Ethereum has had one of the best results among the leading cryptocurrencies in 2021, seeing a price increase of around 330 percent over the course of the year. However, after reaching a new high of $4,847 in early November 2021, the price of ETH crashed by more than 70% in January 2022.
Ethereum about to hit $7k?
While ETH’s great ROI and strong track record gave rise to many high price projections for the coin’s future, many of them were invalidated by the recent recession. On Jan. 24, the prospects for a big surge towards a new ATH seemed to fade as the broader crypto market crashed below the $1.5 trillion barrier. Nonetheless, given Finder’s projection of an Ethereum year-end price close above $7000, these hopes were recently revived.
As of this year, the price of Ethereum, like the rest of the crypto market, seemed to be on its knees, with lows of $3,673. At the moment, Ethereum’s 2022 trajectory appears to be mostly bearish, with the asset now trading at $2,919 at press time.
ETH/USD is trading at $2,900. Source: TradingView
Despite the recent drop, the price of Ethereum is forecast to hit $7,609 this year, according to Australian fintech Finder’s panel of 33 crypto experts, before ending the year at roughly $6,500.
Interestingly, the company’s recent estimates for 2025 and 2030 were 30% and 48% lower, respectively, than its predictions from October of last year.
ETH price prediction. Source: Finder
In addition, the panel anticipated that the price of Ethereum will reach $10,810 by the end of 2025 and $26,338 by the end of 2030 in the long term.
Additionally, 79% of panelists believe Ethereum’s transition to a Proof-of-Stake (PoS) model would result in a price gain, while 11% believe it will result in a price decrease. due to persistently high gas rates and scalability difficulties. .
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ETH Price Direction
The Finder panel appears to be bullish on the value of ETH, and if the above prediction comes true, the value of ETH will have increased by almost 100% by the end of the year.
Longforecast data, on the other hand, predicted a price of $2,721 in December 2022, which was too low. This may be due to the short-term performance of ETH and the high correlation with BTC, which has caused ETH to fall when BTC falls. While the price of ETH is down 5% for the week at press time, the price of BTC is only down 2%.
At the moment, with ETH’s trajectory still looking uncertain, it looks like the cryptocurrency’s price may continue to consolidate in the short term. However, given the growth of the Ethereum network, the $7K price projection does not seem far-fetched.
Ethereum’s long-term growth appears unaffected as the hash rate continues to rise, hitting new all-time highs, an astonishing 240% growth since the start of 2021.
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Featured Image from Pixabay, Chart from Tradingview.com, Finder
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