Owing to immense use cases and its upcoming London Hard Fork, Ethereum is forecasted to make a milestone climb by next year and eventually skyrocket to greater heights by 2025, according to algorithm-based forecasting services.
Ethereum Price Prediction: ETH Forecasts Remain Bullish for Long-Term
According to crypto forecasting service Wallet Investor in a Capital.com report, Ethereum's price will reach above the $4,000 mark by 2022 and end that year at $4,890. It then boldly predicted that ETH will reach $10,762 by the end of 2025.
TradingBeasts, on the other hand, forecasted that the average future price of Ethereum will remain within the $1,800 to $2,000 range throughout 2021. Next year, it predicts Ethereum would experience a steady rise and would end 2022 at $2,593. ETH value would then reach averages of $3,003 in 2023 and $3.396 in 2024.
Another prediction from the Economic Forecast Agency said that ETH would still fall to an average $1,938 by the end of August and may end the year at $2,138. It predicts ETH prices to reach $4,922 at end-December 2022, then soar even higher at $5,732 by the end of 2022, but make a steep fall in 2024 to $1,588.
Meanwhile, Digitalcoin's predictions for ETH remained bullish, with the price averaging at $3,184 in 2021 and then climbing to an average of $3,977 next year. For the long term, it sees the Ethereum price hitting $6,883 in 2025 and $9,983 in 2028.
Cryptoground also made a positive forecast for ETH, estimating the digital currency to reach $3,319 next year, and hitting $5,353 in five years.
As most of these forecasts remain bullish, it shuld be remembered that current crypto markets are considered extremely volatile, making it difficult to predict the coin's price even in a just few hours and even more challenging to determine long-term value.
Ethereum Value Boosted with Upcoming London Hard Fork
But for Ethereum, analysts have been optimistic leaning on important developments surrounding the cryptocurrency--primarily, the London Hard Fork which is expected to launch on August 4.
The price of Ethereum reached its highest point in a number of weeks on Sunday in eager anticipation of the London Hard Fork, which contains the much awaited Ethereum Improvement Proposal (EIP) 1559 upgrade. The said upgrade introduces a minimum payment or a "base fee" for transmitting transactions on the blockchain depending on network activity and demand for block space, Finance Magnates noted.
This would make transaction fees less volatile and more foreseeable, enabling an algorithmic model to automatically adjust costs by a factor of 1.125 times at most per block.
Coindesk also pointed out that the London Hard Fork would also lead to EIP 3554, which is aimed at freezing "proof of work" for the blockchain's eventual transition to "proof of stake."
As of this writing, Ethereum is pegged at $2,388, increasing by 2.93 percent in the last 24 hours, Coindesk reported. Market capitalization reached $278,75 billion as trading volume hit $26.09 billion.