Introduction
The year 2022 has not been so favorable for Ethereum. The price has managed to stay above $1200 in December after creating a new low at $880 earlier in May. Despite the large interest from investors to invest in Ethereum after it upgraded to the Proof-of-stake mechanism in September 2022, its performance remained below expectations. Hence, many now suppose that the coming year 2023 will be the time for Ethereum to prove its strength.
Can Ethereum perform better in 2023 after losing more than 75% of its value this year? What are the price predictions for this coin in 2023? Is this the right time to buy Ethereum or to wait till 2023? This work has addressed these important questions regarding Ethereum investment today.
What is Ethereum?
Ethereum is the second most valuable Cryptocurrency after Bitcoin today. The price had witnessed a major setback in its growth after it witnessed a major attack on its blockchain where more than $3.5 million Ethereum was stolen by hackers. A consensus to reverse the theft was reached by the stakeholders after a 97% vote support which led to the creation of a new Ethereum while the old one continued as Ethereum Classic (ETC).
Unlike Bitcoin, Ethereum today has no maximum supply which means it could be subject to future inflation via minting new coins.
Major price predictions for Ethereum in 2023
Very high expectations have been placed on Ethereum for 2023. Many analysts believe that the coming year will be predominantly a season for Ethereum to attain new highs in the market again. The most popular forecast for Ethereum in 2023 is for the price to reclaim $3000 level before the end of the coming year.
There are still some, who believe that Ethereum will by far exceed this level and surpass its previous all-time high at $4867.00 and move to create a new high at $5000. Can Ethereum achieve these targets? Will Ethereum remain bearish in 2023 or will the bulls dominate?
While a lot of speculation could easily be passed for Ethereum prices in 2023, however, an important point to always remember is the fact that Ethereum will always be subjected to Bitcoin’s dominance in the market.
This means we can only expect Ethereum to perform better in 2023 only when the series of aggressive interest rate hikes embarked upon by the Fed has been removed completely from the equation with the market left on its own to recover again through loosening the monetary policy.
Is Ethereum a good investment?
Ethereum is one of the most promising cryptocurrencies today with strong potentials to surpass Bitcoin in the future. Many investors have been attracted to this coin based on its many important use case and other important goals that this coin aims to achieve in the future.
With the upgrade to the Proof-of-stake mechanism in 2022, many investors suppose that more opportunities have been opened for Ethereum to rise higher.
Notwithstanding, the fact that this has no maximum supply and had previously suffered a Blockchain attack in the past, should always call for moderation while investing in this coin today.
How can one buy Ethereum
The easiest means for buying Ethereum today is through the various crypto exchanges existing today. To buy Ethereum through these exchanges, the trader needs to create an account with them, fund his account, and proceed to the spot trading positions to purchase his desired quantity.
List of best crypto exchanges to buy Ethereum today
Binance
eToro
Gate.io
BitPanda
OKX
Crypto.com
Kraken
Gemini
Bybit
Coinbase
Angela Spearman is a journalist at EzineMark who enjoys writing about the latest trending technology and business news.