Ethereum Price Predicted to Reach $8,000 by CoinFlip CEO
Ethereum (ETH) is anticipated to maintain a high level of volatility throughout the remainder of 2024, as indicated by experts in the field of cryptocurrency and financial technology in Finder’s Ethereum Predictions Report. The projections suggest a potential decrease below $3,000 and a record-breaking peak of $6,000 within the year.
Alexander Kuptsikevich, a Senior Market Analyst at FXPro, foresees a decline in ETH to as low as $2,806 but anticipates a surge to $6,200 by the end of 2024. He attributes the recent market correction to the ongoing bullish trend in the crypto sphere. Kuptsikevich highlighted the crucial support that ETH received when its price approached the $2,800 mark in July, similar to levels observed in April and May.
A significant proportion of experts, with 64% in agreement, believe that ETH is currently undervalued. Pedro Febrero, the VP of Web3 at Realfevr, emphasized the significance of ETH’s underpricing, noting its widespread adoption across various crypto protocols and developer communities through the Ethereum Virtual Machine (EVM). Additionally, the impending introduction of an ETF is expected to elevate ETH to a comparable status with Bitcoin for institutional investors.
The average forecast from the panel suggests a potential year-end price for ETH around $5.4K. However, Daniel Polotsky, the Founder and Chairman at CoinFlip, holds a more optimistic outlook, predicting a closing price of $8,000 for ETH by the end of the year. Polotsky speculated on the possibility of a speculative bubble emerging, particularly favoring assets like ETH over BTC during periods of heightened speculation and market exuberance.
Polotsky also underscored the positive impact that Ethereum ETFs, set to commence trading soon, could have on ETH’s performance. While Ethereum continues to innovate with scaling solutions and staking mechanisms, it faces competition from emerging rivals like Solana. Polotsky emphasized the importance of Ethereum maintaining its competitive edge to sustain its position as a leading alternative cryptocurrency.
Nicole DeCicco, the CEO at CryptoConsultz, echoed the sentiment that the introduction of ETH ETFs could bolster prices significantly, aligning with the majority opinion that it will positively influence ETH’s valuation. The accessibility provided by ETFs is expected to attract a broader range of investors, thereby enhancing market liquidity and driving demand for ETH.
Josh Fraser, the co-founder of Origin Protocol, expressed optimism regarding the potential impact of ETH ETF inflows on the cryptocurrency’s price, suggesting that it could surpass the effects witnessed with Bitcoin ETFs. Fraser projected that ETH ETFs might serve as a pivotal catalyst, propelling ETH’s price above $10,000 in the medium term.
However, some experts hold a more cautious stance. Desmond Marshall, the MD at Rouge International, believes that ETH is currently fairly priced and anticipates it to fluctuate within the range of $3,000-$3,800. He cautioned against the influence of celebrity-backed tokens and potential market manipulations in the future.
Markus Kraus, the founder of Trading Verstehen, also shares the view that ETH is reasonably valued. He highlighted the forthcoming technological advancements such as Ethereum 2.0 upgrades and regulatory clarity, along with the deflationary mechanism from EIP-1559, as factors that could enhance ETH’s utility and value.
In conclusion, the majority of experts from Finder’s panel advocate for buying ETH at this juncture, with a smaller percentage suggesting holding onto existing positions and a minimal fraction recommending selling. The ongoing developments in the crypto landscape, coupled with the anticipated impact of ETFs, are poised to shape Ethereum’s trajectory in the coming months.
