Record-Breaking Predictions for Ethereum Soar! Analysts Forecast Wall Street’s Support and a Price Target of $6,500 by the End of 2024!
Ethereum is approaching critical dates following its SEC approval, coming after Bitcoin. Market analysts anticipate the opening of ETH ETFs for trading on July 4th.
In light of this expectation, numerous experts are bullish on the ETH price, and Steno Research analysts, in conversation with Coindesk, have unveiled their predictions.
According to these analysts, they foresee a net inflow of $15-20 billion into spot Ethereum ETFs within the first 12 months, with a minimum price target of $6,500 for ETH.
If the projected figures for ETH ETFs are realized, Steno Research expects the Ethereum price to reach at least $6,500 by the end of this year. Moreover, they anticipate a rise in the ETH price against both the dollar and BTC.
Highlighting the market’s pessimism towards spot ETH ETFs, analysts note that net inflows could potentially reach $20 billion in the first year due to Ethereum’s appeal to Wall Street.
The Stone Research team, led by senior analyst Mads Eberhardt, stated in their report:
“Even considering outflows from the Grayscale Ethereum Trust (ETHE), we maintain our forecast of net inflows ranging from $15 billion to $20 billion within the first 12 months.
With these inflows, the value of Ethereum should further increase against both the dollar and BTC.
“We anticipate the ETH price to reach at least $6,500 later this year, thanks to expected net inflows into spot ETFs, as well as positive market trends.”
Analysts recently suggested that even smaller inflows into Ethereum ETFs compared to Bitcoin ETFs would have a more substantial impact on ETH. This is due to ETH’s lower market capitalization and significantly weaker liquidity when compared to BTC.
*This article does not provide investment advice.
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