Ethereum being an open-source computing platform and operating system enables SmartContracts and Distributed Applications to be built and run without the involvement of any third party. The unique concept is leading Ethereum to seize its shade over the world with time. Our blog includes Ethereum’s price predictions of some experts that assist investors to assume market price.
The idea and concept of Ethereum have been come to light by a young programmer named Vitalik Buterin. Being a protocol for smart contracts, the blockchain of Ethereum can run smart contracts, which is by definition an agreement between two people in the form of computer code. Smart contracts automatically execute, control, or document legally relevant actions based on the terms of a contract. The primary purpose of smart contracts is to run decentralized applications like CryptoKitties and Ethereum’s blockchain does so.
Buterin penned the whitepaper of Ethereum, and many other founders also credited with writing this and these founders are Anthony Di lorio, Charles Hoskinson, Mihai Alisie, Amir Chetrit, Joseph Lubin, Gavin Wood, and Jeffrey Wilke. Then ERC-20 standard was developed which is now used to develop new tokens running on the Ethereum protocol.
ETH in 2020
Through initial coin offering, Ethereum can launch new crypto projects as ERC-20 tokens. An Ethereum exchange can help investors invest in these new tokens, which has taken the asset’s price to the height of the crypto bubble. But due to the failure of many of the projects built on Ethereum, the crypto hype bubble broke down. Ethereum went through a crucial time after the fall in price which lasted a year. After a year, the ICO boom led Ethereum’s price to reach an all-time high price of $1,448. Another thing that caused Ethereum to grow up and see an enlightened future is the impending Ethereum 2.0 update and growth of decentralized finance. These are increasing the demand for Ethereum.
Expert’s view over the Future potential of ETH
With some unique ideas and conception, Ethereum has been able to garner attraction from entrepreneurs and industries. We are writing about some expert’s viewpoints over the price prediction of Ethereum.
Skew Analytics, Cryptocurrency and Blockchain Analytics Firm, which expects the price per Ethereum token to reach over $480 in 2020. Simon Dedic, Co-Founder of Blockfyre, estimates the asset could someday be worth as much as $9,000 per ETH token. Josh Olszewicz, Bitcoin trader, expect Ethereum to reach $780 in short- to medium-term. James Todaro, managing partner at Blocktown Capital, also thinks the same way Simon does.
Ethereum Historical Price Facts
If you consider the previous market price of Ethereum, you can see the market down at the price of $275. There is presently more than 107,715,579 Ether. A sudden growth can take the market to new highs.
The ETH price prediction wasn’t looking strong as predicted in the bear market, but it is hoped the market will rise again without making delay. Ethereum hasn’t been in the market for a long time so the history of Ethereum is also short. But several price predictions are expecting the price of Ethereum to reach 10000 dollars in the long run.
Ethereum Price Predictions 2020
A massive double-bottom is being seen in the Ethereum price action. The Adam and Eve double bottom includes a V-shaped bottom and a U-shaped bottom. And the Ethereum price is currently testing the top resistance of the formation to see whether it confirms. The market can reach as high as $1150 in the short-term for 2020 providing that the market pushes through resistance. And if it is not, there would be a fall.
Price Predictions for 2021-2022
The target of Simon Dedic and James Todaro can be seen in reality, if Ethereum breaks its previous all-time high. We can see a rise from $425, to $1400 providing that the Adam and Eve double bottom acts like a tiny fractal that went off ahead of the asset’s rise to its all-time high.
Price Predictions for 2023-2025
Based on past cycles and the pitchfork channel, as Ethereum is trading within a long-term bullish pitchfork channel, it is expected that Ethereum can go as high as $50,000 in 2025.
Two big threats to the growth in price
Since July, the total value locked in DeFi protocols has more than trebled and a besotted Ethereum price forecasts took place after the very fast growth in the decentralized finance sector. This fueled for ETH prices. In the DeFi sector, inexperienced crypto users are wading into without understanding how it works and it’s really tough to ascertain whether the DeFi sector is getting ready to burst.
Another threat is the disappointing progress being made in launching the second iteration of the blockchain’s mainnet. As the network’s existing infrastructure is failure to cope up with the level of demand, there is the highly necessity of ETH 2.0. The delay in launching can cause users and DeFi protocols to take other blockchain platforms into consideration. With the launch of ETH 2.0, there will be a formal shift from Proof-of-Work to Proof-of-Stake.
Is Ethereum a good Investment?
Ethereum has come into space with a very special technology. An increase in the smart contract focused protocol can change the world. Ethereum can see high growth in its price. Its price can reach as high as $1,400, where it is currently trading at about $275. Even after being in an altering movement in price, Ethereum is a great asset for traders who love to take advantage of price swings. Ethereum is having much support from the crypto industry and industry experts. So, Ethereum is going to be a great investment.