There’s certainly a lot of excitement around Ethereum (CCC:ETH-USD) right now. Given the rise of decentralized finance (DeFi) and all the utility created by Ethereum’s protocol, this excitement makes sense. Accordingly, when investors see an impressive Ethereum price prediction hit the headlines, there’s a reason to perk up.
Such a price prediction has indeed hit the markets today. And we’ll get to that in a second. However, it’s important to zoom out and look at how Ethereum has performed in recent weeks to see why such predictions are hitting the market.
Over the past month alone, ETH is up more than 26% at the time of writing. In the crypto world, perhaps that’s a relatively small number. However, for any asset class, such gains in a short amount of time are noteworthy.
Given Ethereum’s market capitalization, this move is perhaps even more intriguing. Accordingly, a move to $5,000 by week’s end implies another 9% upside from current levels. Given this token’s recent momentum, perhaps that’s possible.
Let’s dive into the big $5,000 price target driving interest in Ethereum today.
Big Ethereum Price Prediction Driving Interest in ETH
Today, Crispus Nyaga of InvestingCube.com made a bold call. Specifically, a $5,000 Ethereum price prediction was placed on ETH, by end of week.
Such a price prediction is worth considering. This prediction implies some serious near-term momentum for Ethereum. Given the recent rise of meme tokens and other alt tokens based on Ethereum’s protocol, it appears this is a big driver of this price target.
Demand for the DeFi sector, various technical catalysts and growth outside of DeFi into other decentralized industries are the three factors Nyaga points to as potential drivers that could take ETH to $5,000 by the end of the week.
This is certainly an aggressive call. However, this price prediction is one that’s generating a lot of support right now.
Will Ethereum be able to hit this short-term target? We’ll see. However, investors may want to keep an eye on how Ethereum performs in this ultra-bullish environment right now.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.