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Analysts from the investment management firm VanEck have updated their Ethereum (CRYPTO: ETH) price prediction for 2030, setting a new target of $22,000.
What Happened: VanEck, which is currently seeking approval to list a spot Ether ETF, announced the revised forecast on Wednesday. as per a report by The Block. The new price target is based on the potential of Ether ETFs, Ethereum’s scaling progress, and on-chain data analysis.
The VanEck report authors, who hold positions in Ethereum directly or through private funds, believe that Ethereum’s ongoing market share growth and its leading position among smart contract platforms could bolster a $2.2 trillion asset, or $22,000 per coin, by 2030.
The $22,000 price target is the authors’ base case price target. The bullish and bearish price predictions were $154,000 and $360, respectively.
Why It Matters: VanEck is one of several Wall Street firms aiming to list spot ether ETFs in the wake of successful spot Bitcoin (CRYPTO: BTC) ETFs launched earlier this year. The SEC gave the green light to spot Ether ETFs last month.
“We anticipate that spot Ether ETFs are nearing approval to trade on U.S. stock exchanges,” said the VanEck analysts. They estimate that these ETFs could draw between $3.1 billion and $4.8 billion in net inflows during their first five months of trading. The optimism is in contrast to SEC Chair Gary Gensler’s position, who hinted at delays.
These estimates come on the heels of recent projections by cryptocurrency analyst Flow, who fixed a base price target of $5,294 for ETH by the end of 2024. The bullish and bearish price predictions were $6,730 and $4,428, respectively.
Price Action: At the time of writing, ETH was exchanging hands at $3,863.06, following a 1.37% increase in the last 24 hours, according to data from Benzinga Pro.
Read Next: Will Dogecoin’s Price Discovery Follow Bitcoin Like It Did Historically?
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
