2024-02-23 20:39:00
The Ethereum price has reached the $3,000 mark in the last few days. This was an important step towards the new all-time high for ETH. But can the ETH price reach the all-time high and the $5,000 mark this year? We would like to give 3 good reasons for this.
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How has the Ethereum price moved in the last few weeks?
In the last few weeks, the Ethereum price has seen a strong increase. The price rose from $2,200 back to the $3,000 mark. The last time the price reached this mark was in April 2021, when the ETH price fell from its all-time high of over $4,800 and entered a bear market.
ETH price in the last 30 days, source: TradingView
The Ethereum price has fallen slightly once more in the last few days. But ultimately the Ether token was able to outperform Bitcoin over the last few weeks. This suggests that there is some hype surrounding Ethereum.
Why might the Ethereum price rise to $5,000 in 2024?
We want in the following 3 reasons explain why the Ethereum price might rise to the $5,000 mark in 2024:
1. Performance at the beginning of the year
Ethereum is always a good indicator of the direction in which altcoins might move compared to Bitcoin. The Ethereum price saw losses compared to the Bitcoin price at the end of 2023.
In 2024, the Ethereum price performed relatively well compared to Bitcoin. The ETH price has risen sharply in the last few days. This suggests that we might see a strong Ethereum and altcoin bull run as early as 2024.
2. Ethereum ETF Rumors
More and more rumors are coming to light that Ethereum Spot ETFs might be launched in 2024. With ETFs around the corner, the Ethereum price might experience massive hype due to the anticipation. The Bitcoin price also rose sharply in the run-up to the ETF approval.
However, the hurdle remains that the regulatory authorities in the USA still have to approve an Ethereum ETF. But the emerging rumors alone will not cause the Ethereum price to explode in the coming months.
3. Explosion nach Bitcoin Halving
The Ethereum price, like the Bitcoin price, might benefit from the Bitcoin Halving. The Bitcoin price should rise sharply in the coming months following the halving of the number of Bitcoins entering the market every day.
The altcoins and also Ethereum usually follow with a delay. However, the halving might bring regarding strong price increases, especially in the second half of 2024. The Bitcoin price might reach its all-time high first. But at the end of 2024, the Ethereum price might explode to $5,000.
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