Ethereum eyes $5K as on-chain activity and institutional demand grow

CryptoQuant analysts suggest Ethereum's price could surpass $5,000 if current supply-demand dynamics persist, supported by strong on-chain metrics and investor interest, according to The Block. Daily transactions and dApp usage have surged in 2024, driving deflationary pressure through fee burning. Institutional demand is also rising, with Ethereum spot ETFs seeing $1.95 billion in inflows over 13 days, bringing total assets to $13.18 billion. Ethereum has recently outperformed Bitcoin, with the ETH/BTC ratio climbing 2.82% in the past day.