The cryptocurrency market is even hotter than usual this morning, as Ethereum (CCC:ETH-USD) reached a new all-time high above $4,700. The ETH crypto has had people talking in recent weeks, with sights now set on Ethereum prices predictions of $5,000. This all comes as part of the upgrades on the way to Ethereum 2.0, which will cut the network’s power consumption by an expected 99.99%.
So what else do you need to know?
After adding more than $600 billion in value last month, the crypto market is exploding as of late. This is in no small part thanks to the efforts of meme coin darlings Shiba Inu (CCC:SHIB-USD)and Dogecoin (CCC:DOGE-USD), which have repeatedly skyrocketed following speculation and social media buzz.
Some think the developing crypto surge is due to controversial tweets from notorious Tesla (NASDAQ:TSLA) CEO Elon Musk, others attribute an important inflation report this week. Either way, last night Digital Currency Group founder and CEO Barry Silbert tweeted “Going to be a big week,” and the markets have responded in kind.
The ETH crypto is up more than 3% in the past 24 hours, reaching a new peak of $4,792.57. This comes as infamous “Ethereum killer” Solana (CCC:SOL-USD) is down almost 3.5% on the day, after losing some of its competitive advantage following the new Altair Ethereum upgrade. Anytime a crypto blows past previous resistance levels it’s newsworthy. In the case of a leading crypto like Ethereum, it’s also often just the beginning. “Moonvember” is beginning to live up to its name as speculation grows of a crypto rally this week.
With that in mind, let’s see what some experts think of the Ethereum price rise.
ETH Crypto Price Predictions:
ETH is currently trading at $4,784 per coin. Where could it go from here?
- FXStreet correlates Ethereum with Bitcoin, arguing if the bullish momentum in BTC continues, ETH could see runs past $5,000, even up to $6,384.
- Last week, JPMorgan released an inaugural alternative investments overview, which included deep dives into many of the most-popular cryptos. It remains bearish on ETH, expecting a potential downturn of close to 67%. At the time of publication, Ethereum was at $4,100
- Goldman Sachs analysts suspect Ether will hit $8,000 by December if the coin continues moving in conjunction with inflation expectations.
- A rotating panel of 50 financial specialists at Finder.com came up largely bullish on Ethereum, predicting it will jump to $5,114 by the end of the year, with 2025 forecasts that it will break $15,000.
On the date of publication, Shrey Dua 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.