Ethereum price outlook and predictions for 2023

Dear Readers, Ethereum (ETH) is the digital currency that will be featured in our 2023 price projections today, as we look at what the coming year holds for all stakeholders in the crypto network ecosystem.

Ethereum is comfortably installed as the second largest crypto-currency after Bitcoin (BTC) and has a market capitalization of $156.6 billion according to data from CoinMarketCap. The Ethereum blockchain is considered the most widely used blockchain network in the world, as it allows for the creation of smart contracts and decentralized applications, all of which contribute to the various features of the protocol.

Nevertheless, Ethereum and its native token, Ether, have been severely impacted by the macroeconomic turmoil that has plagued the digital currency ecosystem. Although Ethereum is currently trading in a positive range, up 1.79% at the time of writing at $1,269.21, the coin has lost as much as 74% from its last all-time high (ATH) of $4,891.70 last year.

Ethereum’s price plunged to a two-year low earlier this month, to $1,081.14, due to the attack triggered by the announcement of FTX’s bankruptcy . Since the beginning of the year, Ethereum has reached a high of $1,784.50, as investors and traders tried to reach previous highs again.

Read:  Telegram launches SIM-free signups with blockchain-powered numbers - Bitcoin News

Ethereum price outlook and predictions for 2023

For those who have been active in the crypto trading sphere, it will be agreed that Ethereum’s growth is largely dependent on the price of Bitcoin. As such, predictions about the potential growth trend that Ethereum will chart for itself in 2023 will be closely tied to that of Bitcoin. This is not to say that Ethereum will not rely on its own fundamentals to fuel its own growth, but it simply implies that traders will need to be mindful of general market sentiment at all times.

With Ethereum’s current momentum, we can expect the Ethereum price to end this 2022 year at $1,350, with a likely low of $950. Here are the possible price levels that traders and investors can watch for in each month of the coming year:

  • January 2023: $1,400
  • February 2023: 1,450
  • March 2023 : 1 600
  • April 2023: 1 300
  • May 2023: 1 400
  • June 2023: 1 650
  • July 2023: 1,700
  • August 2023: $2,000.
  • September 2023: $2,300
  • October 2023 : 3 300
  • November 2023: 3,500
  • December 2023: 4,000
Read:  Thailand confirms imminent arrival of fugitive Sri Lankan ex-president in the country

Based on the above predictions, growth is expected to slow in the first few months of the year and should pick up towards the end. While there is no rule of thumb as to how the volatility of the coming year will impact this price trend, we are optimistic that the psychologically important resistance level of $4,000 will be breached.

Ethereum has perfect fundamentals for growth

There is no doubt that the Ethereum protocol’s transition from the Proof-of-Work (PoW) consensus model to the more energy-efficient Proof-of-Stake (PoS) model has paved the way for increased institutional investor attention for Ethereum.

In general, the current turmoil in the digital currency ecosystem, fueled by macroeconomic inconsistencies, has not allowed investors to take risky bets on crypto-assets in general. Based on our projections, we expect the tides to change in the coming year, with Ethereum receiving more attention from institutional buyers.

Most protocols in the web3 world will also likely choose the Ethereum blockchain as their preferred network, all contributing to the broad utility that can drive the growth of the Ethereum coin.

The Best Online Bookmakers April 12 2024

BetMGM Casino

Bonus

$1,000