Ethereum's Third Push for $5,000 Hinges on Stronger Staking and Bitcoin Market

Ethereum's third attempt to break through the $5,000 barrier is underway after two previous failures. The cryptocurrency needs to rise about 84% from its current price of around $2,722 to reach this milestone.

However, past attempts have shown that momentum often fails to carry through to month-end, and buyers can't hold the price. In November 2021, Ethereum hit $4,867 but closed the month at $4,642, while in August 2025, it reached $4,956 only to end the month at $4,392.

The supply situation has changed slightly since the last two attempts, with about 122 million ETH currently in existence. This means a $5,000 price tag would value the Ethereum network at around $610 billion, only slightly higher than the estimated $598 billion it reached during the August 2025 peak.

New coins have little impact on the existing market, as over the past year, Ethereum's supply has grown by only about 1%. Stakers and funds now hold more ETH than at either peak, with staking rising to 35.6% of all ETH by September 18, up from 29.8% a year prior.

Ethereum's price often moves in tandem with Bitcoin, which is trading around $85,500 after its own recent rally. However, a downturn in Bitcoin could negatively impact ETH, as it fell to $1,510 on June 26 during a market downturn earlier this year.