Ethereum Price Prediction, will ETH’s price hit $3145.21?
Ethereum’s price at the same time last week was $2011.13. It has moved by 2.01 % in the past week and is currently at $2041.44. Infact, in the past 24 hours, ETH has pumped by 1.72 %. There is a slight bullish sentiment in the crypto market. The long term sentiment, however, remains bullish and ETH could hit $2469.35 in 2024.
The total circulating supply of Ethereum as of writing this article was $120243818.69 and the marketcap of ETH remains at $245,134,162,545
For some coins with little to no data points and inexistent historical data the model by default will show a positive price prediction. There is no way for our AI bot to decipher whitepaper, tokenomics and team integrity. The coin's price that you are about to see below can fall drastically depending on many factors, so please invest wisely after checking the team and project's whitepaper. This current price prediction is done by a machine crunching numbers and the model is still in the early beta stages. It should strictly not be taken as an investment advice. Although the best engineers are currently tweaking and updating the algorithm, no human has verified the price predicted below, so please use your discretion and make a decision wisely.
Ethereum (ETH): An overview
Ethereum (ETH) is an open-source software platform that harnesses the power of blockchain technology. At its core, it is a decentralized blockchain that accommodates smart contract functionality.
Today, it's the blockchain of choice for most developers and enterprises because its infrastructure has attracted global attention. It enables the programmability of smart contracts and ultimately serves as a backbone for a host of decentralized apps (dApps), especially in the decentralized finance (DeFi) space.
The popularity of Ethereum is clearly depicted through the following:
- Over 4,000 projects have been built on Ethereum.
- Ethereum has more than 96 million accounts (wallets) with an ETH balance.
- There are over 53.3 million smart contracts on Ethereum.
- Ethereum secures a value of $410 billion.
- Creators earned $3.5 billion on Ethereum in 2021.
What's Ether (ETH)?
ETH essentially lets you be your bank. Herein, you can control the funds in your wallet without the intervention of any third party.
Apart from being globally digitized, ETH is the native token of the Ethereum Blockchain, which makes it the currency for all Ethereum apps. Thus, ETH is used to pay gas (transaction) fees to use the Ethereum network.
ETH is also used for staking. When you stake your ETH, you'll be able to help secure Ethereum and earn rewards in return.
What's more? You can use ETH as collateral to yield different crypto tokens on Ethereum. Also, you can borrow, lend, and earn interest on ETH and other ETH-backed tokens.
Moreover, it offers significant flexibility due to its divisibility up to 18 decimal places. This means you're not limited to purchasing a full ETH; you can acquire even minuscule fractions, as little as 0.000000000000000001 ETH.
One should consider that with increasing programmability, ETH could see multiple use cases in the coming times.
Ethereum doesn't impose a cap on the total amount of Ether that can be created. Instead, ether's supply is set to grow by 0.52% annually. Additionally, during a transaction, the base fee is burned, thereby removing it from circulation. As of October 2023, 120,240,108 ETH are in circulation.
How does Ethereum work?
Ethereum uses a Proof-of-Stake (PoS) consensus mechanism, where validators create blocks based on the tokens they stake as collateral. This is different from the Proof-of-Work (PoW) model, which uses mining for validation.
To participate, individuals lock up a minimum of 32 ETH to validate transactions, protect the network, and earn rewards.
Staking options on Ethereum include:
- Solo home staking: Users with a minimum of 32 ETH can stake directly, enjoying full rewards and control over their funds. This promotes network decentralization but demands technical knowledge and a stable internet connection.
- Staking as a service: With the same 32 ETH minimum, users can rely on third-party services for validator operations. This approach simplifies the process but requires trust, as staking keys are given to the service provider.
- Pooled staking: Designed for those with less than 32 ETH or seeking a hassle-free method, users can pool resources. This typically involves "liquid staking" via ERC-20 tokens representing the staked ETH, offering flexibility.
