Although created in 2015, Ethereum has quickly grown to become the second-largest cryptocurrency on the planet. Ethereum is not only used as a means of exchange, but developers can also build various applications and run smart contracts on it.
Although Ethereum seems to be a great cryptocurrency that investors should consider adding to their portfolio, it is never a guaranteed way to make money. You can lose all the money you put in. That is why we always recommend that you don’t invest more than you can afford to lose into Ethereum or any other type of cryptocurrency.
In addition, cryptocurrencies, as a whole, are very volatile. That means their value can change at little to no notice. Why this can be bad, it can sometimes help investors and traders earn huge amounts of money.
If you think you have the right information about investing in ETH but only looking for predictions about the price of Ethereum to have an idea of where the token is going, this article is for you. Meanwhile if you are presently in Europe and would like to start investing in Ethereum, you can head to anycoindirect.eu to buy your Ethereum in Europe.
What’s presently the Price of Ethereum?
As of the time of writing this post, the price of Ethereum is sitting at $3,435. Ethereum has experienced a 30% decrease in price since its all-time high of $4,362 in May 2023. But the coin started at $775 at the beginning of the year. This means it has increased in price by about 279% since January 1, 2023.
Ethereum Price Prediction for 2023
Like any other coin in the market, ETH price is also determined by Bitcoin’s price action. That means whenever Bitcoin starts a bull run, ETH can also hope for one. During the recent pandemic outbreak, it initially wasn’t a good time for Bitcoin as the price went down at about 40% daily losses.
But the crypto quickly bounced back to its feet and led a giant bull run in the market during the summer (July-August). And from what we have heard from analysts on social media and journalists’ desks, it is evident that we are far away from the local peak.
As long as Bitcoin continues to make progress, ETH will definitely follow. Thanks to the general rise in crypto prices, ETH will increase its USD-denominated value, as it enjoys good flows from Bitcoin winnings.
Ethereum price has been predicted to reach at least $3,815 by the beginning of December 2023. This is, of course, higher than what it was a year ago during the pandemic – which was around $370.
Ethereum price has received a leap from the $732.73 it was at the end of December 2023 to an all-time high of $4,362 in May 2023. However, the price began to experience a downward trend towards the end of May 2023 when Elon Musk made a tweet about the environmental concerns of Bitcoin mining. The price went down from $4,179.76 in the middle of May to $2,099.58 towards the end of the month.
So, what’s the Expectation about Ethereum Price; What Experts Predict
As we earlier mentioned, ETH price is closely hinged on the price of Bitcoin. Due to the recent prohibition of mining in China, BTC has dropped below $30,000 in June 2023. There is nothing Ethereum can do other than to also follow right behind it.
While there have been many positive predictions concerning the price of Ethereum – which investors will also like to come true, right now, experts have said the price may not reach $3,000 until March 2023. Plus, the price may not even be stable at that price until 2024.
But let’s take a look at what different experts in the industry have to say about the future of Ethereum as they predict its price.
1. Wallet Investor
According to Wallet Investor, Ethereum’s price will likely be sitting at $4,008.200 on December 31. Their predictions for September were correct. Therefore, many investors also hope they will also be correct with this one.
2. Trading Beast
Trading Beast has been a bit bullish in their prediction as they say they don’t expect Ethereum’s average price to go above $3,000 in 2023. There will be steady growth in Ethereum’s value, and there will likely not be any drastic falls. They predicted the price to reach $2,856 in December 2023.
“But 2024 would likely leave us an average price of $3,450, with the maximum staying above $4,000 throughout the whole year.
3. Long Forecast
Unlike other resources, the Economic Forecast Agency gave investors a beam of hope as they predicted that Ethereum’s price would likely rise above $5,000 before the end of October. They further revealed that December 2023 would show a mild downtrend of Ethereum. The price at the end of the year would likely sit at $4,440.
4. Coin Price Forecast
This forecast agency was also a bit optimistic in their predictions. They expect to see the price of Ethereum shoot well beyond $5,000 before the end of the year. They said, by December 31, Ethereum should be sitting at $5,107.
5. Martin Fröhler
Martin Fröhler is the chief executive of trading platform Morpher. He was even more optimistic in his prediction as he revealed that he sees Ethereum topping $10,000 by this December.
Ethereum has experienced major growth this year compared to what it was a year ago. But as investors begin to look into the future to see what it holds for Bitcoin, they have also been asking about what Ethereum price also likely looks like.
We have highlighted various expert predictions in this post to let you know how ETH might perform in the coming months. However, make sure you take these predictions with a pinch of salt because they are not guaranteed – they are just predictions, and no one can be 100% certain about them.
The crypto market is affected by many factors, including comments from high-profile individuals and regulatory crackdowns. That means anything can happen at any time to Ethereum, which can seriously affect the price – whether shooting it up or causing it to go down drastically.