Ethereum (ETH) has the potential to reach $6,404 by the end of 2024, according to predictions from top analysts and fund managers collected by CoinGecko. Predictions range from $4,443 to $166,000, with most forecasts falling between $6,000 and $8,000.

Bernstein, QCP Capital, and Standard Chartered offer short-term outlooks, predicting an ETH price between $6,000 and $8,000 by 2024. CryptoNews offers the most conservative estimate at $4,443, while Ark Invest’s Cathie Wood offers the most optimistic forecast at $166,000.

Source: Coingecko

Approval of Ethereum ETFs is expected to drive price growth, similar to Bitcoin’s recent rally following the launch of an ETF. However, a Grayscale survey found mixed sentiment, with 25% of respondents believing that ETF approval would boost Ethereum inflows, while another 25% saw no impact on their investment thesis.

The report highlights that Ethereum’s transition to PoS and reliance on layer 2 networks make Ethereum a high-growth candidate in the crypto space.

Furthermore, the network's increased transaction processing capacity and the token burning mechanism brought about by EIP-1559 contribute to its appeal as a smart contract platform.

“Investing in Ethereum is like being an early holder of Visa/Mastercard stock but for the global decentralized finance network,” CoinGecko added.

Despite the current price volatility and potential economic headwinds, analysts remain optimistic about Ethereum's long-term prospects, highlighting its role in decentralized applications and its potential to become a global decentralized financial network.

Meanwhile, U.S.-traded Ethereum ETFs recorded inflows for the third consecutive day with $10.8 million recorded on August 14.

Source: Farside Investors

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