Predictions of a possible growth trend that Ethereum will prepare for itself in 2023 will be closely tied to that of Bitcoin.
dear readers, Ethereum (ETH) is the digital currency that will be featured in our price predictions for 2023 today as we look ahead to what the coming year will hold for all stakeholders within the ecosystem of crypto networks.
Ethereum Sits Comfortably As The Second Largest Cryptocurrency After Bitcoin (BTC) and has a market capitalization of $156.6 billion To Data from Coinmarketcap. The Ethereum blockchain is considered the most widely used blockchain network in the world because it supports the creation of smart contracts and decentralized applications, all of which contribute to the diverse functionality of the protocol.
Nevertheless, Ethereum and its native token, ether, have been severely battered by the macroeconomic turmoil that has decimated the digital currency ecosystem. Although Ethereum is currently trading in a positive range, up 1.79% to $1,269.21 at the time of writing, the coin is down 74% from its all-time high (ATH) value of $4,891.70 last year.
The price of Ethereum fell to its lowest price in two years earlier this month, hitting a low of $1,081.14 after news of the bankruptcy of the FTX derivatives exchange became public. So far this year, Ethereum touched a high of $1,784.50 as investors and traders attempted to reclaim previous highs.
Ethereum Prospects and Price Predictions for 2023
For those who have been active in the crypto trading sphere, it would be agreed that the growth of Ethereum is largely dependent on the price of Bitcoin. Therefore, the prediction of a possible growth trend for Ethereum in 2023 will be closely tied to that of Bitcoin. This is not to say that Ethereum will not draw on its own fundamentals to power its own growth, it just means that traders will need to keep an eye on the broader market sentiment every so often.
With the current momentum Ethereum is showing, we can expect the Ethereum price to close this year 2022 at $1,350, with a minimum possibility of $950. Here are the potential price levels that traders and investors can expect to see for 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
As per the above predictions, growth is set to slow down in the first few months of the year and is likely to pick up towards the end. While there is no rule of thumb as to how volatility will affect this price action in the coming year, we are optimistic that the psychologically important $4,000 resistance level will be breached.
Ethereum Has Perfect Fundamentals for Growth
of course, infection The Ethereum protocol’s more energy-efficient Proof-of-Stake (PoS) consensus model over Proof-of-Work (PoW) has set the path for Ethereum to attract more attention from institutional investors.
In general, the turmoil in today’s digital currency ecosystem, driven by macroeconomic anomalies, did not allow investors to make risky bets on crypto assets in general. As per our projections, we are expecting the tide to turn in the coming year, with Ethereum attracting more attention from corporate buyers.
Most protocols in the Web3 world may also choose the Ethereum blockchain as their preferred network, contributing to the wider utility that may drive the growth of the Ethereum coin.
Stay tuned as we bring you more price forecasting tips in the coming days.
Benjamin Godfrey is a blockchain enthusiast and journalist who loves to write about real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies drives his contributions to well-known blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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