Top 5 Pridictions For Ethereum Price Rise in 2024

Predicting the price of Ethereum ETH in 2024 is highly difficult and surrounded by multifarious uncertainties because, on its part, the cryptocurrency market is extremely volatile. This volatility is driven by technological, regulatory, macroeconomic, and investor-sentiment-related factors, all of which combine to make it quite a challenge for investors to make effective investment decisions and correctly assess where prices will move.

Through a multitude of platforms and tools, most notably CoinMarketCap, TradingView, and Etherscan, one gets the low-down on necessary market analysis and price prediction to help make an informed decision on investment in the face of the soaring and violent volatility.

From conservative ones suggesting Ethereum’s price can reach as high as $5,000 and some bullish ones proposing it might soar to the Psychologically important mark of $10,000 or higher; Coindesk compiled a report of expert predictions of the price of Ethereum by 2024, all depending on the conditions of the market and rates of adoption.

The investor is advised to use analytical tools and the probabilities on market trends, which he can use both for decision-making or to influence the nature of potential price movements of Ethereum. Predictions always turn out to be a risky business; however, being well-informed can probably help an investor take the right strategic decisions and evaluate opportunities related to capitalizing on Ethereum growth in 2024.

TOP 5 Pridictions For Ethereum Price Rise

Prediction #1: Standard Chartered

Given the previous approval of spot Bitcoin ETFs and the date of January 10, combined with the listing of Ethereum futures on the Chicago Mercantile Exchange, Standard Chartered is predicting spot Ethereum ETFs to receive approval this year as well. In fact, going against that grain of the view of skepticism mentioned earlier, Geoff Kendrick, Head of Digital Assets Research at Standard Chartered, dared that the SEC would actually approve Ethereum spot ETF applications by 23rd May 2024, being the deadline for the ETF ruling.

Kendrick expects Ethereum to climb up to $4,000 by May 23, 2024, following the pricing movement of Bitcoin as far as the approval to have an ETF. This feels a lot like it; market expectations are low for approval, and if it is going to happen, there is no sense dribbling out the good news, so it is probably going to give approval to multiple applications at the same time.

Intriguingly, Kendrick predicts that Ethereum will dodge such a post-ETF approval dump, which was seen with Bitcoin. After Bitcoin’s ETF approval, its price fell as much as 20% from market value due to the massive outflows from the Grayscale Bitcoin Trust. Kendrick thinks that Ethereum will be stronger since the same mechanism is holding less ETH through their Grayscale Ethereum Trust relative to their total market cap than compared to GBTC.

Prediction #2: VanEck

The report classified Ethereum as a ‘digital mall’ where ‘business, as constructed with smart contract code, interact with users through their crypto wallets. VanEck’s analysts predict Ethereum’s revenue by estimating transaction fees from various sectors such as DeFi, Metaverse, Gaming, and Infrastructure.

Prediction #3: JP Morgan

According to Nikolaos Panigirtzoglou, managing director at JP Morgan, a large driver of the interest in Ethereum in 2024 will be the forthcoming upgrade in the Mexican city of Cancun. The upgrade, known to take place in March 2024, will bring along the feature of proto-danksharding, which is expected to increase the total transaction throughput of the whole Ethereum network.

JP Morgan analysts, in fact, predict that Ether may outperform Bitcoin in 2024 and has the potential to reach an $8,000 price by 2026; technological upgrades to the network can create utility out of the network, and with it, add higher value to the asset.

Prediction #4: Arthur Hayes

Previously he tweeted about being bullish on Solana, and that is what makes this switch back to Ethereum dramatic. In November 2023, Hayes was even quoted making a prediction that Bitcoin will hit $1 million and ETH would hit $100K, in other words, the expectation of a bull market was starting, it is November 2023. While his prediction for 2024 is essentially $5000 for Ethereum, it may seem conservative to most, but it errs on the side of optimism that has been proven to be correct in the past for Ethereum.

Prediction #5: Cathie Wood

Cathie Wood, the CEO of ARK Invest, has been quite optimistic on crypto. According to her, the whole set of the sector is going to boom somewhere in between five to seven years from now, with its market capitalization increasing from $1 trillion to $25 trillion.

ARK’s ETF arm, 21Shares, revised their Ethereum spot ETF filing, which a bullish future seems to be built around. Wood believes ETH will reach $166K and has a market cap of $20 trillion plus by 2032. To Kate, the rise of Ethereum to being a game-changer in the finance industry with its DeFi and NFT combos is going to be massive, probably outmuscling Bitcoin when it comes to returns in the future

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