The CiviCRM Status Screen is reporting for any version that is 4.7.x that it is End of Life.
What does this mean? Is there something wrong with version 4.7? Do I need to panic?
There is a helpful explanation. The numbering system changed, this is detailed here
5.0.0 is the next version after 4.7.31 and is not a major update.
In The Q&A section there is an answer to this question which explains why the limitations of the update messaging system in 4.7 led to the decision to use the End of Life message in this instance:
The in-app messaging in 4.7.x was hard-coded several years ago. For a site running the last 4.7.31, we can only display one of two messages -- either that 4.7.31 is up-to-date or that it 4.7 is end-of-life. Neither message is accurate or desireable -- the truth is that 4.7.x was renamed to 5.x.
We've updated the notification system so that future messages can be more nuanced/accurate, but for sites currently 4.7 we've had to take an awkward approach. For April and May, we used the understated message; but in June, we switched to the overstated message.