Polymarket Traders Bet Ethereum Price to Hit $5,000 as Bullish Pattern Forms
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Highlights
- Ethereum price could jump to $5,000 before the year ends, according to Polymarket traders.
- The coin has formed a bullish flag pattern on the daily timeframe chart.
- Ethereum supply on exchanges has continued falling in the past few months.
Ethereum price rose for five consecutive days, reaching its highest level since Oct. 13. This recovery mirrored the rebound among other altcoins after the encouraging US inflation report. Polymarket traders are betting that ETH price will hit $5,000 this year.
Frequently Asked Questions (FAQs)
1. What is the most likely Ethereum price forecast?
The most likely scenario is where Ethereum price jumped and hits the resistance level at $5,000 in the near term.
2. Is ETH a good token to buy and hold?
Fundamentals suggest that the token has more upside to go. Also, the coin has formed a bullish flag pattern, pointing to more gains in the near term.
3. What are the catalysts for the Ethereum price this year?
The top catalysts for Ethereum price are the forming bullish flag pattern, soaring ETF inflows, and Ethereum treasury companies.
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