Ethereum (ETH) Price Gears Up for Another Rally to $5,000 Fueled by Bitcoin Halving FOMO

The post Ethereum (ETH) Price Gears Up for Another Rally to $5,000 Fueled by Bitcoin Halving FOMO appeared first on Coinpedia Fintech News

Ethereum (ETH) price has consolidated between $3,649 and $3,446 in the past four weeks as the bulls attempt to establish a fresh momentum. The large-cap altcoin, with a fully diluted valuation of about $424 billion and a daily average trading volume of around $14 billion, has significantly benefited from the mass adoption of web3 projects and digital assets.

Furthermore, the Ethereum network remains the top tokenization blockchain despite rising competition from other layer-one blockchains, such as Solana (SOL), BSC, and Tron (TRX). 

Ethereum Demand Shift

The demand for Ether and its products has remained high, especially among institutional investors intending to diversify their crypto portfolio. Speculation on the approval of spot Ether ETF in the United States has helped the bulls remain in control. 

Furthermore, Ethereum attained a deflationary status through on-chain burns, following the implementation of EIP-1559. The existence of top-tier decentralized protocols such as Uniswap, and OpenSea has seen the total amount of Ether bunt to date rise to over 4.25 million.

The Ethereum network has also attracted more investors through its legacy staking and liquid staking programs.

Ether Price Expectations Amid Bitcoin Halving

The fourth Bitcoin halving is about eight days from happening, which some analysts believe will be a sell-the-news event. With the ETH/BTC pair at its lowest on a falling channel, it is a matter of time before a rebound happens. A rebound on the ETH/BTC pair will push Ether’s price against the U.S. dollar to an all-time high and trigger a fresh altseason.

According to a popular crypto analyst alias Captain Faibik, the Ether price is aiming for $5,000 in the coming weeks, fueled by post-halving crypto FOMO (fear of missing out).