to sharing our passion and insights with a global audience.

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