Market Experts Update Ethereum Predictions: Is A 1,400% Rally To $50,000 Possible?
August 01 2024 - 5:00AM
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Two market experts recently revised their predictions for Ethereum,
with one claiming that the second-largest crypto token could rise
to as high as $100,000. Interestingly, these ultra-bullish
predictions align with some predictions made by financial
institutions. Ethereum To Rise To $50,000 Ethereum maximalist
Adriano Feria predicted in an X (formerly Twitter) post that
Ethereum could reach $50,000 in this market cycle. He made this
bold prediction in response to Ethereum developer Eric Conner’s
prediction that ETH will reach $35,000 this cycle. Conner had
initially predicted that ETH would rise above $20,000 in this bull
run but eventually revised his price target because of the “ETH
hate” he was receiving following his prediction. Related
Reading: This PEPE Holder Cohort Is The Reason Price Is Struggling
To Reclaim $0.00002 Meanwhile, Feria followed Conner’s footsteps
and upped his ETH price target, predicting the crypto token to
reach $100,000. He explained that the hate ETH was getting made him
realize that “99% of the people in the world are completely
sidelined, and institutions have barely gotten their feet wet.”
Feria added that those holding ETH are truly the “world’s elite”
because ETH’s bull case should send the crypto token to
$100,000. The analyst suggested that Ethereum has yet to enjoy
mainstream adoption, and it could send its price to the $100,000
target when that happens. This includes the entry of institutional
investors into the Ethereum ecosystem, which is already happening
thanks to the Spot Ethereum ETFs. Feria is also confident in
his prediction and remarked that he wasn’t joking. He noted that
some financial institutions have come up with bull targets close to
his price target of $100,000. One of the financial institutions
that the analyst might have been referring to includes VanEck,
which gave a bull case price target of $154,000 for ETH by
2030. Why ETH Rising To $50,000 Is Possible Crypto investor
Jesse Eckel recently made a bullish case for Ethereum, explaining
why Ethereum will not only reach but surpass the $50,000 price
target. He alluded to VanEck’s prediction that Bitcoin can reach
$52 million by 2050. He claimed that ETH is “objectively better
money than BTC, ” meaning that the former could easily attain
unprecedented heights since VanEck predicts that the flagship
crypto will be worth millions of dollars. Related Reading:
Hedge Fund Manager Says Bitcoin Price Will Reach $428,000 If This
Happens Eckel further remarked that Ethereum is currently the
“backbone” of onchain finance. He claimed that ETH would “continue
to grow as a legitimate form of money” as everything becomes
tokenized and trillions of dollars move onchain. The investors also
noted how almost every layer-2 network launches under the Ethereum
ecosystem. With such massive adoption on the horizon for ETH,
Eckel predicts that Ethereum can even rise to as high as $23
million based on VanEck’s prediction for Bitcoin. At the time
of writing, Ethereum is trading at around $3,170, down over 4%,
according to data from CoinMarketCap. Featured image created
with Dall.E, chart from Tradingview.com
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