• Ethereum (ETH) is the native cryptocurrency of Ethereum, an open-source blockchain platform that revolutionized the blockchain and DeFi sector.
• ETH Price Prediction 2023 is bullish with predictions ranging from $1805.26 to $2109.79, and potentially reaching as high as $2500 soon.
• Ethereum will transition to a Proof-of-Stake consensus through The Merge upgrade in September 15th, 2021.
What is Ethereum (ETH)?
Ethereum (ETH), known as Ether, is the native cryptocurrency of Ethereum. Ethereum is an open-source blockchain platform that revolutionized the blockchain and DeFi sector by the introduction of smart contracts. This second-generation blockchain was launched in 2015. Its native crypto coin, ether (ETH) was launched through an initial coin offering (ICO) in August 2014. The entire Ethereum network is fueled by Ether (ETH). The blueprint of the Ethereum network was first released in its whitepaper in 2013 by Ethereum Co-founder Vitalik Buterin. Since its launch, the blockchain-based software platform functions as a potential launchpad for several other crypto tokens, DeFi protocols, and numerous decentralized applications (dApps). Thus, Ethereum is regarded as the „world computer.“ The smart contracts are coded programs that execute autonomously with pre-defined conditions on Ethereum. These smart contracts are deployed and executed via the Ethereum Vending Machine (EVM).
Current Market Status
Ethereum’s current market status includes a 24 hour trading volume of 33 billion USD, 24 hour price change at 0.8% down, circulating supply at 120 million ETHs and all time high at 4888 USD on November 10th 2021.
Ethereum Price Prediction 2023
In regards to ETH price prediction for 2023 analysts predict future movement with statistics such as price patterns, RSI , RVOL and other information about ETH . Currently a Bullish prediction lies between 1805 – 2109 USD while bearish prediction stands at 1291 USD .
The Merge Upgrade
Ethereum will transition to the Proof-of-Stake (PoS) consensus through The Merge upgrade which has been set for September 15th 2021 . Initially ,the ethereum network was built on proof of work since it’s inception but due to it’s energy intensive nature developers have decided to move towards proof of stake after 2020 . After this transition ,the Ether token which previously was inflationary will now be deflationary .
All things considered ,Ethereum seems primed to hit new heights based on current market analysis including bullish predictions up to 2500USD . However transitioning from PoW To PoS could pose some challenges so investors should stay vigilant when investing in this volatile asset class .