- Ethereum
(ETH) - Price $3,255.02
- Market Cap
$392.25 B
This Ethereum price prediction aims to help you decide if Ethereum is worth investing in or buying. It also includes the potential price of Ethereum in 2024, 2025 to 2030.
Can the second-largest cryptocurrency in the world maintain, or improve its position over 3 to 8 years? What arguments are in favour of it, and which ones are against?
Ethereum’s future potential could be huge. Many people speak of the Internet 3.0 as the Internet of the future. It’s possible to create your own DAOs and dApps on the platform.
Current Ethereum Sentiment
The current sentiment around Ethereum is extremely bullish, as evidenced by its strong bullish trend and significant price movements. Ethereum’s price has seen a notable increase, climbing by 65% since November and achieving a 52-week high of $3003.00 on February 20, 2024. This upward trend is supported by a 50% surge in Ethereum’s 24-hour trading volume and a market capitalization that places it second in the cryptocurrency market.
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Technical analysis suggests that Ethereum is experiencing bullish momentum, with its price trading far over significant moving averages and the Relative Strength Index (RSI) at 74, indicating it is heading toward the overbought zone. This suggests that the market is currently dominated by buyers, who have successfully defended the $2200 level over the past two months and have driven the price up by 31.52% in the last three weeks alone.
However, there is caution among investors and analysts regarding the sustainability of this bullish trend. As Ethereum approaches the $3000 mark, there is speculation about potential profit-booking and a pullback, especially considering Bitcoin’s consolidation around the $52000 level. The market is at a critical juncture, with predictions suggesting a possible range between $3000 and $2834.52 by the end of the week. A break above or below these levels could signal the next direction for Ethereum’s price.
In summary, the sentiment around Ethereum is highly positive, reflecting strong market confidence in its bullish trend. Nonetheless, investors are closely monitoring for signs of a pullback or continuation of this trend, with technical levels at $3000 and $2800 acting as key indicators for the market’s next move.
What are the factors that influence the Ethereum price?
Our forecast for Ethereum prices is influenced by many factors, including the market mechanisms like supply and demand and the fear of regulation.
Although Ethereum isn’t as important in authorities’ attention as stablecoins and Bitcoin, fear of regulations can still affect the Ethereum price.
Investors are also fearful about the ban on cryptocurrency payments in India, which has caused market caution. However, moreore than 400 companies around the world rely on blockchain technology, ensuring Web3.0’s future.
Factors with positive price effects for Ethereum
- Reputation: Ethereum has one of the oldest blockchains available. The company has maintained its unbroken second position in terms of market capitalisation since 2017.
- Stability: Ether like all other cryptos is susceptible to price fluctuations, and can also be influenced by bull and bear markets. But compared to other Krypto-Projekten ist die Volatilitat deutlich geringer ausgepragt.
- Potential for growth: The number and variety of dApps are constantly growing. Developers and startups are using the Ethereum blockchain to build their apps. According to dappradar.com’s ranking, over 1500 dApps were created on Ethereum. There is no other blockchain that boasts more.
- Functionality: There are many possible uses for the Ethereum Blockchain. Many industries have successfully adopted dApps and smart contracts. This can lead to a healthy demand, which can have a positive effect on the Ethereum forecast.
- Canada’s government supports the use of Ethereum Blockchain to process government transactions. This would signal to other countries that Canada has succeeded in this endeavor. They could also investigate this matter.
- Solutions to the Scalability Problem: Ethereum developers are well aware that the blockchain will only be able to survive long-term if it can deal with the scaling problem. They have been trying to find solutions for this problem for years. They are counting on a change to the consensus algorithm, from proof-of work to proof-of stake. The company is also working on the introduction of the Plasma protocol, and sharding. The developers are now at the first step with Ethereum 2.0.
Cons of Ethereum that adversely affect the price and cause sideways movements
- Scalability: At the moment, the Ethereum blockchain handles about 15 transactions per second. This isn’t enough to support large-scale applications. As Ethereum grows, and more smart contracts and applications are created, there will likely be bottlenecks over the long-term. With the introduction of Cryptokitties, users could get a taste of this. But, founder Vitalik Buterin claims that Ethereum 2.0 will allow for up to 100,000 transactions per minute in the long-term.
