Ethereum (ETH) has gone up by 4.2% in the past 24 hours alone and has surpassed the $4,700 barrier during the session as cryptos continue to ride U.S. government shutdown news.

Trading volumes on Sunday hit $44 billion, while they closed above that threshold from Wednesday to Friday. These volumes account for around 7% of the ETH’s circulating supply, underscoring the strength of the latest buying spree and favoring a bullish Ethereum price prediction.

In the past 7 days, nearly $500 million worth of ETH short positions were wiped out of the market as the token’s price climbed by 11%.

It has been nearly six days since the U.S. government shut down, as Republicans and Democrats have failed to reach a consensus on the current spending bill.

The U.S. dollar has declined sharply as a result of this ‘impasse,’ and that favors the short-term outlook for cryptocurrencies.

In the case of Ethereum, most indicators confirm that altcoin season has started, as tokens in this category have been increasing their dominance percentage while BTC’s share of the market has kept declining.

The latest move upwards for ETH could ignite the token’s next leg up. Thus far, BNB Coin (BNB) has outperformed its peers, already reaching a new all-time high today as it climbed above $1,200.

Ethereum Price Prediction: $5,000 Could Be Just the Beginning

The daily chart shows that ETH bounced strongly off the $4,000 threshold, as this former resistance level has now turned into a relevant support area.

Now, the token is approaching its all-time high and will likely encounter some selling pressure as early buyers (those who scooped it up at $4,000) may opt to cash out to dodge the risk of going through another strong pullback.

However, if we break through the $5,000 barrier, it is highly likely that we will move to uncharted territory in the long term, possibly to $7,000 or even $10,000 during this cycle.

Macroeconomic conditions have improved significantly compared to a few years ago, as the Federal Reserve is ready to cut rates for a second time, while altcoin ETFs are taking over Wall Street by storm.

Paired with a crypto-friendly administration in the U.S., the stage is set for an explosive move for ETH, favoring this bullish Ethereum price prediction of $10K in the long term.

Meanwhile, since September 29, Ethereum-linked ETFs have received nearly $1.3 billion in net inflows as investors have jumped back into the market to take advantage of the dollar’s weakness.

Increased interest from institutional players in cryptocurrencies will be a major catalyst for the next phase of this bull market. If new ETFs start to hit the market and crypto’s use cases expand to more corners of the real world, the upside potential for Ethereum as the strongest network in technical terms for programmability is huge.

Similarly, the most innovative projects of this cycle, like Bitcoin Hyper ($HYPER), a Bitcoin Layer 2 scaling solution, could deliver sizable gains. Just a few months after its crypto presale kicked off, this project has attracted $22 million from investors.

Bitcoin Hyper ($HYPER) Uses Solana’s Speed and Scalability to Solve Bitcoin’s Issues

Bitcoin Hyper ($HYPER) is introducing the first true layer 2 network for Bitcoin, built to overcome the blockchain’s biggest hurdles – slow transactions, high fees, and limited programmability.

By shifting processing to a high-speed side chain powered by Solana, Bitcoin Hyper enables faster, cheaper, and more energy-efficient transactions while paving the way for smart contracts and dApps on Bitcoin for the first time.

The solution relies on the Hyper Bridge to send BTC tokens safely to the L2. Investors’ assets are received in a multisig canonical address and then minted on the Hyper L2 to access the entire suite of protocols.

BTC holders will now be able to stake, lend, and earn yield on their investment without leaving the Bitcoin blockchain.

The $HYPER token powers this ecosystem and is now available at a presale price of $0.01375. Once top wallets and exchanges start to embrace this L2, the demand for its utility token will likely explode.

To buy $HYPER now, simply head to the Bitcoin Hyper website and connect your wallet. You can either swap USDT, ETH, or SOL for this token or use a bank card to invest.