Top analysts, media outlets, and fund managers are collectively bullish on Ethereum’s price trajectory, predicting it will average $6,404 by the end of 2024.

Forecasts vary widely, with predictions ranging from $4,400 to a staggering $166,000.

CryptoNews has the most conservative estimate, setting their target at $4,443.63. On the opposite end of the spectrum, Cathie Wood of Ark Invest envisions Ethereum soaring to $166,000. VanEck is also highly optimistic, projecting a potential high of $154,000 in a bullish scenario.

Despite the varying predictions, all eight analysts agree that Ethereum’s price will rise, with two specifically forecasting that it could break into six-digit territory. However, many of these bullish predictions are based on a longer investment horizon, with only Bernstein, QCP Capital, and Standard Chartered offering projections within 2024. These near-term estimates are more modest, ranging between $6,000 and $8,000.

This year, Bitcoin’s all-time high of $73,780 was largely driven by the legitimization effect of exchange-traded funds (ETFs), which allowed investors to gain exposure to Bitcoin without the risks associated with self-custody. Analysts believe Ethereum ETFs could have a similar impact, further driving up its price.

Ethereum Spot ETFs Recorded Net Outflow Of $15 Million 

On August 16, Ethereum spot ETFs saw a total net outflow of $15.005 million. Grayscale’s ETHE recorded an outflow of $27.743 million, while BlackRock’s ETHA and Fidelity’s FETH saw inflows of $10.3302 million and $7.2122 million, respectively. The total net asset value of Ethereum spot ETFs now stands at $7.352 billion.

As interest in Ethereum ETFs grows, and with the broader market showing optimism, Ethereum is well-positioned for significant gains by the end of 2024. Whether it reaches the more modest targets or breaks into six figures, the year ahead promises to be pivotal for ETH.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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