- Competitor: Ethereum was not the first second-generation cryptocurrency, but it isn’t the only one. NEO, Tron, and EOS all offer similar services and are looking to take over the same market. NEO, for instance, handles 10,000 transactions per second, and has a more robust consensus algorithm. Ethereum will need to find a way to stay ahead of the rest.
The Ethereum blockchain is used for the development of the Ethereum cryptocurrency in relation to the ETH Price
The recent Ethereum “merge”, which was conducted on the Kiln testnet, has allowed Ethereum to make an important step toward efficiency through PoS consensus. According to Ethereum’s own data, the switch could reduce energy consumption up to 99% and inspire new investors.
Although Staking is not a significant part of the creation process for new Ether at the moment, it will change over the next months and have an impact on the Ethereum forecast.
The nature of rewards within the blockchain is changing with the switch from PoW to PoS. Ether Staking earnings are replacing block rewards, which attracts more users to the blockchain.
The number of Ethereum addresses that are active daily has increased slightly since the beginning of 2022. It reached 550K users at the end of March.
This can also be seen in the daily transaction volume of Ethereum blockchain. It has grown strongly over the past year 2021.
CoinShares suggests that the conflict in Ukraine could be one reason for the rise in user numbers in 2022. There was an increase in users, especially in Russia and Ukraine, due to inflation and fears of sanctions. Sometimes, the daily trading volume surpassed USD 80 million.
Increased competition pressure on Ethereum
The future development of the ETH prices will depend on the performance of competition. This is why we included it in our Ethereum forecast.
Ethereum was one of the first blockchains that allowed developers to create decentralised apps (dApps), using smart contracts. It still holds around 55% (aprox USD 197bn) of the sector’s total value (TVL). This shows how dominant and relevant Ethereum is across all blockchains, even though competition increases.
The importance of Ethereum is evident in the rapidly growing area of non-fungible tokens, or NFTs.
The Ethereum blockchain is the dominant crypto market player with almost 97% of the total value locked (TVL) and nearly 19.85 billion. This is far from the dominance of any other competitors, such as Terra, Cardano and Solana.
Layer 2 Ethereum developers have raised huge capital in the gaming and NFT fields. Immutable, a startup that specializes in NFT gaming, recently achieved a valuation of USD 2.5bn.
Our forecast for Ethereum shows that the second-largest blockchain (by market capitalisation), will continue to be the most important network over the next few years. However, it is important to not underestimate the competition as smaller networks often have greater innovative power.
Ethereum price in the short-term: Current price development
The current price of Ethereum (ETH) has shown variations across different platforms. On CoinDesk, Ethereum is listed at $3,188.39 with a change of 2.51% over the past 24 hours. Coinbase presents a slightly higher figure, with Ethereum priced at $3,189.70, indicating a recent increase of 2.61% in the past 24 hours and a 7.06% rise over the past week. CoinMarketCap’s live data reflects a similar range, with Ethereum’s price movements being closely monitored across various exchanges. Binance provides additional context by highlighting Ethereum’s market capitalization and its significance as the second-largest cryptocurrency by market cap due to its innovative introduction of smart contract functionality, which has significantly contributed to the growth of decentralized finance (DeFi) and decentralized apps (DApps).
These figures demonstrate Ethereum’s dynamic and fluctuating nature in the cryptocurrency market, underscoring its pivotal role in the broader blockchain ecosystem.
Ethereum technical analysis
A technical analysis of Ethereum highlights several key points:
- Strong Bullish Trend: Ethereum has been on a significant bullish trend since November, with a price increase of 65% till now. This bullish momentum is characterized by a consistent formation of higher highs and higher lows, indicating strong buyer dominance in the market.
- Recent Price Movement: Over the past two months, buyers have successfully defended the $2200 level, and in the last three weeks, Ethereum’s price has surged by 31.52%, indicating a strong buying pressure and market confidence in Ethereum.
