• Ethereum (ETH) is the native cryptocurrency of the open-source blockchain platform Ethereum.
• The Merge upgrade in September 2021 will transition Ethereum from proof-of-work (PoW) to proof-of-stake (PoS).
• A bullish ETH price prediction for 2023 is $1802.53 to $2109.79, while a bearish prediction is $1287.35.
What is Ethereum (ETH)?
Ethereum (ETH), also known as Ether, is the native cryptocurrency of Ethereum – an open-source blockchain platform that revolutionized the blockchain and DeFi sector with its introduction of smart contracts in 2015. Its native crypto coin, ether (ETH), was launched through an initial coin offering (ICO) in August 2014 and functions as a fuel for the entire Ethereum network. It has been designed as a potential launchpad for several other crypto tokens, DeFi protocols, and decentralized applications (dApps). Thus, Ethereum is regarded as the „world computer.“ Smart contracts are coded programs that execute autonomously with pre-defined conditions on Ethereum and are deployed and executed via the Ethereum Vending Machine (EVM).
Ethereum Current Market Status
As of April 4th 2023, Ethereum’s current market status is as follows:
Current Price: $1,867.60
24 – Hour Trading Volume: $11,457,020,546
24 – Hour Price Change: 2.34% up
Circulating Supply: 120,457,776
All – Time High: $4,878.26 on November 10th 2021
Ethereum Price Prediction 2023
In terms of its price prediction for 2023 , we use statistics ,price patterns , RSI , RVOL and other information about ETH to analyze its future movement .A bullish ETH price prediction for 2023 stands at between $1802.53 to $2109.79 while a bearish prediction stands at around $1287.35 .
Ethereum Chart Pattern Analysis
The chart above shows a broadening wedge pattern which suggests that ETH/USDT pair may soon break above resistance at around 2150 USDT . This could lead to another leg up towards 2600 USDT or more till May of this year .
It can be seen from our analysis that there are various factors which suggest that ETH might reach its all time high again by end of this year if certain conditions are met . However one should do their own research before investing in any cryptocurrency .