newsbtc.com
Ethereum has been one of the greatest performers among the leading crypto currencies in 2021, with a price increase of about 330 percent over the course of the year. However, after hitting a new high of $4,847 in early November 2021, the price of $ETH plummeted by more than 70% in January 2022.
Ethereum Poised For $7k?
While $ETH’s great ROI and strong trajectory led to a lot of high price projections for the coin’s future, many of those were invalidated by the recent downturn. On January 24, prospects of a huge rise to a new ATH seemed to disappear when the overall crypto market crashed under the $1.5 trillion barrier. Nonetheless, given Finder’s projection of an Ethereum year-end price close above $7000, these hopes were reignited recently.
Starting this year, Ethereum’s price, like the rest of the crypto market, appeared to be on its knees, with lows at $3673. For the time being, Ethereum’s 2022 trajectory appears to be primarily bearish, with the asset now trading at $2,919 at press time.
$ETH/USD trades at $2,900. Source: TradingView
Despite the recent drop, Ethereum’s price is predicted to hit $7,609 this year, according to Australian fintech Finder’s panel of 33 crypto experts, before ending the year at approximately $6,500.
Intriguingly, the firm’s recent estimates for 2025 and 2030 were 30% and 48% lower, respectively, than its predictions from October last year.
$ETH price prediction. Source: Finder
In addition, the panel anticipated that Ethereum’s price will reach $10,810 by the end of 2025 and $26,338 by the end of 2030 in the long run.
Furthermore, 79% of the panelists feel that Ethereum’s transition to a proof-of-stake (PoS) model would result in a price gain, while 11% believe that it will result in a price decline due to persistently high gas fees and scalability difficulties.
$ETH Price Direction
The Finder panel seems to be bullish on $ETH’s worth, and if the above prediction comes true, $ETH’s value will have increased by almost 100% by the end of the year.
Longforecast data, on the other hand, predicted a price of $2721 in December 2022, which was far too low. This may be due to $ETH’s short-term performance and high correlation with $BTC, which has caused $ETH to fall when $BTC falls. While the price of $ETH was down 5% for the week at the time of publication, the price of $BTC was only down 2%.
For the time being, with $ETH’s trajectory still looking uncertain, it appears that the price of the cryptocurrency may continue to consolidate in the short run. However, given Ethereum’s network growth, the $7K price projection does not appear to be far-fetched.
The long-term growth of Ethereum appears to be unaffected as the hash rate continues to rise, reaching new all-time highs, a startling 240% growth since the beginning of 2021.