Ethereum Price Potential: Fund Managers Analyze Possibility of Reaching $166,000

Ethereum (ETH), the second-largest cryptocurrency based on market capitalization, has become a topic of intense speculation and scrutiny in the crypto community as enthusiasts eagerly await its future price movements following the launch of an ETF.

A recent report from CoinGecko, a crypto-ranking platform, sheds light on the perspectives of fund managers regarding Ethereum’s future price, with some projections soaring as high as $166,000.

CoinGecko’s latest analysis presents Ethereum forecasts from eight prediction issuers, including prominent fund managers, outlining the potential price ranges that ETH holders may anticipate in the short to medium term.

All eight prediction issuers surveyed by CoinGecko expressed bullish sentiments towards Ethereum, with expectations ranging from nearly $4,400 to a staggering $166,000.

These price predictions are predominantly focused on longer timeframes, with only Bernstein, QCP Capital, and Standard Chartered offering projections within the current year. VanEck foresees ETH reaching $22,000 by 2030 and $154,000 in an optimistic scenario, while Ark Invest predicts a rise to $166,000 by 2032. Geoff Kendrick at Standard Chartered anticipates ETH hitting $8,000 by the end of 2024, with QCP Capital and Bernstein setting price targets of $6,000 and $6,600, respectively, in the second half of 2024.

The introduction of Ethereum exchange-traded funds (ETFs) in the United States in late July has sparked considerable interest among professional investors and advisors, similar to the impact ETFs had on Bitcoin’s surge to an all-time high of $73,780 this year.

Despite a recent drop in cryptocurrency prices in late July, Ethereum ETFs are anticipated to yield significant results, drawing from the success of Bitcoin ETFs.

However, Ethereum’s short-term price performance tells a different story, with ETH witnessing a 24.5% decline over the past 30 days. Comparatively, Ethereum has lagged behind Bitcoin by 41.5% over the past year, with Bitcoin recording gains of 107.4%, based on CoinGecko data.

While the prospect of Ethereum ETFs initially propelled the cryptocurrency’s value, subsequent losses have caused it to fall behind Bitcoin by 5.9% year-to-date, with Bitcoin registering gains of 51.9%.

As of the latest update, ETH was down by 0.6% in the last 24 hours, trading at $2,600.