ETH momentum, rising on‑chain activity and renewed risk appetite set sights on $5,000
Ether climbed to its strongest level in nearly four years, igniting large-scale liquidations of bearish, leveraged positions and prompting renewed speculation that the token could test — and possibly surpass — the $5,000 mark. The recent jump followed signs that markets are pricing in a less restrictive U.S. monetary policy, which has bolstered risk assets across the board.
Equities helped set the tone: a rally in the tech-heavy Nasdaq signaled a broader reduction in risk aversion, encouraging investors to shift from fixed-income holdings and search for higher returns. Over the past 30 days Ether has gained roughly one‑third, and a cluster of on‑chain and derivatives indicators point toward further upside.
Onchain measures have shown a meaningful pickup in activity. Transactions on the Ethereum network rose by about 63% over the prior month while active addresses increased roughly 26%, evidence that user engagement and on‑chain demand have strengthened compared with several competitors that saw far weaker or negative growth.
Futures markets also reflect elevated interest. Aggregate open interest in Ether futures has held steady at approximately 14.4 million ETH — equating to roughly $69 billion in leveraged exposure — and the typical monthly futures premium has expanded to near 7% annualized. Those metrics suggest meaningful demand for leveraged exposure even after recent liquidations of bearish bets.
Still, some traders remain cautious because rival chains such as BNB and Tron are trading well above their previous all‑time highs while Ether has yet to convincingly eclipse its prior peak around $4,868. That performance gap helps explain why not all market participants are uniformly bullish despite encouraging fundamentals.
Taken together — stronger on‑chain activity, healthy futures interest and a broader return of investor risk appetite — the market backdrop has made a move toward $5,000 a plausible near‑term target for Ether. As always, this analysis is informational and not investment advice; market conditions can change rapidly and outcomes are uncertain.
