Summary
- Cointelegraph predicted that Ethereum (ETH) has the potential to rise to $5,000 within the year.
- Reasons cited include a continued decrease in ETH exchange balances and increased accumulation by whale investors, ongoing net ETF inflows, and improvements in on-chain indicator (SOPR).
- In particular, the decline in ETH reserves on exchanges signifies stronger long-term investment sentiment and weaker selling pressure, which supports the potential for additional market upside.
On the 7th (local time), Cointelegraph, a media outlet specializing in digital assets (cryptocurrencies), predicted that Ethereum (ETH) has the potential to rise to $5,000 within the year.
The outlet cited reasons such as continued net inflow into exchange-traded funds (ETFs), ETH balances on exchanges dropping to the lowest level in eight years, an increase in accumulation by whale investors, and improvements in SOPR (an on-chain indicator that determines whether holders are selling at a profit or loss).
In particular, the decline in ETH reserves on exchanges suggests a strengthening of long-term investment tendencies and a weakening of selling pressure—factors that support the possibility of further upward movement in the market.
Meanwhile, as of 01:24 on the 8th, ETH was trading at $2,526.20 on the Binance Tether (USDT) market, down 1.09% from the previous day.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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