This is the Ethereum forecast for the year 2023, as well as the consideration of what factors could influence the course in the coming months.
The Ethereum price has risen slightly again in recent days and was also able to benefit from the Bitcoin price rally following the banking crisis. But what will happen to ETH in 2023?
The year 2023 has been very successful for the Ethereum course so far. The ETH price increased from $1,200 at the beginning of the year, to $1,600 at the end of January. The rise had to stabilize somewhat in February.
March was more eventful; with the banking crisis in the US, the cryptocurrency market was hit very quickly and hard. Ethereum’s price fell below the $1,400 mark. In the following weeks, however, the price was able to rise again massively. Ethereum followed Bitcoin’s sharp rise, and most recently, it touched $1,800 again.
Why Has ETH Performed So Well So Far?
In general, Ethereum was able to benefit from the positive mood in the crypto market. The year 2022 ended with the fall of FTX and the large losses of most cryptocurrencies in the fourth quarter of 2022. Therefore, an upward rally was to be expected in hindsight, as uncertainty in the crypto market subsided.
Ultimately, Ethereum closely followed the development of Bitcoin. While Bitcoin performed better in the first few weeks, Ethereum was temporarily stronger in February. However, in the last March bull run, Bitcoin quickly moved away from ETH as many investors sought Bitcoin as a safe haven for their money.
What is the Ethereum Forecast for the End of 2023?
The year 2023 has been very successful for Ethereum so far. On the technical side, the Shanghai update is coming up, which should further improve the scalability of Ethereum. Furthermore, the price of Bitcoin should continue to increase in the coming months.
Looking at these trends, it is not difficult to argue that the Ethereum price should also see a sharp increase in the coming weeks and months. Therefore, a positive Ethereum forecast is basically assumed by the end of 2023.
Ultimately, it is always difficult to make an accurate forecast about the crypto market, since the market can move in different directions and also depends on many external factors. Still, we can make comparisons to the last bear market. At that time, the Ethereum course was able to rise sharply in the second year (2019).
With Ethereum bottoming out at $1,200, that would be a move to $4,800. However, at the end of 2019, losses were again seen. Therefore, it is prudent to be a bit more conservative for Ethereum’s forecast this year, especially for the end of the year.
In conclusion, an Ethereum forecast of $2,500 to $3,200 by the end of 2023 is assumed.
By Audy Castaneda
