Ethereum is the most popular cryptocurrency after Bitcoin, which is reflected in its stable Top-2 position by market cap in the list of cryptocurrencies. In this article, we’ve prepared Ethereum price prediction but first, a quick rundown on what Ethereum is and the factor(s) behind its pricing.
What is Ethereum?
Ethereum is an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract (scripting) functionality. Ether (ETH) is a cryptocurrency used within this ecosystem. It was proposed in late 2013 by a cryptocurrency researcher and programmer Vitalik Buterin. Then after development with funds received from an online crowd sale, the system went online on the 30th of July 2015.
Ethereum mining process is similar to Bitcoin. Both use proof of work (PoW). PoW is a competitive activity that miners undertake to inscribe transactions to a new block that will be added to the blockchain. A miner successfully mines a new block while competing with fellow miners by running a hashing script. It is going to be a change soon enough though. The developers behind the Ethereum blockchain are working on shifting the mining algorithm from Proof of Work to Proof of Stake (PoS). PoS allows those who hold a bigger stake of a cryptocurrency to add new blocks to a blockchain.
There’s so much more to Ethereum but that is just a summary behind its concept. Now let’s look at what determines Ethereum price.
Ethereum Price: What Does It Depend On?
The cryptocurrency market is one of the most volatile industries in the world, with prices often going up and down for plenty of various reasons. It is safe to say Ethereum value depends on the activity of the token holders, on the supply and demand for this cryptocurrency, and largely on the expectations from the project.
Ethereum Price Prediction 2020
To make a balanced prediction of Ethereum price, let’s take a look at what different resources and Ethereum price charts say.
As of March 23th, 2020, the current Ethereum price is $137.47 and 0.020 Eth for BTC. Most of the predictions for 2020 are moderate. Ethereum price may largely depend on the implementation of Ethereum 2.0 project announced by Ethereum founder Vitalik Buterin, as well as the long-term plan for the project.
According to TradingBeasts, the price will stay at around 101,37 Ether to USD by the end of 2020. However, Digitalcoinprice says that the Eth price will get as high as $254.59. Longforecast predicts the Ethereum value will reach its maximum in June 2020 at $201, while at the end of December it will drop to 108 USD to Eth.
Ethereum Long Term Price Prediction
Predicting price for months and years from now is a tricky thing as the crypto market is rather volatile and full of black swans that make it harder to produce reliable predictions. According to Digitalcoinprice, by 2021, we expect the Eth price worth of $289.96 and in 2025, we may be looking at a whopping value of Ether at the level of $480.15.
Let’s take a look at what long-term price predictions the other platforms provide. According to WalletInvestor, a very conservative platform with extremely skeptical price charts, Ethereum price is expected to be $100.176 in a year from now.
Another platform TradingBeasts has been known to have the most moderate predictions. According to their data, in 2021, the Ethereum average value will range from $106.29 to $151.29. By 2023 March, the average value should be $194.003.
Where To Buy Ethereum?
Buying Ethereum isn’t a difficult task, you don’t need to go far to get it in your investment portfolio. ChangeNOW offers you the necessary tools to buy it in 5 simple steps.
Step 1. On ChangeNOW home page, choose a currency and enter the amount you would like to deposit. The service will automatically calculate the amount of Ethereum you get. Then click on the Exchange button.
Below is an example of buying Ethereum with USD.
Step 2. Enter the ETH wallet address where you would like to receive your coin.
Step 3. Check all the information carefully and if everything is correct, click Confirm. Remember that all operations are irreversible.
Step 4. After you have confirmed the transaction, send your funds to the address you see on the screen.
The Ethereum price predictions for 2020 are rather moderate and the crypto community doesn’t expect any critical changes in ETH value. However, it is always difficult to make long term predictions and even among trustworthy analytical sources, there are strong discrepancies. Also, as you can see, buying Ethereum is an easy process. If you want to learn more about the Ethereum, look at the following post in our blog.