Since the ETF debut, Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, has been the subject of much discussion and speculation among the cryptocurrency community as traders watch to see where its price will go next.
The cryptocurrency ranking site CoinGecko recently released a research that sheds light on fund managers’ expectations for Ethereum’s future price, with estimates as high as $166,000.
CoinGecko provides Ethereum projections in its most recent study from eight prediction issuers, including well-known fund managers, speculating on the possible short- to medium-term price range for ETH investors.
https://x.com/coingecko/status/1824468673308037196
CoinGecko reports that every one of the eight forecast issuers it polled was optimistic about Ethereum, projecting a rise of between around $4,400 and $166,000.
However, the majority of price forecasts are based on lengthier time horizons; only Bernstein, QCP Capital, and Standard Chartered offer a time horizon that is within a year.
VanEck forecasts that ETH will increase to $22,000 by 2030 and, in a bull market, to $154,000; Ark Invest, on the other hand, projects ETH to reach $166,000 by 2032. By the end of 2024, Standard Chartered’s Geoff Kendrick predicts that ETH will hit $8,000 in value. In H2, 2024, ETH price targets of $6,000 and $6,600 are projected by QCP Capital and Bernstein, respectively.
Expectations remain on Ethereum ETFs
With the introduction of Ethereum exchange-traded funds (ETFs) to the American market in late July, the second-largest cryptocurrency in the world was placed in a vehicle that was well-liked by advisers and professional investors alike.
This year’s introduction of exchange-traded funds (ETFs) in the United States was the primary catalyst for Bitcoin’s surge to its all-time high of $73,780. With the exception of the dangers associated with self-custody, this investment vehicle made Bitcoin more accessible.
Based on the successful introduction of Bitcoin ETFs, Ethereum ETFs are projected to perform well, despite the late July decline in cryptocurrency prices.
Nevertheless, given that the price of ETH has decreased by 24.5% over the last 30 days, Ethereum’s short-term price movement presents a different picture. According to CoinGecko data, over a year, Ethereum behind Bitcoin by 41.5%, while the latter has gained 107.4%.
The possibility of Ethereum ETFs gave the cryptocurrency a lift, but those gains have now been reversed, and Ethereum is now 5.9% behind Bitcoin’s year-to-date gains of 51.9%.
As of this writing, ETH has dropped 0.6% to $2,600 during the previous day.
