Bitcoin (CCC:BTC-USD) may have taken the majority of the crypto class’ recent spotlight thanks to its new all-time high. Don’t confuse that with plays like Ethereum (CCC:ETH-USD) falling to the wayside, though. The ETH coin is back on its way toward a new all-time high just like its BTC adversary. And with none other than Elon Musk bringing attention back to the number-two cryptocurrency, investors are now clamoring for Ethereum price predictions.
Ethereum has been making 2021 its year from the beginning. By capitalizing on trends like non-fungible tokens (NFTs) and putting emphasis on scalability and making its network less energy consumptive, it has drawn a lot of eyes and a lot of dollars. In fact, next Wednesday it will be continuing these pursuits with an upgrade. The Altair upgrade will prime the network for its largest network overhaul ever, switching its consensus algorithm from proof-of-work to proof-of-stake and cutting down drastically on the power required to validate transactions.
However, emphasis on Ethereum today is coming less from excitement over technical improvements and more from celebrity-fueled bullishness. Elon Musk is tweeting his support for the ETH coin once again as it crosses over $4,000. Last night, Musk posted a meme to his Twitter account, showing optimism in Ethereum’s growth and calling for a $4,200 price target.
How High Can Elon Musk’s Memeing Take Ethereum Price Predictions
Shortly after Musk’s post, ETH surpassed $4,000 and then $4,100. Of course, the currency has been here before; its all-time high stands at over $4,300. But with Bitcoin rallying back above its previous record high, and investors like Musk vocalizing their rabid support for ETH, sentiment and coming upgrades to the network are priming it to shatter through this old high.
Let’s take a look at some Ethereum price predictions and see where analysts think ETH is heading:
- WalletInvestor sees thousand of dollars in growth for Ethereum over the next year. The site’s October 2022 prediction forecasts a value of $6,394 for the coin.
- However, CoinPriceForecast thinks the network will need only a handful of months to reach that high and much more. By the end of 2021, the outlet is targeting a price of $6,952 for ETH.
- The Economy Forecast Agency thinks growth will continue but at a slower pace than other outlets. By the end of the year, the site is expecting ETH to barely top-out over its all-time high, reaching $4,388. However, that growth is expected to explode in 2022, taking the coin to a value of $10,977 by October.
- Gov Capital’s October 2022 prediction is one of the lowest — but still bullish — coming in at $5,173.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.