Dmitry Noskov, a prominent cryptocurrency analyst from the European-based trading platform StormGain, has shared his predictions for the price movement of Ethereum (ETH) and where he believes the digital asset will be by the end of the year.
Noskov’s predictions are based on the current growth of the cryptocurrency market, which is fueled by the forthcoming Bitcoin halving in 2024. He believes that the market growth will continue until the end of the year, and Ethereum will grow alongside it.
“We can say that the cryptocurrency market is now on a wave of growth, which may continue until the end of the year. The target for Ethereum before the new year may be $1800-$1900. It can also break the psychological level of $2,000,” Noskov stated.
Noskov’s predictions are also influenced by the excitement and positive developments surrounding a potential approval of a Spot Bitcoin exchange-traded fund (ETF). He believes that these positive developments have boosted other cryptocurrencies, including Ethereum.
Noskov is not the only analyst who has shared projections on the price of Ethereum by the end of the year. Several other analysts have also expressed their optimism about Ethereum’s performance.
In July, finance platform Finder sought the opinions of 32 fintech and cryptocurrency analysts regarding their year-end price predictions for Ethereum. The experts believe that the digital asset will finish the year at $2,451, representing a price surge of over 30% from its current value.
Looking further into the future, the experts predict that Ethereum will reach $5,845 by the end of 2025.
Mitesh Shah, Chief Executive Officer and founder of Omnia, also shared his end-of-year predictions for Ethereum, which align with the consensus projections of the panel. Shah believes that Ethereum is an exceptional second choice of investment for both institutional and ordinary investors.
“Ethereum remains the standout second choice investment for both the retail and institutional investors alike. Following the successful upgrade to proof of stake, akin to ‘changing a jet plane engine, mid-flight,’ ETH has become more efficient and deflationary, to mention a few,” Shah stated.
Currently, Ethereum is slowly approaching the $1850 resistance level and has gained momentum. If it crosses this resistance level, the digital asset is expected to rise even higher. At the time of writing, Ethereum is trading at approximately $1797.
It is important to note that these predictions are based on analysis and market trends, and there is always a degree of uncertainty in the cryptocurrency market.
Featured image from Seeklogo, chart by Tradingview.com
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