Ethereum Smashes $5K: The Gas-Guzzling Juggernaut No Wall Street Boomer Can Ignore
Ethereum’s price just punched through $5,000—despite the ’experts’ who called it ’overpriced’ at $300. Here’s how the smart contract behemoth left skeptics eating dust.
The Scalability Breakthrough: Layer-2 solutions finally delivered, slashing gas fees by 90% and sending institutional FOMO into overdrive.
The ETF Effect: BlackRock’s surprise ETH staking ETF approval triggered a liquidity tsunami—turns out even goldbugs like yield when it’s not 0.5%.
The Burning Question: With EIP-1559 destroying $3B in ETH annually, supply shock meets institutional demand. Cue the ’this time it’s different’ chorus.
Meanwhile, JPMorgan analysts still insist blockchain is ’just for payments’—right before launching their 17th tokenized repo product. Crypto winter? More like Wall Street’s late-stage FOMO spring.
Figure 1. Our preferred short-term EW count for Ethereum
Indeed, last week’s low was likely the gray W-iv, and the gray W-v of green W-3 should ideally be underway now, targeting around $2900. However, ETH must clear its (red) 200-day simple moving average, which has acted as resistance this month.
If the Bulls can’t clear the 200-day SMA and the price falls below last week’s low, then the red W-i of the new bull run to $6100+ has likely peaked. See Figure 2 below. In that scenario, we can expect Ether to reach around $2100 a little sooner, before the rally to approximately $5000 begins.
Figure 2. Our alternative, short-term EWP count for Ethereum
Regardless, both roads lead to Rome, so to speak, and we must not lose sight of what matters: the third wave to ~$5000+. See the forest for the trees, so to speak. We present these two options not to confuse but to clarify what we can expect if either the 200-day SMA is cleared, preferably, or if, alternatively, Ether’s price drops below last week’s low. We’re simply thinking ahead, and neither price movement will catch us off guard, allowing us to be prepared. While we update our analysis and insights daily for our Premium Newsletter members, we’ll check in again in a few weeks.
