Since its launch in 2015, Ethereum has been one of the fastest-growing crypto tokens. The industry’s silver has been under speculation and on the watchlist of many, especially for its utility as a software network.
However, while such functionality might have helped push the token’s price in the past, the harsh crypto winter has proven otherwise. The price for the token has dropped abruptly from its strong $4,000 to a mere $1,200 range in 11 months.
Interestingly, despite such a significant fall, investors and analysts are under the impression that the token will reach the $7,000 mark by the end of 2023.
But how far do the estimates really stand? Let’s check out as we go behind the charts to analyze the Ethereum price prediction in 2023.
Ethereum Price Movements: Studying The Past
Sneak Peak Into ETHs Past Movement
Ethereum (ETH) has been a strong market mover, attracting millions in terms of investment since its inception in 2015. The token, which started at a mere $10, moved beyond the $1,000 mark in two years, reaching its all-time high of $1,360 by 15th Jan 2018.
However, the token could not continue its bullish movement for the latter part of the year, eventually falling below the $100 mark by the end of 2018. Moving ahead, the token continued with a rangebound movement around the $100-150 range until 2019.
Movement Beyond The $3,000 Mark
The year 2020-21 has been vital in ETH’s run. During this time, it transcended, showing a bullish pattern and executing an extended positive run. The token entered 2020 around the $120-130 range and continued to perform in rangebound motion until the initial six months.
Following this, ETH made a positive market movement after the latter six months (around August). The increased activities around the decentralization space, the announcement of Web 3.0, and news about ETH 2.0, among other factors, pushed the token to a solid $750 mark, almost increasing its value by five times.
However, it wasn’t until 2021 that Ethereum got its big break. The token touched its all-time high of $4,870 on 10th November 2021. Sadly, the token could not hold its position and eventually closed the year at $3,700.
2022 In A Synopsis
2022 has been a rough year for the crypto industry. The crypto winter has been harsh on the market, resulting in a strong bearish movement since the start of the year. Besides, analysts who had predicted the dip were sure that the token would fall to $1,700 in May.
Overall, 2022 has been a bearish year for the token. Investors have watched their favorite token dip from its all-time high of $4,870 in November 2021 to around $1,200 in the third week of November. In addition, the token has been continually downtrend for six months.
Ethereum Price Prediction 2023: Analysis Into Its Movements
Technical Analysis
The Ethereum price gained bullish momentum in late December 2020. The token continued with a bullish run until next year, passing its previous all-time high in January 2021. The movement was smooth as the Ethereum price didn’t struggle to break past that resistance level, reaching $2,000 before retesting. Once the token shot up its resistance, it ended at $4,383.
However, the token was quick to gain a 60% drop, resulting in a revised price of around $1,700. Considering its past market movements, ETH has always experienced massive volatility once it set a new high.
On the contrary, the token strongly supports the $1,400 trajectory. The token is all set to follow a retrace and reach its previous all-time high by 2023.
Fundamental Analysis
Ethereum is currently stuck around the $1,200 mark. However, studies suggest that the token will pump in the long run. Here are some major fundamentals that will back the token’s positive run:
- NFT Domination: Since NFTs dominate Ethereum‘s market, the token is said to boom in the long term. Besides, while not everybody understands the asset type, the introduction of Metaverse and P2E games will only push the Ethereum price expectation in the future.
- ETH 2.0 In Action: Also called Serenity, the new ETH 2.0 extends the ETH framework and incorporates added features to streamline functionality over the Ethereum Blockchain. So even though crypto enthusiasts might have yet to respond well to the update, ETH 2.0 will boost future growth for the token.
- Increase of dApps: While the crypto markets are in a bloodbath, the enthusiasts can’t overlook the concept of decentralization that runs the market. Besides, considering the budding popularity of such apps over the ETH Blockchain, we’re sure of the token’s positive influence in the coming years.
Therefore, even though the market is facing its all-time low and continues to get affected by the turn of events, ETH is expected to have a positive year ahead of it. Since the token has already consistently faced a downfall for six months, our Ethereum prediction experts and analysts are giving the benefit of the doubt to the token, expecting it to pump in 2023.
Note:
The crypto market is volatile, and it’s challenging to determine the exact market movement for any token. All our analysis results from past market movements and a possible future movement for the token. It is only advisable to invest after doing an in-depth analysis of any given project.
2023 Could Be A Good Year For ETH
2023 could be a bullish year for Ethereum, and two major factors are expected to influence the token’s movement.
- The timely rollout of the ETH 2.0 update in September
- Evolving investor sentiment on consistent assets amidst the market uncertainty.
Following a year of harsh crypto winter, we expect ETH to reach the $7,000 mark by the end of 2023. Our research and analysis suggest that the token will start the year bullish and move above $3,000 in the initial months. However, this would only happen if the token witnesses reduced network congestion and gas fees, followed by further adoption after its 2.0 upgrade.
On the contrary, if the network continues to struggle with decreasing adoption following its latest upgrade or the market remains slumped, ETH could average 2023 around the $2,400 mark while reaching a yearly high of $2,600.
The Future Of Ethereum
Despite the current competition, bearish segment, and other factors contributing to the market’s volatility, there’s general optimism around the token. Many analysts, investors, and traders back the fundamentals of the original smart contract Blockchain.
Currently, ETH consumes over 90% of the NFT market. This stat alone is a contributing factor to the growth of the token in the coming years. Besides, many consider ETH the #1 crypto in the long run. Many even consider Ethereum price prediction in 2030 around the $10,000 range.
What’s your take on the token?
