Ethereum Price Prediction 2023: ETH Flirts With $2k Mark Despite … – CCN.com
Can Ethereum break back past $2,000? | Credit: Shutterstock
Key Takeaways
When the United States Securities and Exchange Commission (SEC) announced that it was suing the Binance and Coinbase crypto exchanges on charges of selling unregistered securities, one of the biggest names not listed in the legal papers was Ethereums Ether (ETH) cryptocurrency. The worlds second largest crypto, ETH has been on a rough ride along with the rest of the market over the last year or so, but seems to be recovering well from the market shock caused by the SECs announcements.
But what is Ethereum (ETH)? How does Ethereum work? Lets take a look and see what we can find out, and also examine some of the Ethereum price predictions that were being made as of 9 June 2023.
Ethereum was set up by a team of developers, led by the Russian-born and Canadian-based computer wizzkid Vitalik Buterin, in 2013. Up to that point, blockchains had basically existed to support cryptocurrencies, but there was the idea that they could be used for things other than money. In 2015, it was launched and allowed people to create their own decentralized applications (DApps), computer programs that automatically execute when certain conditions are met.
Ethereum, which has gone through a variety of hard forks, processes where a new form of the blockchain is created, making all valid transactions invalid and vice versa, has its own native coin. This coin is, technically speaking, called Ether, but most people call it Ethereum, regardless. This crypto, known by its ticker handle ETH, can be used for paying for transactions on the blockchain, it can be bought, sold and traded on exchanges, and it can also be staked, or set aside, in order to add blocks to the blockchains.
For a long time, the Ethereum blockchain used a Proof-of-Work (PoW) consensus mechanism, which meant that people solved increasingly complex equations to add blocks to the blockchain, earning rewards for doing so. However, there were two major problems with that. Firstly, it had a negative impact on the environment.The blockchain was responsible for upwards of 90 terawatt hours (TWh) of energy per year, according to data from the Ethereum Energy Consumption Index. To put that into context, Ethereum used more energy than the entire nation of Kazakhstan.
Secondly, the Ethereum blockchain could get very slow and very crowded. This meant that transactions took longer, which cost people more money, and it also meant that there was a proliferation of layer 2 scaling solutions. These were platforms linked to the Ethereum blockchain with the aim of taking transactions off the blockchain, carrying them out, and then putting them back on, thus, theoretically, saving time and money.
In 2020, it was decided that Ethereum would move to a new consensus mechanism. A form of Proof-of-Stake (PoS), it now meant that people who held ETH were able to add blocks to the blockchain based on how much ETH they held. The final move to PoS, dubbed The Merge, was completed on 15 September 2022.
The Ethereum price history is pretty long, but lets take a look at some of the highlights and lowlights. Remember, though, that past performance is no indicator of future results. That said, knowing what ETH has done in the past can help give us some context if we want to either make or interpret an Ethereum Price Prediction.
When ETH first came onto the open market in 2015, it was worth about $2.77. It broke past $10 the following year, only for a hack to drop it back down by the end of the year. In 2017, it crossed over $100 and early on in 2018 a crypto bubble saw it spend some time above $1,000 before it dropped back down to spend the so-called crypto winter of the following three years or so hovering around the $300 mark.
ETH woke up in early 2021 as the market exploded and it reached just under $4,000 in May. It went down over the summer but, in August, the market picked back up. With non-fungible tokens (NFTs) the buzzword of the day, the success of the, usually Ethereum-based, rights to links to images of digital art helped bolster the price over the next few months. When Bitcoin (BTC) reached record levels in early November, ETH followed suit, trading at an all-time high of $4,891.70 on 16 November.
In 2022, though, things started to go badly wrong for the entire world of crypto. Not even the successful completion of The Merge could mitigate an overall gloomy economic climate and a series of market crashes, with Ether getting perilously close to dropping below $1,000 at various points in the year.
So far, 2023 has seen some recovery, with the coin breaking past $2,000 for the first time in nearly a year in April. After that, though, recent market events have seen it drop down and, on 9 June 2023, it was worth about $1,840. At that time, the cryptos entire supply of 120.2 million was in circulation, giving it a market cap of $222 billion and leaving it as the second-largest crypto, behind Bitcoin.
Ethereum has been performing relatively well in the wake of the SECs charges against Coinbase and Binance. On 5 June, before the Binance announcement, it was trading at $1,890.64. While the news of the charges saw it fall nearly 6% to $1,780.21, it recovered to reach $1,896.22 the following day. After that, it fell somewhat, and is now down around 2.65% from its pre-legal case levels, it is back up by about 3.35% from its 5 June low.
With that out of the way, lets take a look at some of the Ethereum price predictions that were being made as of 9 June 2023. Keep in mind that price forecasts, especially for something as potentially volatile as crypto, very often end up being wrong. Also, please remember that many long-term crypto price predictions are made using an algorithm, which means that they can change at any time.
First, CoinCodex had a short-term Ethereum price prediction for 2023 that suggested the coin could go down and then up. It said it would fall to $1,813.85 on 14 June, before recovering to hit $1,854.49 on 10 July. The sites technical analysis was just about bearish, with 18 indicators sending discouraging signs and 11 making bearish ones.
When it came to other Ethereum price predictions for 2023, CaptainAltCoin said that the coin would wobble somewhat, dropping to $1,784.36 in August before breaking past $2,000 the following month and closing the year at $2,129.92. DigitalCoinPrice, on the other hand, was very optimistic, saying that would be worth an average of $3,938.63 this year. CoinPriceForecast, meanwhile, said that the coin would grow, reaching $1,888 by the end of June and closing the year at $2,205.
In terms of an Ethereum price prediction for 2025, DigitalCoinPrice was keen to show its enthusiasm for ETH, saying the coin would stand at $5,976.74, while CaptainAltCoin was even more optimistic, forecasting a future ETH price of $14,606.33 for that year. CoinPriceForecast, meanwhile, was a bit more realistic, saying Ether would stand at $3,077 in the middle of the year and $3,539 by the years end.
In terms of a more long-term Ethereum price prediction for 2030, CoinPriceForecast argued itwould reach $4,855 at the years midpoint and close it at $5,128. DigitalCoinPrice claimed it would stand at $18,912.28, while CaptainAltCoin was yet more positive, with a forecast of $36,515.84.
It is hard to say, although it could be argued that the signs look good. It has recovered relatively well from the news that SEC was suing Binance and Coinbase, and the coin is certainly not without its uses. That said, some caution is always advised. Remember that The Merge, which was to take Ethereum to a whole new level, was something of a damp squib, pricewise, and cryptos have a reputation for being very volatile. You must do your own research on Ethereum before you make a decision.
No one can really say for sure. While a lot of forecasts are optimistic, price predictions are very often wrong. Remember, too, that prices can, and do, go down as well as up.
This is a question you will have to answer yourself. Before you do so, you will have to do your own research, not only on ETH but on other cryptos, such as Bitcoin. It is also vital that you never invest more money than you can afford to lose.
As of 9 June 2023, there were 120.2 million ETH in circulation, representing the coins total supply.
It might do. CaptainAltCoin says it could happen as soon as 2025, while DigitalCoinPrice says it should break through that mark in 2029. However, price forecasts are very often wrong, so you should exercise caution.
One of the most important differences between Bitcoin and Ethereum is that, while Bitcoins blockchain exists purely to support Bitcoin, Ethereum is used to host decentralized applications (DApps) and other programs.
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the authors opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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Ethereum Price Prediction 2023: ETH Flirts With $2k Mark Despite ... - CCN.com
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