Ethereum will top $5,000 next week, according to a financial advisory company chief executive. Another says the token will crack six figures by 2030.
Ethereum hit a high of $3,268.54 - up 7% in the past 24 hours and up almost 30% in the past seven days, according to Coingecko early Tuesday.
Ethereum 's time has come and the cryptocurrency is well positioned to boost its share of the booming cryptocurrency market, according to Nigel Green, chief executive and founder of deVere Group.
The world's second largest cryptocurrency, the Ethereum blockchain-based token's market capital of $377.21 billion is now bigger than Bank of America, PayPal and Nestle.
The token's new valuation has made its creator, 27-year-old Russian-Canadian computer programmer Vitalik Buterin, the world's youngest cryptocurrency billionaire.
"Ether is one of the main beneficiaries in the wider explosion in the cryptocurrency market...this momentum is likely to build further in the near term and I believe Ether will hit $5,000 within seven days," Chris Morris quoted Green as saying in a Fortune report Tuesday.
Ethereum has been on an upswing for several days following the issuance by the European Investment Bank of its first-ever digital bond sale on the Ethereum blockchain network.
The cryptocurrency is up more than 320% year to date compared with a 98% increase in Bitcoin.
Considering the gains it has experienced recently several technical analysts speculated on where the price of Ethereum might go.
Ethereum "is going to start moving to $4,000," William Noble, chief technical analyst of research platform Token Metrics, said.
Jason Lau, chief operating officer of cryptocurrency exchange OKCoin, has a similar perspective. Ethereum will hit an "upside target of $4,500," he said, according to Forbes.
Pantera Capital chief executive Dan Morehead says Ether could crack six figures by 2030.
Meanwhile, shares of Grayscale Ethereum Trust were down fractionally in overnight trading - most likely as a result of selling following an almost 17% gain Monday to $32.40 on the U.S. over-the-counter market.
The trust holds Ethereum. Each share of Grayscale Ethereum Trust represents about 1% of an Ethereum token. So the underlying asset value per share is about $33, according to The Motley Fool quoted by Nasdaq.com.
Grayscale Ethereum Trust is solely and passively invested in Ethereum and allows market participants exposure to Ethereum in the form of a security while not having to buy and store the tokens directly.
