“Experts foresee Ethereum (ETH) soaring to new heights by the end of 2023, with potential price predictions that could redefine the cryptocurrency landscape.”
Curious to know the price of Ethereum (ETH) by the end of the year? BeInCrypto gathered several expert predictions on what the asset’s price is expected to be on Dec. 31.
Dmitry Noskov from crypto exchange StormGain said the crypto market had already moved into its growth phase prior to the 2024 Bitcoin halving. The positive developments around the potential approval of a Bitcoin (BTC) spot exchange-traded fund (ETF) have boosted other cryptocurrencies, including ETH.
According to Noskov:
“We can say that the cryptocurrency market is now on a wave of growth, which may continue until the end of the year. The target for Ethereum before the new year may be $1800-$1900. It can also break the psychological level of $2,000.”
CPO 1ex Trading Board’s Ilya Shirokov considers Ethereum’s investment prospects more attractive than Bitcoin.
“Ethereum recently started taking positions in its value relative to Bitcoin. If we look at ETH/BTC, the price ratio of ETH to BTC recently occupied the region between 0.05 and 0.056. This strong ratio suggests that ETH may soon grow relative to BTC, making it a more attractive investment option than Bitcoin.”
Regional Bybit director Alexandra Cheriot dampened enthusiasm by pointing out that American regulators have not yet determined the status of cryptocurrencies. The lack of clarity means that ETH could be added to the US Securities and Exchange Commission’s (SEC) list of unregistered securities.
Cheriot also noted how closely ETH is tracking Bitcoin. Consequently, ETH’s price at the end of the year may very well be dependent on Bitcoin.
Experts are not expecting Bitcoin to improve significantly before the end of the year. If their predictions are correct, ETH will not be able to break out of its current range.
Pavel Sokol, financial analyst for the FINMIR marketplace, also offered his ETH predictions. Sokol acknowledged that, like any other speculative product, ETH is affected by internal project news and macro narratives like the approval of a spot Bitcoin ETF.
But most importantly, the asset’s behavior will depend on risk appetite and liquidity levels in world markets. These will be impacted by slowdowns in large global economies, a U-turn in US Federal Reserve policies, and potential for a recession in the United States.
Sokol said that, in the absence of a genuine growth catalyst, ETH could follow one of two paths:
1. Consolidation in the ascending range from $1,500-$2,200 into the new year.
2. A price drop of around $800. For this to happen, the price must drop below $1,470.
According to the expert, technical analysis reveals a large ascending correction since the drop in ETH’s price between November 2021 and November 2022. In line with this correction, the price of ETH can increase to between $2,200 and $2,500.
But should the price be unable to sustain these levels in response to positive market factors, then ETH’s price will fall to below $800 and coincide with the flight from risky assets that may occur against the backdrop of a recession in 2024.