Since the beginning of 2023, Ethereum (ETH) is up by almost 30%. Despite being down by 6.1% over the previous month, ETH has proven to be a lucrative asset to hold over the long term. Nonetheless, ETH’s returns this year are vastly outshined by Bitcoin’s (BTC) almost 60% gain in the same time frame.
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According to the forecast by CoinCodex, Ethereum (ETH) could reach a high of $1,638.41 by Oct. 31, 2023. The gain translates to a growth of about 5.6% from current price levels. Furthermore, the platform also forecasts that ETH’s price could breach the $1,800 level in early November.
According to the machine learning algorithm at PricePredictions, ETH’s price will continue to hover in the $1.5k level, possibly hitting $1,504.14 on Oct. 31, a drop of 3.03% from current levels. Moreover, it predicts a bearish trajectory for ETH for most of November.
Changelly, on the other hand, shares their price prediction that Ethereum (ETH) will reach a $1,669.59 on Oct. 31. The change represents a growth of about 7.6% from current price levels. The platform also predicts that ETH will continue rising till mid-November before cooling down.
Long-term price prediction for Ethereum
According to a recent report by Standard Chartered, ETH could reach a price of $8,000 by 2026. The rise represents a growth of about 415.8% from current levels. Furthermore, the bank says that ETH has the potential to reach a price of $35,000 by the year 2040, a growth of 2156.6% from current levels.
Standard Chartered’s bullish outlook for ETH is based on the project’s innovative developments, such as smart contracts, gaming, and tokenization of assets. According to Head of FX Research, West, Geoff Kendrick, “We see the $8,000 level as a stepping stone to our long-term ‘structural’ valuation estimate of $26,000-$35,000.”