- Technical Indicators:
- Relative Strength Index (RSI): The RSI is at 74, suggesting that Ethereum is in a bullish momentum and heading toward the overbought zone. An RSI above 70 typically indicates that an asset might be becoming overbought, suggesting a potential pullback or consolidation might occur in the near term.
- Moving Averages: Ethereum is trading far above the significant moving averages, which is a bullish signal. It indicates that the current price is well supported by buyer interest and is higher than the average price over the observed period.
- Price Levels:
- Resistance Level: The technical analysis suggests a critical resistance level at the $3000 mark. Ethereum registered a 52-week high of $3003.00 on February 20, 2024. The ability of Ethereum to breach or sustain above this level is crucial for its short-term price direction.
- Support Levels: Important support levels are identified at $2800 and $2600. These levels are crucial for Ethereum’s price to maintain its bullish stance. A drop below these levels could indicate a weakening of the bullish trend and potentially lead to a bearish phase.
- Market Sentiment: The analysis reflects an extremely bullish market sentiment for Ethereum, driven by its strong performance and buyer dominance in the market. However, there is caution around the sustainability of this bullish trend, especially considering the potential for profit-booking at the $3000 level and the influence of Bitcoin’s price movements.
- Price Prediction and Future Outlook: The analysis suggests a potential pullback or range-bound movement between $3000 and $2834.52 by the end of the week, indicating that traders and investors might be looking to consolidate gains or reassess market conditions before making further moves.
In summary, Ethereum’s technical analysis points to a robust bullish trend, supported by strong technical indicators and market sentiment. However, key resistance and support levels should be watched closely, as they will likely dictate Ethereum’s price direction in the short term. The market is at a pivotal point, and any significant breaks above resistance or below support could signal the next phase of Ethereum’s price movement.
Ethereum Predictions for 2024
Ethereum price predictions for the end of 2024 vary widely among experts, analysts, and AI-based forecasts, reflecting the speculative and volatile nature of the cryptocurrency market.
- According to Cryptonewsz, Ethereum’s price in 2024 could range between a minimum of $4,559.42 in January to a maximum of $6,563.56 in December.
- Ben Ritchie, managing director of Digital Capital Management, suggests Ethereum could close the year at around $2,500 if conditions are favorable.
- Rekt Capital forecasts a potential surpass of $2,600, assuming Ethereum maintains firm support at $2,274.
- Bill Barhydt, CEO of Abra, has previously mentioned a much more bullish expectation, speculating Ethereum could reach as high as $40,000, citing the blockchain’s various use cases.
- Gov Capital and Traders Union are also bullish, with Gov Capital forecasting Ethereum to touch $7,200 by 2025, and Traders Union’s Anton Kharitonov suggesting a range of $6,196.08 by the end of 2025, potentially reaching $31,656.34 by 2030.
- Michaël van de Poppe anticipates a correction to around $1,900, followed by a rise to $3,400-$3,800 in early 2024, with a long-term prediction of reaching $10,000 by 2024.
- AI-based website LongForecast predicts Ethereum could trade at $5,348 by the end of 2024, while CaptainAltCoin and DigitalCoinPrice offer varied predictions, with CaptainAltCoin suggesting a December 2024 price of $3,672.22, and DigitalCoinPrice forecasting $5,484.32.
These predictions illustrate the broad range of expectations for Ethereum’s future price, highlighting the challenges in accurately forecasting cryptocurrency prices due to the market’s inherent unpredictability and sensitivity to external factors such as regulatory changes, market sentiment, and technological advancements.
Forecast for Ethereum Price in 2025
This decade could prove to be pivotal for decentralised applications in the future and Web3.0.
Kate Baucherel, Galia Digital, says that the ETH price could rise to USD 25,000 by 2025. This is one of the best market forecasts so far.
This forecast assumes that Ethereum will continue to be the primary blockchain for DeFi and dApps, and that no other cryptocurrency will challenge it.
Forecast for Ethereum in 2030
It is hard to forecast Ethereum over a long time period, as it is with all asset classes.
We see blockchains being used in gaming and other decentralised applications to be one of the most important technological trends over the next decade.
