According to ChainCatcher, asset management company VanEck announced that it would raise the target price of Ethereum to $22,000 in 2030. The move was influenced by Ethereum ETF news, expansion progress and on-chain data.
VanEck pointed out that Ethereum is reshaping multiple industries such as finance, banking, payment, marketing, advertising, social, gaming, infrastructure and artificial intelligence. In addition, VanEck predicts that the scale of Ethereum (spot) ETF may exceed that of Bitcoin ETF, and expects that the ETF will be approved for listing, which will provide financial advisors and institutional investors with a convenient way to hold Ethereum.
The report also highlights that the low cost, high efficiency and transparency of Ethereum technology are key factors driving the price of Ethereum. VanEck further predicts that this shift will force traditional financial and technology institutions to shift a large market share to blockchain-based solutions, which currently have a total available market of up to $15 trillion.
VanEck also noted that free cash flow from holding Ethereum is expected to reach $66 billion by 2030, which will also help push Ethereum's valuation toward the expected target. Ethereum prices have risen by more than 63% this year.