Ethereum (ETH) is one of the most well-known and established cryptocurrencies in the market. It has been consistently ranked as the second-largest cryptocurrency by market capitalization, only behind Bitcoin (BTC).
Ethereum recently surpassed the $4,000 milestone, making its highest value in two years. The long-awaited Dencun upgrade is about to launch soon, promoting discussions on whether the ETH Coin could reach $5,000 after the upgrade.
The upcoming Ethereum Dencun upgrade represents a significant leap forward with far-reaching implications for the Ethereum ecosystem. This update will be centered around EIP-4844, nicknamed “protodanksharding,” aimed at substantially reducing L2 transaction expenses.
Ethereum (ETH) Price to $5,000
The Ethereum futures open interest (OI) has surged to a record-breaking $14 billion, marking a notable 3% increase within the last 24 hours. Leading exchanges are Binance, Bybit, and OKX, showing a significant 2 -3 % uptick.
Moreover, the recent 5-6% spike in ETH OI on CME and Deribit suggests substantial buying activity from institutional investors.
As we found on CoinMarketCap, the ETH Coin price surged by 1% over the last 24 hours, and is currently trading at $4,052. The cryptocurrency hit a low of $3,831 and a high of $4,083 within the last 24 hours. Additionally, trading volume spiked by 11.31% in the same timeframe, pointing to growing trader interest.
According to our technical analysis, the Ethereum Coin has the potential to maximum price level of $5,444.03, with an average price of $4,508.34 by the end of 2024. However, if the market gets a bearish event, the value of the ETH Coin can drop to $4,183.02 by 2024.
We believe that more investment, adoption, and upcoming development can push ETH’s price toward the $5,000 milestone.
Also Read: Ethereum (ETH): Turn $100 Investments into $7.8 Million in February 2024
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
