Ethereum may rise to $ 6400 by the end of the year

Analysts predict that the price of Ethereum ETH $3,884.24 Bridged Ether (StarkGate) -3.73% Market capitalization $0.35 billion VOL. 24 hours $1.91 billion could reach $ 6,404 by the end of 2024. According to CoinGecko, the forecasts range from $ 4,443.63 to $ 166,000, but most experts expect the ETH price to remain in the range of $ 6,000 to $ 8,000.

Among the main factors that may contribute to the price increase are Ethereum’s transition to the proof-of-stake algorithm and the use of Layer 2 networks, which makes it a promising candidate for further development in the crypto space. The potential approval of Ethereum-based exchange-traded funds (ETFs) could also drive the price up, similar to the recent surge in Bitcoin’s price after the ETFs were launched.

Ethereum is also attracting investors with its ability to process more transactions and the token burning mechanism that was introduced through the EIP-1559 update. According to CoinGecko, investing in Ethereum can be compared to early ownership of Visa or Mastercard shares, but in a global decentralized financial network.

Despite the current price volatility and possible economic challenges, analysts remain optimistic about the long-term prospects of the leading altcoin, noting its important role in the development of decentralized applications and its potential to become a global decentralized financial network.