Analysts project that the spot price of Ether (ETH) could soar to between $12,000 and $22,000 by the end of this decade, with optimistic scenarios laid out by cryptocurrency brokerage StoneX Digital and asset manager VanEck.
Matthew Sigel, head of digital asset research at VanEck, forecasts that the Ethereum network could generate as much as $66 billion in annual free cash flow by 2030, potentially elevating the price of ETH to around $22,000 per token. On the shorter-term horizon, David Kroger, a data scientist at StoneX, anticipates ETH prices reaching approximately $4,600 within the next 18 months. However, Kroger suggests an even higher potential of around $12,621, citing significant upcoming technological advancements in Ethereum, as discussed during a StoneX panel on September 10.
The bullish estimates are rooted in the anticipated accrual of value to ETH holders from transaction fees as Ethereum increasingly processes a larger share of global transactions. Sigel pointed out Ethereum’s already significant transaction volume, stating, “Ethereum processed roughly $4 trillion in settlement value over the last year and another $5 trillion in stablecoin transfers annually. So this is far bigger than PayPal and is beginning to approach networks like Visa.”
Since its inception in 2015, Ethereum has accumulated $3 billion in fees (denominated in ETH), according to Sigel. Additional value accrual mechanisms for ETH include the “burning” of a portion of transaction fees—permanently removing them from circulation—and issuing new ETH to reward stakers who secure the network by posting ETH as collateral.
Despite a recent sharp decline in revenue following the network’s March Dencun upgrade—which cut transaction fees by about 95%—Sigel remains optimistic about Ethereum’s recovery prospects in the latter half of the year. “There wasn’t enough volume to make up for the fee decline, so investors have become less constructive about the chain,” Sigel explained. “Ethereum still has some levers it can pull to recover value […] That’s what we’re looking at for the second half of the year.”
Additionally, the broader appeal of Ethereum is linked to a growing global demand for decentralized solutions, as Kroger highlighted, especially outside the United States due to diminishing trust in centralized institutions and the credibility of the US dollar.
