Analysts predict that Ethereum price will surpass $5,000 due to institutional demand and increased activity on the Ethereum network.
CryptoQuant notes that inflows to Ethereum exchange-traded funds (ETFs) have broken records, with investors pouring $1.2 billion into ETH funds worldwide.
The renewed interest from institutional and retail investors in Ether drives CryptoQuant's target price of $5,000 for ETH.
The Ethereum network has experienced higher onchain activity, reflecting growing adoption of decentralized applications and resulting in increased network fees and fee-burning mechanism.