We should start off by reminding everyone that making predictions about Ethereum or any other crypto available on the market is far from an exact science. In fact, it’s quite the opposite since the market’s volatility makes it nearly impossible to figure out what’s going to happen next. Trends can change at any moment given the multitude of factors that influence crypto price movements. So, anyone who says they know exactly what to expect is either lying or has a crystal ball that tells them the future.
However, just because crypto forecasts are notoriously difficult to pin down, doesn’t necessarily mean it’s all just a guessing game. There are certain tools, methods and resources that financial experts use to uncover the possibilities and make predictions that come as close to the truth as possible.
Finance platform Finder has conducted a recent study where 32 fintech and crypto specialists were consulted on a range of aspects regarding Ethereum’s possible evolution in 2023. We don’t want to give it all out from the get-go, but the outlook for Ethereum seems to be mostly positive.
Good news may be on the horizon
Fortunately, the current trends seem to indicate that the worst is already behind us and a new bull run could be approaching soon. That makes experts hopeful about Ethereum going above the $2,000 mark again and reaching a record high for 2023 of $2,700. They also predict that the price might slightly plummet after this increase, which means it’s possible for Ethereum to end the year at around $2,300.
Some might label these predictions as being too bold, but let’s not forget that Ethereum has already topped $2,100 a short while ago, in the days following the Shanghai upgrade which was completed on April 12. And although a price correction followed soon after, bringing the price down under the $2,000 threshold, Ethereum’s recent price rally has raised investors’ trust and confidence in the assets’ potential and that can make the coin’s value go up again.
The impact of the Shanghai upgrade
There could be no discussion about Ethereum’s possible price evolution without mentioning the network’s most recent upgrade known as Shanghai or Shapella. The update saw the completion of Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS), which dramatically reduced the energy consumption required to verify and validate transactions and add new blocks of data to the blockchain.
The process started back in 2020 when the Beacon Chain was launched. For a while, the PoS Beacon Chain ran in parallel to the original PoW-based Ethereum blockchain, until the two merged on September 15, 2022. The Merge is the biggest overhaul that the Ethereum system has undergone since its initiation. However, even if the upgrade was considered a success, there was one final piece missing from the puzzle. The network still lacked a withdrawal functionality that would allow users to unlock the coins they’ve staked on the Beacon Chain since 2020 in order to become validators. This is the issue that the Shanghai upgrade aimed to address.
However, with the completion of the Shanghai upgrade which gave users the possibility to finally access their staked coins, a series of concerns ensued. As expected, there was an influx of ETH on exchange platforms immediately after the upgrade. And while that caused the Ethereum price to soar in the short term, experts are now worried about the long-term effects of the technical update. 21% of those who participated in Finder’s survey believe there’s a real risk for Ethereum to become more centralized in the future. At the same time, 29% of respondents think that the upgrade will lead to a large sell-off of ETH. Also, almost half of the experts believe that regulators will keep a closer eye on Ethereum now that the Shanghai upgrade has been completed.
AI’s take on Ethereum price
Experts have voiced their opinions, now it’s time for AI to cast its predictions. There are those who believe that AI programs have gotten smart enough to make more accurate crypto predictions, so it wouldn’t hurt to find out what the bots are saying.
If you ask CoinPriceForecast, Ethereum is going to break above $2,000 halfway through the year and end 2023 at around $2,140. As you can see, AI seems to be less hopeful than human experts who have predicted much higher values, but it’s still an optimistic outlook if you take into account Ethereum’s recent price history. So, whether AI or the experts are right, Ethereum is going to be the big winner if any of these predictions comes true. For now, we can only hope that Ethereum keeps moving upward and doesn’t waver from its positive path.
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