- Centralized exchanges: The easiest way to stake ETH is through exchanges, but this centralization can introduce vulnerabilities to the Ethereum network due to the consolidation of large ETH pools.
Given below are the core components of the Ethereum ecosystem.
Ethereum Virtual Machine (EVM)
The EVM is a Turing-complete virtual machine that executes the EVM Byte Code and serves as the runtime for all smart contracts on the Ethereum network. Every Ethereum node runs an EVM to maintain network consensus.
Although separate from the primary Ethereum network to prevent smart contract manipulation, every EVM operation requires "gas." Users compensate for this gas using Ether, which deters spam and promotes code efficiency.
Ethereum provides a platform for creating dApps and custom tokens. Most of these tokens follow standard patterns, the most common being ERC-20 and ERC-721.
- ERC-20 tokens: Represent fungible assets, meaning each token is the same as every other token. They're used for a variety of applications, from simple transfer of value to more complex dApps.
- ERC-721 tokens: Represent non-fungible assets, meaning each token is unique. This uniqueness is often used for digital collectibles, artwork, and other unique digital assets.
Smart contracts on Ethereum are most commonly written in a high-level programming language called Solidity. Once written, the Solidity code is then compiled down to Ethereum bytecode, which can be run on the EVM.
While Solidity is the most popular and widely used, there are other languages like Vyper (which is more Pythonic) that can also be used to write smart contracts for Ethereum. These are less commonly used compared to Solidity but offer some different features and design philosophies.
Ethereum governance is a broad topic. The protocol doesn’t have a built-in governance mechanism, so changes are proposed through Ethereum Improvement Proposals (EIPs).
EIPs are suggested enhancements to the Ethereum platform. They detail standards for protocols, contract interfaces, and best practices, guiding the Ethereum community's development and evolution. EIPs ensure consistent and collaborative progression of the network.
Ethereum governance involves numerous stakeholders. The various stakeholders, starting from those furthest from the protocol to the closest, are:
- Ether holders
- Application users
- Application/tooling developers
- Node operators
- EIP authors
- Protocol developers
Ethereum was proposed in late 2013 by Vitalik Buterin, a programmer from Canada. In 2014, the Initial Coin Offering (ICO) took off, amassing a notable $18 million.
This offering was segmented into two phases: a pre-sale, rewarding early backers with Ethereum, and a public sale that set the exchange rate at 2000 ETH for every 1 Bitcoin (BTC).
The capital generated was channeled into the platform's development, while a reserved segment of the ETH supported the Ethereum Foundation's efforts to expand the ecosystem.
While Buterin was the primary visionary and proposer behind Ethereum, other co-founders included:
- Anthony Di Iorio
- Charles Hoskinson
- Mihai Alisie
- Amir Chetrit
- Joseph Lubin
- Gavin Wood
- Jeffrey Wilcke
Here are Ethereum’s major developments/upgrades over the years:
- April 1: Dr. Gavin Wood released the Ethereum yellow paper.
- July 22: A 42-day Ether sale began, allowing purchases with Bitcoin.
- July 30: The Frontier network was launched for developers after the Olympic testing, with a gas limit set at 5,000.
- September 7: The Frontier Thawing phase lifted the 5,000 gas limit and set the default gas price to 51 gwei (a denomination of ether).
- March 14: The Homestead fork introduced protocol and networking changes.
- July 20: The DAO fork was implemented in response to a 3.6 million ETH loss, leading to the creation of Ethereum Classic (ETC).
- October 18: The Tangerine Whistle fork was introduced to address denial of service (DoS) attacks.
- November 22: The Spurious Dragon fork further countered DoS attacks and added protection measures.
- October 16: The Byzantium fork was introduced, bringing multiple changes, including a reduction in block rewards and the addition of cryptographic methods for layer 2 scaling.
- February 28: The Constantinople fork was implemented, optimizing the EVM operations. This fork also ensured the network remained stable for the PoS shift.
