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Ethereum set for bullish climb in 2023, experts predict
The price of Ethereum (ETH), the second largest cryptocurrency by market capitalisation, is predicted to climb in 2023, according to Finder’s latest Ethereum Price Predictions Report. A panel of 29 fintech and cryptocurrency experts predict that ETH will reach $2 741 in 2023, before dipping slightly to $2 451 by the end of the year.
Omnia Markets CEO Mitesh Shah echoes the panel’s consensus with his end-of-year forecast of $2,400. He cites Bitcoin’s price increase driven by institutional adoption as a key factor that will influence ETH’s price trend. “As Bitcoin’s price rises due to various factors such as institutional adoption, ETH’s price is sure to follow suit,” Shah said.
Tommy Honan, Swyftx’s head of product, is more optimistic, projecting an end-of-year price of $2,500, attributing the surge to Ethereum’s successful upgrade to a proof-of-stake model. He said, “Following the successful upgrade to proof of stake, which has been akin to ‘changing a jet plane engine, mid-flight’, ETH has become more efficient and deflationary.”
Honan further suggested that Ethereum’s shift to staking, currently yielding around 5% APY, makes it a lucrative option for institutions looking to diversify their portfolios with digital assets.
Looking further into the future, the panel anticipates ETH will be worth an average of $5 845 by the end of 2025, rising dramatically to $16 414 by the end of 2030.
Futurist Joseph Raczynski forecasts even bigger long-term growth for Ethereum, with an end-of-2025 price prediction of $8,000, before soaring to $15 000 by 2030. He cited regulatory developments in the U.S. as a critical factor for Ethereum’s future growth.
In the ongoing debate about whether the U.S. Securities and Exchange Commission (SEC) will categorise Ethereum as a security, the majority of Finder’s panel (67%) believes it’s unlikely, while 11% think it’s likely and the remaining 22% are unsure.
Ruadhan O, founder of Seasonal Tokens, is among those who believe it is unlikely that ETH will be considered a security, warning that such a decision could restrict access to smart contract technology for U.S. residents.
However, Digital Capital Management managing director Ben Ritchie expressed concerns about the increasing prominence of centralised staking solutions and how they might affect the decentralisation of the Ethereum network.
Amid the varying predictions, the majority of Finder’s panel (56%) recommend buying ETH at this time, with 41% advising to hold, and only a small minority (4%) suggesting it’s time to sell.
