Ethereum Price Predicted to Hit $6,000 by 2024, Analysts Say
Top analysts and fund managers predict that Ethereum (ETH) will hit an average price of $6,404 by the conclusion of 2024. These forecasts span a range from $4,443.63 to $166,000, with the majority falling between $6,000 and $8,000.
Bernstein, QCP Capital, and Standard Chartered offer outlooks anticipating ETH prices in the $6,000 to $8,000 range for 2024. Conversely, CryptoNews provides a more conservative estimate at $4,443.63, while Cathie Wood of Ark Invest presents an optimistic forecast at $166,000.
The potential approval of Ethereum exchange-traded funds (ETFs) is anticipated to propel price growth, similar to the recent surge in Bitcoin following ETF launches. A Grayscale survey indicates mixed sentiment, with 25% of respondents believing ETF approval will enhance Ethereum inflows, while another 25% see no impact on its investment thesis.
The report emphasizes Ethereum’s shift to proof-of-stake and its utilization of layer-2 networks position it as a high-growth contender in the cryptocurrency realm. Additionally, the network’s capacity to manage increased transactions and the token-burning mechanism introduced by EIP-1559 contribute to its attractiveness as a smart contract platform.
Despite existing price volatility and potential economic challenges, analysts maintain a positive outlook on Ethereum’s long-term potential, citing its role in decentralized applications and its potential to evolve into a global decentralized financial network.
Ethereum ETFs traded in the US have witnessed a second consecutive day of inflows. On August 13, these funds saw a growth of $24.3 million in assets under management (AUM), as per Farside Investors’ data.
BlackRock’s ETHA experienced an AUM growth surpassing $49 million, while Fidelity’s FETH added $5.4 million. Meanwhile, Grayscale’s ETHE saw a reduction of $31 million in size.
Since the launch of Ethereum ETFs in the US, ETHE has experienced net outflows amounting to $2.3 billion, while Grayscale’s “mini ETH trust” under the ticker ETH added $220.5 million.
