The majority of cryptocurrencies made an effort to return to their uptrend as 2023 got off to a consolidated start. During the next crypto bullrun, Ethereum in particular has established a good support price and is looking positive. Will the Ethereum price rise in 2023? Is it wise to purchase ETH? In this Ethereum price prediction, we analyze what might come for Ether prices.
Recap: What is Ethereum about?
Smart contracts are programs that execute exactly as they are planned without the risk of delay, censorship, fraud, or outside influence. Ethereum is a decentralized, open-source blockchain platform that supports smart contracts. These applications are powered by a custom-built blockchain, a very potent global shared infrastructure that can transfer value and reflect the ownership of property.
Without a mediator or counterparty risk, this enables developers to construct markets, hold registries of obligations or promises, move funds in line with instructions issued in the distant past (like a will or a futures contract), and many more things that have not yet been conceived.
Why is Ethereum Down?
2022 was among the worst years ever for cryptos. The average decline in crypto prices since 2022 is around 70%. There are many factors that contributed to the crash in Ethereum prices.
- After two years of irrational bullishness, the cryptocurrency market needed a long-overdue correction. As a result, prices dropped.
- Due to weak foundations, FTX and other cryptocurrency exchanges failed in 2022. In order to lock in profits, the bulk of investors sold their shares as a result, leaving other investors behind. The outcome was FUD in the bitcoin market.
How much is Ethereum worth today?
At the time of writing, 1 Ether costs around $1,260. Ether is currently down by more than 70% from its all-time high price of $4,800. This ATH price was achieved back in November 2021.
Ethereum Price Prediction 2023: Will Ether go up?
All cryptos are basically awaiting their bullrun. Once the crypto bullrun occurs, most cryptocurrencies should go back on their respective uptrend. Crypto analysts believe that this will happen sometime in Q2/Q3 of 2023. A confirmation for Ethereum would mean that prices surpassed the strong resistance price of $1,350 over the short term.
For another confirmation, Ethereum should cross the price of $1,800. This will confirm that the bullrun is back and buyers are on the side of Ethereum
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