The cryptocurrency market is currently undergoing a brutal pullback and not even mainstays can avoid the onslaught. Over the past 24 hours, 95 of the top 100 cryptos are in the red, some by remarkably sizable margins. Ethereum (CCC:ETH-USD) price predictions are in focus today as investors figure out if today’s drop is foresight into future woes.
What do you need to know about the ETH crypto today?
Ethereum is down nearly 13% this morning as part of the crypto pullback. All told, the crypto market is on track to lose over $500 billion in total market capitalization. The second-largest crypto by market cap, Ethereum is the building block for cryptos across the world.
There are a number of plausible reasons for the crypto decline today. Luckily, none of the theories are necessarily related to the health of digital assets in concept. Some believe the fear of inflation, which has been running rampant of late, has finally trickled down to the crypto market. This is reinforced by increasing correlations between alternative assets and equity markets.
Additionally, more and more funds have direct or indirect ties to many cryptos, especially Bitcoin (CCC:BTC-USD). This further increases ties between the crypto market and Wall Street trends.
The last major theory being thrown around is more geopolitical in nature. Yesterday, Russia’s central bank proposed banning the use and mining of cryptocurrencies. Russia is a major hub for Bitcoin mining. Should a ban of this kind be passed, the consequences would likely reverberate across the global crypto markets, as it is today. “The growth of cryptocurrencies use creates threats for Russian retail investors, financial stability and threats associated with the use of cryptocurrencies for illicit activities,” the bank stated.
With Ethereum sitting at a nearly one-year low, let’s see where the experts think the coin is heading.
Ethereum Price Predictions
- Wallet Investor believes today’s drop to $2,840.98 per coin is little more than a road bump. They platform has a one-year forecast of $6,352.47 per coin. In the long term, it is still bullish on the coin, setting a 2027 price target of $18,492.
- CryptoNewsZ is also bullish on the ETH crypto. The site predicts the coin can approach or surpass the $8,500 psychological resistance next year and predicts a minimum of $10,300 per coin in 2025.
- Digital Coin has faith in Ethereum’s growth this year and in the future. It set a 2022 price target of $3,873.86 per coin. By 2025, it forecasts that the coin will hit $5,941.19. However, it sees 2025 as a relative peak, as the 2026 price target is just $5,512.12, a $400 discount from the year prior.
On the date of publication, Shrey Dua did not hold (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.