Top Analyst Predicts Ethereum Price To Surge $5000, Here What You Need To Know?

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Bitcoin has been making new highs since it surpassed its November 2021 peak last week. This bullish trend in the leading cryptocurrency continues to positively influence the entire market. With Ethereum ETf approval imminent many analysts see Ethereum price surging to $5000 soon.

Ethereum Aim for Big: $5000

In a recent tweet, a prominent cryptocurrency analyst shared insights into the potential price movement of Ethereum (ETH), suggesting a brief pullback to around $4,000 before surging to new all-time highs. The analyst expressed confidence that if and when an Exchange-Traded Fund (ETF) for Ethereum is approved, it would propel the price beyond its previous peaks.

According to the analyst, although there might be some bumps along the way, reaching an all-time high (ATH) of $5,000 seems inevitable for Ethereum.

Notably, the analyst also disclosed holding positions in both Solana (SOL) and Ethereum (ETH), emphasizing a non-tribalistic approach to investments. This suggests a balanced portfolio strategy, indicating confidence in the potential of both cryptocurrencies to deliver favorable returns.

Ethereum Price Analysis

The price of Ethereum, monitored on the weekly chart, encountered a slowdown at $3,705, aligning with Fib 0.786 from its recent bearish trend. This level contributed to a decrease in Ethereum’s bullish momentum due to a corrective phase.

As of now, Ethereum trades at $3780, marking a week-long surge of 28.4%. However, its 24-hour trading volume declined by 18% to $32 billion, with a market cap of $449 billion.