Ethereum is currently the undisputed king of altcoins in the market. owever, where will it go next a month from now? Or, even a year from now? Well, a recent Finder survey predicted the long-term price movement of Ether. In addition, he also predicted a 10-year price target of over $ 50,000.
The product comparison website published a report earlier this week surveying 50 experts from the fintech industry about their long-term targets for ETH. The main forecast for the end of the year was $ 5,114, with a price forecast of $ 15,364 for 2025 and a whopping $ 50,788 for 2030.
Most of those bullish on Ethereum’s growth noted its monopoly of the DeFi and smart contracts industry. In addition, they cited future expectations for further growth as the reasons for their optimism.
Dr. Iwa Salami, Associate Professor at the University of East London, gave an end-of-year prediction in line with the panel’s forecast, saying,
“Ethereum has the advantage of being the forerunner, which is why nearly 80% of applications are built on the Ethereum network, according to State of the DApps.”
According to him, “cheaper and faster blockchains (like Solana and Avalanche) are still not threatening,” with the exec adding that “Ethereum is likely to maintain its dominant position for some time to come.”
However, not all respondents seemed convinced since almost 40% of them gave a price target equal to or lower than its current price. Most of them chalked out the dip in value to the cost and scalability issues associated with ETH. Gavin Smith, General Partner of Panxora Crypto, noted,
“The costs have reached a point where most smart contract operations are now too expensive without integrating a level-two solution. Other smart contract blockchains feature better technology solutions that support more transactions at lower cost. “
Another issue pointed out by the bears was the lack of cybersecurity since platforms built on top of Ethereum are at a greater risk of falling prey to a hack or exploit. A recent report revealed that the Ethereum ecosystem lost over $ 800 million in the third quarter of 2021. In fact, the most recent DeFi hack on the Cream network contributed to losses upwards of $130 million.
Nonetheless, only 9% of those surveyed said ETH should be sold. That is mostly because of optimism for future price appreciation since 93% of the panel said the ETH 2.0 upgrade should help the network resolve at least one of its ongoing issues.
However, the popularity of the Ethereum network has proven to be a bane to the ecosystem as it continues to suffer from congestion and ever increasing gasoline costs due to high traffic. The slow transition to ETH 2.0 and the recent implementation of EIP-1559 are working to fix that.
Ether recently looked on the verge of hitting the $ 5,000 price target as it hit new all-time highs last week before reversing. The token was changing hands at $4,173, at the time of writing, with a 42% price hike over the past month.
In a note to clients last month, JP Morgan observed that investors were abandoning Bitcoin Futures for contracts with Ethereum. This projected a bullish outlook for the network within institutional communities.