- December 8: The Istanbul fork was rolled out, enhancing the EVM, scaling solutions, and promoting interoperability.
- January 2: The Muir Glacier fork was launched to delay the difficulty bomb.
- October 14: The Staking Deposit Contract was deployed, introducing PoS.
- December 1: The Beacon Chain Genesis started producing blocks, marking a significant progression towards Ethereum's envisioned future.
- April 15: The Berlin upgrade was rolled out, optimizing gas costs and introducing support for varied transaction types.
- August 5: The London upgrade was introduced with EIP-1559 and other changes.
- October 27: Altair, the first upgrade of the Beacon Chain, was rolled out, introducing support for light clients.
- December 9: The Arrow Glacier upgrade was implemented, once again deferring the difficulty bomb.
- June 30: The Gray Glacier upgrade was rolled out, focusing on delaying the difficulty bomb for up to three months.
- September 6: The Bellatrix upgrade was introduced, preparing the Beacon Chain for The Merge.
- September 15: The Paris (The Merge) upgrade was activated, marking Ethereum's transition from PoW to PoS.
- April 12: The Shanghai and Capella upgrades were launched, facilitating staking withdrawals to the execution layer.
Ethereum (ETH) Price Analysis
In the year spanning from October 2022 to October 2023, ETH underwent a series of transformative price behaviors punctuated by shifts in pivotal support and resistance thresholds. By the end of the analyzed period, it was trading at $1724.09.
ETH Weekly Chart
The final quarter of 2022 was unequivocally bearish for ETH. The cryptocurrency attempted a rally, targeting the resistance at $1682.49, but failed in its endeavor.
This failed attempt was a precursor to a sharp decline, with the coin plummeting to its yearly low support at $1143.72. This drastic fall shifted the dynamics of the coin's chart as the previous support level of $1303.89 morphed into a resistance by the year's end.
Entering 2023, there was a notable shift in market sentiment. The bulls took control, igniting a rally that drove ETH's price upwards. This bullish momentum turned the earlier resistance of $1682.49 into a strong support by April 2023. Simultaneously, a new resistance was formed at $1977.36, indicating the range within which ETH traders expected to see the price oscillate.
Between mid-March and mid-August 2023, ETH showcased a period of consolidation. Prices traded predominantly within the range of $1770 to $1950. This range-bound activity indicated a market indecision, with neither bulls nor bears having a definitive edge.
However, post-mid-August, this equilibrium was disrupted as ETH prices broke out of the consolidation zone. Unfortunately for the bulls, this breakout was a downward movement. By the end of the period, the price was seen making a small upward movement.
Throughout the analyzed period, trading volume for ETH presented an interesting narrative. While it remained relatively stable and average for the majority of the year, there were periods of noticeably reduced activity.
Post-mid-May 2023, a thinning out of volume was observed, indicative of a decrease in trader interest or conviction. Moreover, the months of mid-December 2022 to January 2023 also witnessed reduced volume levels, further emphasizing the periods of market uncertainty.
The Bollinger Bands, throughout the period, remained contracted. This contraction suggests that there weren't significant price fluctuations, and the market volatility was relatively low. An essential point of interest on the chart was in January 2023 when ETH prices surged above the 20-week moving average (MA).
This bullish crossover persisted majorly until the end of July 2023, after which prices took a downturn, dipping below the 20-week MA and even touching the lower Bollinger Band. This was a bearish signal, indicating potential further declines.
January 2023 marked the onset of the Relative Strength Index’s (RSI) upward trajectory, culminating at an impressive 67.65 in April. This was a strong sign of bullish dominance.
The subsequent months saw the RSI embarking on a descent, eventually plummeting below the neutral 50 mark. By mid-September, the RSI stooped as low as 40.00. As of the start of October 2023, the RSI stood at 49.51, still below the midline, suggesting bearish undertones.
