The post Ethereum Price Prediction: Will ETH Price Cross $5,000? appeared first on Coinpedia Fintech News
With the Bitcoin price sustaining dominance above the $52,000 mark, the altcoins are making new waves of recovery in February 2024. Amidst the bull run, the ETH price has risen to new heights in the last 52 weeks.
Bouncing off from the 200-day SMA, Ethereum is moving up the ladder of Fibonacci retracement levels. Further, the ongoing bull run increases the curiosity of investors to ask, “Will Ethereum make new all-time high in 2024?”
To find answers to how high will Ethereum go, check out our Ethereum price prediction NOW.
Weekly Breakout Hints At A 35% Jump
In the weekly charts, the biggest altcoin, Ethereum, with a market cap of $351 Billion, shows a bullish revival in 2024. A rounding bottom breakout run reclaiming the $2900 level shows increased trend momentum in the ETH price.
Further, the 42% hike in trading volume, standing at $25 Billion, indicates a boost in buying pressure. With a 14.89% jump last week, Ethereum shows a 29% jump in the last three weeks.
Continuing the bullish momentum, the ETH price shows 1.41% this Monday and starts the week on a bullish note. Currently, the altcoin trades at $2,921 and heads to the $3,000 mark.
Also Read: Top Altcoin to Surge 2X-3X Amid Ethereum’s Bullish Breakout
Can ETH Price Trend Bring A New All-time High?
Breaking beyond the 50% Fibonacci level, the ETH price marks a bullish milestone in this recovery phase. Further, the golden crossover boosts the momentum in 50- and 200-day SMA, bolstering the uptrend possibility.
At present, the breakout run teases a trend continuation to the $3,872 mark, aligning with the 78.60% Fibonacci level. Upon this breakout, the uptrend can surpass the all-time high of $4,868, with a bullish target of $6,835.
