The price of Ethereum will almost double to US$8,000 by the end of the year, according to Goldman Sachs (NYSE:GS).
“The market has started to press against the all-time high with a narrowing wedge: either a sign of exhaustion and peaking or a starting point of an accelerating rally upon a break higher,” the investment banking giant said in a note.
The price of ETH on 2 November was US$4460 with a market cap of US$528bn, according to coinmarketcap.com.
ETH hit an all-time high on 28 October which has been continuously beaten since.
Goldman’s ETH price forecast is more optimistic than a recent prediction by Finder.com’s panel of 50 fintech specialists who anticipate Ethereum to hit US$5114 by year-end, US$15,364 by 2025, and US$50,788 by 2030.
In July, Goldman analysts said ETH was “the cryptocurrency with the highest real use potential as the platform… is the most popular development platform for smart contract applications.”
The Wall Street bank intends to offer futures and options trading in ETH in the coming months, according to Matthew McDermott in June, head of digital assets.