Ethereum is trending upwards and appears poised to surpass $1,600 in the near term. The second cryptocurrency by market capital would be on track for pushing north at $1,700 to regain its 2022 early levels.
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However, a recent survey published by Finder claims ETH’s price is far from hitting that price target. According to the survey’s 54 respondents, $1700 will be the next crypto market cap by 2022, according to industry experts.
This would suggest ETH’s price current price action is a “fakeout”, an uptrend to trap bullish investors into taking long positions before re-testing lower levels. The survey claims ETH’s price could bottom after experiencing another massive crash.
The cryptocurrency recorded a yearly low at around $950, but Finder’s experts expect ETH to reach another low at $674. As seen below, a large portion of Finder’s panel expects ETH to drop to around $500 to $800 with a minority predicting a re-test of the 2020 lows below $499.
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Some of the survey participants believe “The Merge” will be ETH’s price major bullish catalyzer. This event will complete Ethereum’s transition into a Proof-of-Stake (PoS) consensus protocol and will allegedly open up the door for network improvements and more scalability.
Joseph Raczynski (technologist and futurist at Thomson Reuters) is an example of this.
ETH continues to be a top choice for success. It isn’t priced in. With thousands upon thousands of tokens, the platform it helped to create supports billions of dollars worth of transactions and value. Ethereum, at this point in time is the most important crypto currency.
Ethereum Price Prediction for the Long Term
In the long run, Finder’s experts believe ETH’s price could see as much as $20,000 with a majority expecting the cryptocurrency to break above $10,000 in the next two years. The successful implementation of “The Merge” on the Ethereum mainnet will be crucial in its future price development.
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Managing director of Digital Capital Management Ben Ritchie believes ETH’s price would continue to trade in tandem with the current macro-economic factors. These factors could be a hindrance for Ethereum’s ability to recover previously lost territories in the medium-term. Ritchie said:
Since Ethereum’s correlation to Bitcoin is still high, we can speculate that if Merge happens before the year-end, its price may decouple. The outside economic factors are crucial, which could cause short-term price volatility. We also estimate that the Ethereum price will reach as high as $15,000 in 2030 due to the upcoming upgrades to the ETH’s tokenomics, such as deflationary emissions and scalability.