Will Ethereum reach $10,000 in 2023?

2022 was not a good year to invest in the crypto market, nor in legacy markets. Most tech stocks crashed, most crypto prices reached their year-low, while macro indicators continued to show weak fundamentals. However, crypto analysts predict that 2023 will be a turning point. After the merge, Ethereum did not increase in price as the entire market was bearish. Will this change in 2023? Will Ethereum reach 10000 $? Let’s analyze in this Ethereum prediction article.

Ethereum Basics 2023

What is Ethereum?

Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (dApps). It was first proposed in 2013 by Vitalik Buterin, a Russian-Canadian programmer and co-founder of Bitcoin Magazine. Ethereum is often referred to as the “world computer” because it allows anyone to run code on its network.

Ethereum’s Official Releases

Ethereum was officially launched on July 30, 2015, with the release of its frontier version. Since then, it has undergone several upgrades, including Homestead (2016), Metropolis (2017), and Serenity (2021).

What is Ethereum Virtual Machine (EVM)?

The Ethereum Virtual Machine (EVM) is a key component of Ethereum. It is a decentralized runtime environment for smart contracts, which are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. The EVM allows anyone to execute these smart contracts without the need for intermediaries.

What are Ethereum-based Tokens?

Ethereum allows the creation of new tokens on its platform through the use of smart contracts. These tokens can represent anything of value, such as a digital currency, a physical asset, or even a vote. The most well-known token on Ethereum is Ether (ETH), which is used to pay for transaction fees and is also traded on cryptocurrency exchanges.

What is Decentralized Finance (DeFi)?

Decentralized finance (DeFi) refers to financial applications that are built on blockchain technology, allowing for peer-to-peer transactions without the need for intermediaries. Ethereum is a popular platform for DeFi applications due to its smart contract capabilities and large developer community.

Why is Ethereum Price Down?

Despite all the advancements in the Ethereum roadmap, Ethereum prices are currently around 30% from their all-time high price. This is because of the last crypto crash in 2022, which lasted for over a year. The years of 2020 and 2021 were heavily bullish, then 2022 corrected prices. Basically, this brought all crypto prices down by an average of 70%, removing all previous gains. Ethereum specifically crashed by around 75% to-date, as prices currently consolidate around $1,250.

Fig.1 ETH/USD 1-day chart showing the crash in Ethereum prices – GoCharting
exchange comparison

Ethereum Prediction: Will Ethereum reach 10000 $ in 2023?

There was a lot of anticipation to see Ethereum price reach $10,000. However, as the crypto market started to adjust, this hope started to fade. The reason for this hype was the big merge, coupled with the possibility to 2x from its previous price of around $5,000.

Today, however, prices dropped back to $1,250. This means that Ethereum needs to 8x in 2023 to reach $10,000, which seems a bit unnatural from its previous yet recent price/action. It wouldn’t be normal to see Ethereum reach 10000 $ in 2023, but we might see it reach its previous all-time high. This would mean that the entire crypto market is back on its uptrend, which we should see in mid-2023.

Fig.2 ETH/USD 1-day chart showing the potential Ethereum price – GoCharting

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