Ethereum (ETH), which has been lagging behind Bitcoin in 2024, is showing bullish signals. CryptoQuant analysts argued that the ETH price could rise above $5,000 with increasing on-chain activity and institutional demand.
CryptoQuant analysts have claimed that Ethereum’s price could surpass $5,000 if current supply-demand dynamics continue, supported by strong on-chain metrics and investor interest.
Analysts stated that spot Ethereum ETFs, daily transactions, total supply and high network activity will be effective in the rise in ETH.
Spot Ethereum ETFs recorded a 13-day streak of inflows on Wednesday, reaching nearly $2 billion in cumulative net inflows. In addition, the total number of daily transactions has been hovering between 6.5 million and 7.5 million over the past few months. The total supply of ETH also reached its highest level since April 2023.
“If current demand and supply dynamics continue, ETH could rise above $5,000. Based on the realized price of ETH, the current upper limit for the price of ETH is around $5,200.
“This upper bound marked the peak for ETH in the 2021 bull run. However, this upper price band continues to rise as new market participants purchase ETH at higher prices.”
Ethereum continues to trade at $3,950 at the time of writing.
*This is not investment advice.