We will therefore not be able to predict the price of Ethereum in 2030, but we will share the range of predicted prices by different prediction algorithms. This range indicates that Ethereum will surpass its previous all-time high of $4800 in 2021, which was between $8,000 and $50,000.
The most important partnerships in Ethereum
Ethereum is a platform that allows decentralised applications to be distributed across the globe. It has many application uses. Ethereum is a platform that allows developers and companies to create their own applications.
Ethereum is the infrastructure basis for many applications such as NFT marketplaces, crypto games, decentralised exchanges, and decentralised financial apps (DeFi). Many of these projects are a partnership between Ethereum, the service provider, and the teams that execute them.
Partnerships are a key factor in the success of any crypto project. Ethereum, one of the most well-known projects in crypto, can already boast many collaborations with companies.
The platform is used by more than 350 companies for all types of use cases. They include well-known companies such as Nike and Reddit, FedEx, FedEx, Microsoft, Intel and Amazon.
These companies show that Ethereum can be used anywhere. Numerous brokers and trading platforms offer Ethereum trading.
ETH, after Bitcoin, is expected to be the last cryptocurrency that can be bought on a variety of traditional and new trading platforms.
The news about the integration of Ethereum into PayPal’s trading platform was particularly controversial. Popular payment service provider PayPal made it possible for millions of customers to directly buy and sell ETH.
The Visa transaction network will continue to rely on Ethereum. Visa uses the platform to integrate USD Coin (USDC). Vitalik Buterin’s crypto platform will now be integrated into the biggest traditional payment networks.
Many popular neobrokers offer ETH trading options for their clients. The popular neobroker Trade Republic allows you to purchase ETH and other cryptocurrencies in addition to brokers Revolut, Justtrade.
Here’s a brief history of Ethereum: When and why it was created.
Vitalik Buterin, a Russian-Canadian developer, and Charles Hoskinson founded Ethereum in 2015. According to market capitalisation, Etherum is second in cryptocurrency value. For an overview of current market prices, visit eToro.
Ethereum is a second-generation cryptocurrency. First-generation blockchains are cryptocurrencies like Bitcoin. They primarily serve as monetary value storage systems and transfer systems. It is common to buy Bitcoins in order to keep them.
Ethereum supporters, on the contrary, believe that the blockchain is capable of much more and consider it the future internet. The Ethereum Blockchain was the first blockchain to incorporate smart contracts. This enabled the creation decentralised applications (dApps) as well.
How do you invest in Ethereum or buy it?
You will need to select a platform where you want to buy Ethereum. We have compiled a list of trusted crypto exchanges that allow you to buy cryptocurrencies.
Binance
Binance has the best exchange to buy cryptocurrency. You can buy a variety of cryptocurrencies and they have one of the lowest fees in the crypto market. Binance supports a wide range of digital assets and has strong security features to protect users’ investments.
Coinbase
Coinbase is another exchange that has done well since its inception many years ago. Coinbase, like Binance, supports many cryptocurrencies including the top digital assets such as Bitcoin and Ethereum. Yes, the exchange has been licensed to operate in the United States, where very few crypto exchanges are allowed due to regulatory restrictions.
eToro
eToro’s track record in crypto has been impressive. eToro is the preferred exchange for anyone who wants to invest in cryptocurrency. eToro, like Coinbase and Binance, offers a good selection of cryptocurrencies that you can immediately invest in. In addition to supporting the most popular cryptocurrencies such as Bitcoin and Ethereum traders can also invest on altcoins such as Cardano, XRP and SOL.
eToro’s competitive trading fees are what makes them unique. We love that their fees are not as high as Binance’s, but they don’t charge as much so investors needn’t worry.
They have a strong security architecture to protect users assets and a simple registration process. They are also regulated by financial institutions of the highest caliber.
We should also mention that eToro allows investors to trade stocks and CFDs. Indices are also available.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Crypto assets are highly volatile and unregulated. No consumer protection.
Conclusion of our Ethereum Price Prediction
Scalability is a problem in Ethereum. Vitalik Buterin & his team are working on numerous solutions to this problem. The market seems to have a positive outlook on Ethereum’s future, and many believe that it will remain the number two cryptocurrency.
