Ethereum [ETH], the largest altcoin continues to showcase vital signs of life. At press time, ETH surpassed the $1.5k mark with a 1.51% surge over the last day. It has seen a 44.35% rise in the past seven days.
Nevertheless, despite the recurring green candles, sentiment among industry experts regarding the altcoin remains mixed with bullish and bearish signals.
Getting the basics right
The flagship network suffered significantly in 2022, especially if one considers the loss of billions (of dollars) from its market capitalization. Even so, ETH fundamentals have tried to put up quite a strong front despite macro headwinds.
First, it should be noted that ETH development activity remains strong despite the volatility.
In addition, the respective daily active addresses have remained robust regardless of the countless fixes made over the past few months.
On the whole, both of these indicators showcase that the supply side is going hand-in-hand with demand.
What is the opinion of the experts
A quarterly survey by a panel of 53 industry experts conducted by Finder (a comparison site) in July yielded a rather lackluster response.
These industry experts have predicted that Ethereum would bottom out at $675 before the year-end. They have “considerably lowered” their Ether predictions since the start of 2022.
General sentiment has ETH trading at $1,711 by the end of 2022. It would rise further to $5,739 by 2025 and $14,412 by 2030. Here is a chart that summarizes the prediction indicated.
However, the panel expects the price of ether to first bottom out around the $600 mark. Finder’s analysis noted,
“While holding ETH through 2030 may prove fruitful, our panel believes there are near-term lean times, expecting ETH to bottom at 675 $ before the end of the year.”
Interestingly, the upcoming Merge could change this trajectory as highlighted by the managing director of Digital Capital Management Ben Ritchie.
“Since Ethereum’s correlation with Bitcoin is still high, we can assume that if the merger occurs before the end of the year, its price could decouple. However, the external economic factor is vital, which creates obstacles to short-term price action.
Ethereum’s price could reach as high as $15,000 in 2030 due to the upcoming upgrades to the ETH’s tokenomics, such as deflationary emissions and scalability.
Now, in reality, all eyes are waiting for the long-awaited merger. Meanwhile, the ETH 2.0 deposit contract continues to show impressive all-time highs (ATH) on Glassnode.
In addition to this, ETH’s correlation to BTC could help the network uplift investors’ moods.
Notably, BTC traders recently changed their minds and potentially looked for a long-term breakout. BTC dominance kicked in when the price broke above the $23.6,000 mark.
