Analysts forecast Ethereum to reach $6,000 in 2024

Source: Crypto Briefing

Ethereum (ETH) is projected to reach $6,404 by the end of 2024, according to top analysts’ and fund managers’ predictions gathered by CoinGecko. Predictions range from $4,443.63 to $166,000, with most forecasts falling between $6,000 and $8,000.

Bernstein, QCP Capital, and Standard Chartered provide the most immediate outlook, predicting ETH prices within the $6,000 to $8,000 range for 2024. CryptoNews offers the most conservative estimate at $4,443.63, while Cathie Wood of Ark Invest presents the most bullish forecast at $166,000.

The potential approval of Ethereum exchange-traded funds (ETFs) is expected to drive price growth, similar to Bitcoin’s recent surge following ETF launches. However, a Grayscale survey reveals mixed sentiment, with 25% of respondents believing ETF approval would boost Ethereum inflows, while another 25% see no impact on its investment thesis.

The report highlights that Ethereum’s transition to proof-of-stake and its reliance on layer-2 networks position it as a high-growth candidate in the crypto space.

Moreover, the network’s ability to handle increased transactions and its token-burning mechanism brought by EIP-1559 contribute to its appeal as a smart contract platform.

“Investing exposure to Ethereum is akin to early holding of Visa/Mastercard shares but for a global decentralized financial network,” CoinGecko added.

Despite current price volatility and potential economic headwinds, analysts remain bullish on Ethereum’s long-term prospects, citing its role in decentralized applications and its potential to become a global decentralized financial network.

ETF inflows gain traction

Ethereum ETFs traded in the US registered the second consecutive day of inflows. On Aug. 13, these funds grew by $24.3 million in assets under management (AUM), according to Farside Investors’ data.

BlackRock’s ETHA surpassed $49 million in AUM growth, while Fidelity’s FETH added $5.4 million. Meanwhile, Grayscale’s ETHE shed $31 million of its size.

Since the Ethereum ETFs launch in the US, ETHE’s net outflows amount to $2.3 billion, while Grayscale’s “mini ETH trust” with the ticker ETH added $220.5 million.

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Author: Gino Matos