As cryptocurrency prices sink to fresh lows, Ethereum (ETH-USD) has come dangerously close to the crucial $1,000 price level today. At the same time, though, a number of Ethereum price predictions are indicating a bullish long-term outlook.
While the term “crypto winter” sounds harsh, it’s actually appropriate because cryptoc prices go through hot and cold seasons. For example, it wasn’t very long ago that Bitcoin (BTC-USD) was testing $69,000 per coin. Lately, the crypto has been unable to break above $20,000.
Wherever Bitcoin goes, other cryptocurrencies tend to follow. Ethereum, the second most well-known crypto, appears to be following BTC’s lead lower and today. It’s currently down 6% for the past 24 hours. With that, ETH is struggling to stay above the closely watched $1,000 line in the sand.
If Ethereum goes from quadruple to triple digits, it will deal an emotional blow to the crypto community. It will also call into question whether major cryptos actually provide a bulwark against dollar inflation.
Ethereum Price Predictions Are Surprisingly Bullish
ETH holders need not despair, however. Everyone and their uncle has an opinion on the matter, no doubt, but a survey of recently issued Ethereum price predictions actually suggests some upside.
This doesn’t necessarily mean that ETH will bounce back tomorrow or the next day. Waiting and holding could pay off in the long run, though, as some experts seem optimistic in their price targets:
- CryptoPredictions expects ETH to finish July at $1,159.81 and August at $1,164.73.
- CoinPedia is bracing for Ethereum to potentially reach $1,267.61 in the third quarter of 2022 and $1,765.79 in Q4.
- DigitalCoinPrice (via cryptonewsz.com) forecasts that ETH could land at $2,090.56 by 2024.
- Trading Beasts (also via cryptonewsz.com) forecasts that Ethereum could “cross the $2000 price mark by the end of 2022.”
Are these apparent optimists counting on increased mainstream adoption of Bitcoin, Ethereum and other well-known cryptos? Or, do they expect that the U.S. Securities and Exchange Commission (SEC) to finally approve a Bitcoin exchange-traded fund (ETF) — and eventually an Ethereum ETF as well?
No one knows for sure, but at least it’s clear the sellers are in charge today. Sooner or later, though, the winners of the “crypto winter” will emerge. Just maybe, bullish investors will prevail.
On the date of publication, David Moadel 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.