Will Ethereum go up in 2023?

Vignesh Karunanidhi
Ethereum Breaks Out of Diamond Price Pattern, Poised for Rally
Source: Forbes

The Ethereum network has made the switch from proof-of-work mining to proof-of-stake mining. The transition was completed successfully on September 15, 2022. Additionally, the blockchain went through some major changes as validators replaced the miners.

Recently, the much-awaited Shapella upgrade went live, allowing these speakers to withdraw their staked Ethereum 2.0. Additionally, with numerous developments on the Ethereum blockchain, let us learn about ETH a bit more.

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Ethereum in a nutshell

Vitalik Buterin built the decentralized blockchain platform Ethereum in 2015, along with the Ethereum Foundation, to support the development and execution of smart contracts and decentralized applications (dApps). Additionally, it has developed to become one of the biggest and most popular cryptocurrencies in the world. Ethereum is distinguished from Bitcoin by its programmability.

The blockchain has grown to accommodate a wide range of applications. Developers on the ETH network can design decentralized applications by using smart contracts, which are self-executing contracts with predefined rules. Additionally, over time, ETH has grown to be the second-largest cryptocurrency in the world.

Also read: Is MetaMask Safe (2023)?

Source: CNN

ETH Price Performance

Some of the early investors in ETH enjoyed a mind-boggling ROI. Early investors witnessed substantial rewards when the Ethereum coin, trading at $0.4209 in 2015, surged in value.

ETH touched an all-time high of $4,891.70 on November 16, 2021, according to CoinMarketCap data. Investors enjoyed an ROI of 64222.32%.

Source: CoinMarketCap

Will Ethereum Go Up in 2023?

Cryptocurrency experts at Changelly have predicted the price of ETH for 2023. Analysts expect ETH to reach a minimum of $1,533 and a maximum of $1,771. Experts also predict Ethereum’s average cost to sit around $2,009.

Whether Ethereum can go up in 2023 can vary greatly depending on market sentiment. The SEC’s crackdown on cryptocurrency exchanges, including Binance and Coinbase, has sent shockwaves through the cryptocurrency market. This has also affected the price of major crypto assets. However, if the market proves to be bullish moving forward, ETH’s price can shoot up.