Should you consider buying ETH?
In light of the findings from the volume, Bollinger Bands, and RSI indicators, the market displayed mixed signals. The contracted Bollinger Bands throughout the period denoted a lack of heightened volatility, while the RSI's recent dip below 50 signified dwindling momentum.
Additionally, the dipping volume in specific periods might cause concerns regarding market interest. Traders contemplating an entry might target the $1540 to $1670 range for potential buying opportunities. As always, investors should exercise caution, perform their due diligence, and consider factors beyond just technical indicators when making decisions.
Ethereum Price Prediction
Ethereum has had an eventful 2021. To simplify the latest ETH price prediction, we have divided up the prediction by short term Ethereum price prediction and long term Ethereum price prediction. As of writing this article, ETH had a trading volume of 15,982,298,413. Ethereum has gone up by 13.87% in the past 30 days.
According to our analysis in the short term, Ethereum price prediction for January 2024 shows the average price of ETH at 2057.79 and the highest possible price for January 2024 would be $2201.84.
Further, according to our analysis in the long term, Ethereum price prediction for May 2024 shows the average price of ETH at 2270.43 and the highest possible price for May 2024 would be $2429.36.
Ethereum's Short Term Price Prediction
|Date||Avg Price||Lowest Price||Highest Price|
|29 November 2023||$2117.59||$1969.36||$2265.82|
|30 November 2023||$2123.80||$1975.13||$2272.46|
|1 December 2023||$2111.38||$1963.58||$2259.17|
|2 December 2023||$2126.09||$1977.27||$2274.92|
|7 December 2023||$2210.93||$2056.17||$2365.70|
|12 December 2023||$2299.16||$2138.22||$2460.10|
|22 December 2023||$2493.98||$2319.40||$2668.56|
Ethereum price prediction 29 November 2023: Ethereum's price for 29 November 2023 according to our analysis should range between $1969.36 to $2265.82 and the average price of ETH should be around $2117.59.
Ethereum price prediction 30 November 2023: Ethereum's price for 30 November 2023 according to our analysis should range between $1975.13 to $2272.46 and the average price of ETH should be around $2123.80.
Ethereum price prediction 1 December 2023: Ethereum's price for 1 December 2023 according to our analysis should range between $1963.58 to $2259.17 and the average price of ETH should be around $2111.38.
Ethereum price prediction 2 December 2023: Ethereum's price for 2 December 2023 according to our analysis should range between $1977.27 to $2274.92 and the average price of ETH should be around $2126.09.
Ethereum price prediction 7 December 2023: Ethereum's price for 7 December 2023 according to our analysis should range between $2056.17 to $2365.70 and the average price of ETH should be around $2210.93.
Ethereum price prediction 12 December 2023: Ethereum's price for 12 December 2023 according to our analysis should range between $2138.22 to $2460.10 and the average price of ETH should be around $2299.16.
Ethereum price prediction 22 December 2023: Ethereum's price for 22 December 2023 according to our analysis should range between $2319.40 to $2668.56 and the average price of ETH should be around $2493.98.
Ethereum's Long Term Price Prediction
Ethereum’s long term Price Prediction below is a look at ETH’s future prospect with regards to price. Ethereum was last seen at $2041.44, with a market cap of $245,134,162,545 and trading volumes of $15,982,298,413. ETH’s price prediction is possible by analyzing historical price action, current developments and social sentiment from the community.
|Years||Avg Price||Lowest Price||Highest Price|
Ethereum price prediction 2023: Ethereum's price for 2023 according to our analysis should range between $2096.81 to $3145.21 and the average price of ETH should be around $2621.01.
Ethereum price prediction 2024: Ethereum's price for 2024 according to our analysis should range between $1646.23 to $2469.35 and the average price of ETH should be around $2057.79.
Ethereum price prediction 2025: Ethereum's price for 2025 according to our analysis should range between $2156.57 to $3234.85 and the average price of ETH should be around $2695.71.
