Ethereum's Path to $5,000: Staking and Supply Tighten, But Bitcoin's Rally is Key

Ethereum's price needs to surge by about 84% for it to reach $5,000, a milestone it has approached twice but never closed above. Currently trading at around $2,722, Ethereum (CRYPTO:ETH) still has a way to go before hitting the significant target.

The cryptocurrency has previously attempted to break into the $5,000 range in November 2021 and August 2025, but momentum failed to carry through to month-end. Now, with about 122 million ETH in existence, a $5,000 price tag would value the Ethereum network at around $610 billion.

New supply has little impact on the existing market, growing by only about 1% over the past year. Staking, however, has increased significantly, with around 35.6% of all ETH now staked and ETFs having accumulated around $13.3 billion since July 2024.

Ethereum's price often moves in tandem with Bitcoin (CRYPTO:BTC), which is trading around $85,500 after its recent rally. To make progress towards $5,000, Ethereum needs to clear several critical price levels, including closing above $2,967 and then $4,165.