In a bold statement that is shaking up the world of cryptocurrencies, well-known analyst Jelle says that Ethereum (ETH) will reach the huge $5,000 mark by the end of the year. After a drop from its recent highs, Ethereum has now stabilized above $3,500, which is when this prediction was made.
Jelle’s hope depends on Ethereum’s ability to stay strong at important support levels and show signs of rebound despite small changes. “ETH successfully turned $3,500 into support,” says Jelle, showing that Ethereum could rise above its previous all-time highs given the way the market is right now.
Ethereum Eyes $5K Surge
The analyst’s predictions come at a time when crypto enthusiasts are getting more and more excited, especially about the upcoming start of spot Ethereum exchange-traded funds (ETFs). It is believed that these ETFs will bring a lot of new funds into ETH market, which will attract both big and small investors.
Recent market data shows that most people are optimistic about ETH . A lot of call options are betting that its price will go up, and the put-call ratio is very low, which shows that most people are optimistic. Institutional buyers have also made big moves. On June 12, one of the biggest daily purchases of ETH was seen.
The way the market is moving as a whole suggests that Ethereum is getting ready for a strong recovery. This will be helped by things like more liquidity and changes to the rules for ETFs. According to QCP Capital’s research, this outlook is even stronger because it shows that ETH is more likely to be volatile than Bitcoin, which means that prices could change significantly in the future.
As Ethereum deals with these important changes, everyone is waiting to see if it will actually break through the $5,000 barrier, which would set new records and solidify its place as the top cryptocurrency in the world.
*Chart from TradingView and featured picture made with DALL-E*
