Analysts predict Ethereum will hit $6,000 in 2024

ethereum (eth) is projected to hit $6,404 by the end of 2024, according to predictions from leading analysts and fund managers. eth-price-predictions-2024″ target=”_blank” rel=”noopener nofollow noreferrer”>gathered by CoinGecko. Predictions range from $4,443.63 to $166,000, with the majority of predictions falling between $6,000 and $8,000.

Bernstein, QCP Capital, and Standard Chartered offer the most immediate outlook, predicting eth prices within the $6,000 to $8,000 range by 2024. CryptoNews offers the most conservative estimate at $4,443.63, while Ark Invest’s Cathie Wood presents the most optimistic forecast at $166,000.

The potential approval of ethereum exchange-traded funds (ETFs) is expected to boost price growth, similar to bitcoin’s recent surge following the launch of ETFs. However, a Grayscale survey reveals mixed sentiment: 25% of respondents believe that ETF approval would boost ethereum inflows, while another 25% see no impact on their 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.

Furthermore, the network’s ability to handle a larger number of transactions and its token burning mechanism introduced by EIP-1559 contribute to its attractiveness as a smart contract platform.

“Investing in ethereum is similar to owning shares of Visa or Mastercard at an early stage, but for a global decentralized financial network,” CoinGecko added.

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