The second most capitalized cryptocurrency Ethereum caught the attention of the cryptocurrency community thanks to a series of upgrades, which, according to the developers, increased the viability of the project.
Many investors are wondering how exactly the changes will affect ETH. To understand the cryptocurrency’s prospects, the BeInCrypto editorial board asked experts to give Ethereum forecasts for the end of the year
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CEO and founder of Listing.Help Sergey Khitrov believes that ETH could meet the end of 2023 near the $2,500 level. The growth to the designated height, in his opinion, will be preceded by a correction.
His prediction of Ethereum for the end of the year, our interlocutor attributed to the positive impact of ETH updates on the value of the cryptocurrency and the project’s development potential.
Executive director of cryptocurrency exchange Bitget Gracie Chen, in turn, believes that the cryptocurrency could meet the end of 2023 in the range of $2000-3000.
Our interlocutor attributed such a wide scope of ETH forecast to the unpredictable movements of the digital assets market and its dependence on the economic situation.
Trader-analyst of Vekus Mining Development Denis Trapezenko supported the slightly less positive forecast of Ethereum.
In his opinion, ETH could meet the end of 2023 below $2000. This, in the opinion of our interlocutor, is indicated by the results of technical analysis. Here are the points made by Denis Trapezenko:
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- ETH price values move in a dynamic channel on horizontal volume (blue line). Highlighting the fall range in this channel, you can lay out the Fibonacci retracement grid from March 28 ($3578) to June 13 ($881).
- The first reaction followed from the 0.5 value – August 15 ($1800), which did not lead to another renewal of the low.
- After holding the price back, an aggressive markup began, leading to a renewal of the August 15 extremum and a test of the 0.62 value ($2100). The RSI indicator is testing the value of 70, indicating a likely upward correction.
- Lower formed support area ($1370 – $1740.
- Support area formed below ($1370 – $1740).. From the horizontal volume we can see that this zone is well traded. In this zone there is a price gap on the CME exchange.
- Above the current values is the FVG 1W bearish weekly imbalance ($2144 – $2484) and resistance zone ($2484 – $3578).
- From the current pricing, a test of the 0.79 Fibonacci retracement grid value ($2666) and the subsequent rebalancing of price in the bearish weekly imbalance FVG 1W area ($2144 – $2484) is expected.
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“With the resistance zone holding growth, we can assume a return to below $2000 by the end of 2023,” Denis Trapezenko summarized his year-end Ethereum forecast.
Ethereum forecast for the end of 2023
In the opinion of StormGain cryptocurrency exchange expert Dmitry Noskov, investors could see ETH at $3000 at the end of the year.
Our interlocutor noted that his positive forecast for Ethereum may come true if the U.S. resolves the dispute over the status of the cryptocurrency (if ether is assigned a “commodity” status).
A slightly more positive forecast for Ethereum was given by Nikolay Zhuravlev, CEO of CFA.RF. In his opinion, ETH could meet the end of the year near $3800 – $4200.