A rally to $5k is possible for Ethereum, but to be certain we need Bitcoin to get closer to the $64k ATH it established in May.
September is usually a bearish month for Bitcoin, so I don't expect Ethereum to have a breakout in value, even though ETH is burned every day.
I was wondering what would be the next catalyst for ETH to reach $5K this month. It looks like the burning as a result of the implementation of EIP-1559 is enough but I still don't see why people are too optimistic about it.
Check out
https://ethburned.info/ if you want to monitor.
The burn is as a result of the price increase, since the start of the burn ETH has taken a new wave of price changes. so there is every reason for the price to get $5k before the months of September runs out. let watch and see!