MYSQL Huge Data migration (5TB) from old server to new server

We have an old MYSQL server contains huge data ~5TB and wanted to migrate to the new server in order to minimize the costs and get rid of very old hardware. My one and only idea in my mind is using mysqldump for the migration but I’m pretty sure that it’s a poor and risk option with that huge data. Then someone in my team came up with the idea for using ETL tools but we haven’t go into the deeper details and not really sure if this ETL way can literally help us. Any idea are always welcomed thanks