Ethereum price prediction 2026: Ethereum's price for 2026 according to our analysis should range between $2825.10 to $4237.66 and the average price of ETH should be around $3531.38.
Ethereum price prediction 2027: Ethereum's price for 2027 according to our analysis should range between $3700.89 to $5551.33 and the average price of ETH should be around $4626.11.
Ethereum price prediction 2028: Ethereum's price for 2028 according to our analysis should range between $4848.16 to $7272.24 and the average price of ETH should be around $6060.20.
Ethereum price prediction 2029: Ethereum's price for 2029 according to our analysis should range between $6351.09 to $9526.63 and the average price of ETH should be around $7938.86.
Ethereum price prediction 2030: Ethereum's price for 2030 according to our analysis should range between $8319.93 to $12479.89 and the average price of ETH should be around $10399.91.
Ethereum price prediction 2031: Ethereum's price for 2031 according to our analysis should range between $10899.11 to $16348.66 and the average price of ETH should be around $13623.88.
Ethereum price prediction 2032: Ethereum's price for 2032 according to our analysis should range between $14277.83 to $21416.74 and the average price of ETH should be around $17847.29.
Ethereum price prediction 2033: Ethereum's price for 2033 according to our analysis should range between $18703.95 to $28055.93 and the average price of ETH should be around $23379.94.
Top Coins Price Predictions
A Historical look at Ethereum, ETH’s price
FAQs about Ethereum
Ethereum’s current price is $2041.44 and witnessed a 1.72% increase in the past 24 hours. ETH/BTC pair saw a -0.43% decrease in the past 24 hours
Investing in Ethereum, ETH will purely depend on your personal risk appetite. As you can see over the past 24 hours Ethereum’s price has witnessed a 1.72% increase and over the past 30 days Ethereum has increase by 13.87%. So it all depends on if this investment will hit your trading goals.
According to our latest Ethereum Price prediction for 2023, ETH should vary between $3145.21 and $2096.81. Please keep in mind that the crypto market is very volatile and this Ethereum price prediction does not account for extreme wild swings in price.
As per the Ethereum price prediction 2023 model above, ETH’s price for November 2023 should range between $2096.81 to $3145.21 with the average price for November being $2621.01
According to the Ethereum Price Prediction model above, ETH’s price in 2024 would be $2057.79. This price would however would range from $2469.35 and $1646.23.
According to the Ethereum Price Prediction model above, ETH’s price in 2025 would be $2695.71. This price would however would range from $3234.85 and $2156.57.
According to the Ethereum Price Prediction model above, ETH’s price in 2026 would be $3531.38. This price would however would range from $4237.66 and $2825.10.
According to the Ethereum Price Prediction model above, ETH’s price in 2027 would be $4626.11. This price would however would range from $5551.33 and $3700.89.
According to the Ethereum Price Prediction model above, ETH’s price in 2028 would be $6060.20. This price would however would range from $7272.24 and $4848.16.
According to the Ethereum Price Prediction model above, ETH’s price in 2029 would be $7938.86. This price would however would range from $9526.63 and $6351.09.
According to the Ethereum Price Prediction model above, ETH’s price in 2030 would be $10399.91. This price would however would range from $12479.89 and $8319.93.
According to the Ethereum Price Prediction model above, ETH’s price in 2031 would be $13623.88. This price would however would range from $16348.66 and $10899.11.
According to the Ethereum Price Prediction model above, ETH’s price in 2032 would be $17847.29. This price would however would range from $21416.74 and $14277.83.
According to the Ethereum Price Prediction model above, ETH’s price in 2033 would be $23379.94. This price would however would range from $28055.93 and $18703.95.
The highest price for Ethereum was recorded in 10 November 2021 during which ETH hit an All Time High of $4878.26
The price of 1 Ethereum according to current market rate is $2041.44