Like most cryptocurrencies, Ethereum has seen some sharp price fluctuations this year. Due to recent developments in the FTX bankruptcy and the economic situation, the coin is largely worthless. Will the second strongest base bounce back next year? We want to answer this question in this article.
Over the past seven days, the price of ETH has dropped significantly again. It briefly managed above USD 1,155 before continuing to decline over four days. Today the price sits at $1,119 after falling several percentage points.
Past values from this year show that the coin has much more potential. It debuted in 2022 at a price just under $3,500. In the first price drop in May, it fell to USD 1,900.
With the big merger, through which the cryptocurrency moved to the Proof of Stake procedure, the price fell again. The last fall came with the price crash in November, which triggered the bankruptcy proceedings of the FTX exchange.
Analysts agree: Ethereum will rise
Investors and experts agree on one thing, the year 2022 was not successful for Ethereum. However, most predictions for the coin look very good. The first important reason for this is the merger that the developers successfully completed in mid-September. This was planned over a long period of time and caused a stir.
The coin struggled with large sales after the conclusion, and many miners also turned away from Ethereum. They were looking for a cryptocurrency that still relies on Proof of Work. But ETH took a big step towards sustainability with the switch to the more environmentally conscious Proof of Stake process.
My Crypto Prediction 2023
— Martini Guy ₿ (@MartiniGuyYT) December 26, 2022
This protects the company from future regulations due to excessive power consumption. In addition, the topic of environmental protection and more sustainable living is becoming more important and will most likely find its place in the crypto scene sooner or later.
Another fact that speaks of a price increase next year is the large community behind the sign. Despite the difficult months and the big change, investors continue to hold onto the cryptocurrency.
is one of them That martini man, Twitter user and self-proclaimed crypto analyst. A few days ago he shared his ETH forecasts for 2023. He assumes that Ethereum could rise to a value between 4,000 and 6,000 USD in 2023.
Other analysts and market observers are also firmly assuming that the price will rise again. At Kryptoticker, values between 1,800 and 2,500 are considered realistic for the beginning of 2023. According to the calculations, the price could rise to as much as USD 4,000 during the year.
The analysts from Economywatch.com even estimate that values between USD 10,000 will be possible by 2025.
Ethereum remains the leading cryptocurrency after BTC
Looking at the fundamental data of the Ethereum coin, the forecasts of the analysts may come true. ETH is the dominant cryptocurrency after Bitcoin. In the areas of NFT and DeFi, it is definitely leading the market.
According to a report by DeFi Llama, almost 60% of the capital in the DeFi space is transferred through the Ethereum blockchain. Avalanche, Cardano and Solana, which have been called “Ethereum killers”, make only a small part.
See the metric: https://t.co/6ggy1nLbSD pic.twitter.com/Vu8gKXHpTV
— glassnode alerts (@glassnodealerts) December 27, 2022
Some crypto whales seem to believe that too. From data published by glass node alerts that the number of whales with ETH is increasing towards the end of the year. It is now at a 12-month high of 351,906.
The network could get more support through updates in the coming year. Shanghai’s planned upgrade should significantly reduce gas fees for transactions. The scalability of the shaving technology is also to be introduced. Ethereum CEO Vitalik Buterin plans to update in the first quarter of 2023.
How will 2023 start for ETH? Macroeconomics will drive the price
Therefore, analysts agree that Ethereum is undervalued as of this writing. This is mainly due to the unstable economy, the high prime interest rate and increased inflation. If these factors arise again in the first few months of 2023 and traders find their way back to cryptocurrencies, the Ethereum Coin would also benefit.
But first, the price must be established. If that were to happen in the next two months, the price of ETH could initially stagnate at the USD 1,200 level for a while. However, in the first step, it has to break the USD 1,120 resistance level.
At this stage, however, it is not predictable when this will happen. On the other hand, another coin could have a price explosion at the beginning of the year.
A sporty start to the year: A potential course blast at FGHT
The FightOut token is currently on sale. The developers want to create a cryptocurrency that encourages people to exercise more. The focus here should be on an app and its own fitness studios.
The integrated Move to Earn mechanism is designed to reward users for a sporty life. Compared to previously known sports apps, however, you are not only rewarded for every kilometer, but for regular sports units. This includes videos or live workouts that you want to find in the FightOut app. In the future, personal trainers will be available in the FGHT fitness studio.
Those who want to invest in the project especially early can get a token bonus. Depending on the amount invested, buyers receive up to 50% additional coins. With the initial funding of $5 million, the developers aim to open the app and the FightOut gym next year.
The token could be another option for investors until the Ethereum coin develops positively. At the same time, it offers a promising use case.