Ethereum’s Price Predicted to Reach New Record Highs by Analysts
As Ethereum’s critical dates approach, market analysts are predicting record-breaking prices for the popular cryptocurrency. After receiving approval from the SEC, Ethereum is expected to see the opening of ETH ETFs for trading on July 4, leading to a surge in its price.
Steno Research analysts have announced their predictions, stating that they anticipate a net inflow of $15-20 billion into spot Ethereum ETFs within the first 12 months. This has led them to forecast a minimum price target of $6,500 for ETH by the end of the year.
The analysts at Steno Research are confident that if the predicted figures for ETH ETFs are achieved, the price of Ethereum will reach at least $6,500 by the end of 2024. They also expect the value of ETH to rise against both the dollar and Bitcoin.
According to the analysts, the cryptocurrency market is currently pessimistic about spot ETH ETFs, but they believe that net inflows could reach $20 billion in the first year due to Ethereum’s appeal to Wall Street.
In a report led by senior analyst Mads Eberhardt, Stone Research analysts stated, “Even accounting for outflows from Grayscale Ethereum Trust (ETHE), we continue to forecast net inflows of $15 billion to $20 billion in the first 12 months. In the face of these inflows, the Ethereum value should increase further against both the dollar and BTC.”
Furthermore, the analysts pointed out that smaller inflows into Ethereum ETFs compared to Bitcoin ETFs would have a larger impact on ETH, given its lower market cap and weaker liquidity.
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