The post VanEck Analysts Raise Ethereum (ETH) Price Target to $22,000 appeared on BitcoinEthereumNews.com.

TLDR Ethereum ecosystem’s active users have increased ninefold since 2020, with over 2.25 million daily active users in Q1 2024 VanEck analysts predict ETH could hit $22,000 by 2030, driven by growing demand and scaling solutions Ethereum’s user numbers are part of its roadmap, with co-founder Vitalik Buterin focusing on using layer-2 networks to scale the main blockchain VanEck analysts anticipate spot Ether ETFs will soon be approved to trade on U.S. stock exchanges, benefiting financial advisors and institutional investors Despite lower user numbers, Ethereum still generates three times more in fees than the top layer-2 networks and Solana combined The Ethereum ecosystem has experienced a remarkable surge in active users over the past four years, with daily active users increasing ninefold since 2020. According to data compiled by crypto ETF issuer Bitwise, the Ethereum ecosystem, including its layer-1 mainnet and layer-2 scaling solutions such as Arbitrum, Polygon, Optimism, Base, and zkSync, had an average of over 2.25 million daily active users in the first quarter of 2024, compared to just 250,000 in Q1 2020. This significant growth in user activity has caught the attention of analysts at VanEck, a prominent crypto ETF issuer. In a recent blog post, VanEck’s head of digital assets research, Matthew Sigel, and his colleagues raised their price target for Ethereum, predicting that the cryptocurrency could reach $22,000 by 2030. The analysts cited the growing demand for Ethereum and its scaling solutions, as well as the anticipated approval of spot Ether ETFs on U.S. stock exchanges, as key factors driving their bullish outlook. We’ve raised our 2030 ETH price target to $22K, influenced by ether ETF news, scaling progress, and our read of onchain data. Additionally, we’ve analyzed how ETH and BTC perform in both traditional and crypto-only portfolios for optimal returns. @Matthew_Sigel @Patrick_Bush_VE… —…

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Filed under: News - @ June 6, 2024 1:28 pm