Ethereum Price Prediction 2023: Will ETH Hit $2000 Soon?
• Ethereum (ETH) is the native cryptocurrency of Ethereum, a blockchain-based software platform.
• Its smart contracts are coded programs that execute autonomously with pre-defined conditions on Ethereum.
• ETH price prediction 2023 is $1483.23 to $1805.26 and could reach $2000 soon given its current market status.
What is Ethereum (ETH)?
Ethereum (ETH), known as Ether, is the native cryptocurrency of Ethereum. It is an open-source blockchain platform that revolutionized the blockchain and DeFi sector by introducing smart contracts in 2015. Its native crypto coin, ether (ETH), was launched through an initial coin offering (ICO) in August 2014 and powers the entire network. The blueprint for the Ethereum network was first released in its whitepaper in 2013 by Ethereum Co-founder Vitalik Buterin. This blockchain-based software platform functions as a potential launchpad for several other crypto tokens, DeFi protocols, and numerous decentralized applications (dApps). Thus, it is referred to as the “world computer.” Smart contracts are coded programs that execute autonomously with pre-defined conditions on Ethereum and can be deployed and executed via the Ethereum Vending Machine (EVM). The network will transition to a Proof-of-Stake consensus protocol through The Merge upgrade on September 15th—initially built on Proof-of-Work since launch in 2020—converting Ether from an inflationary token to a deflationary token.
Ethereum (ETH) Current Market Status
The current price of Ethereum (ETH) stands at $1,456.59 with 24–hour trading volume at $17,918,796,825 and 24–hour price change of 3.7% up while circulating supply remains at 120,467,336 ETH with all–time high being $4,878.26 registered on November 10th 2021 according to CoinGecko records.
Ethereum Price Prediction 2023
In this prediction for 2023 we use statistics, price patterns like RSI & RVOL along with other information about ETH to analyze future movements of cryptocurrency: Bullish outlook puts ETH price prediction at between$1483-$1805; whereas bearish outlook predicts it will remain around $1078 during 2023 period according to current market status review .
Upcoming Upgrade – The Merge
The upcoming transition from PoW consensus protocol to PoS consensus protocol through ‘The Merge’ upgrade scheduled for 15th September will convert Ether from an inflationary token into deflationary token which can have positive implications on long term ETH Prices forecasts .
Currently ranked second on CoinGecko records , Etheruem has been one of most successful cryptos so far with bullish predictions forecasting prices reaching upnorth $2000 or even more within next couple of years , however bearish projections also exist suggesting prices might not go beyond certain levels depending upon market dynamics .