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What Is the Ethereum price prediction today
AT A GLANCE
- In 2024, Ethereum price is expected to reach $8633.611857797794, according to some experts
- 2025 promises to be turbulent, with prices ranging from $3980.4758250918903 to $14637.536434137912, with WalletInvestor predicting a breakthrough leading to a price rise to $14637.536434137912
- By 2030, ETH price can hit $8633.611857797794
Ethereum fundamental analysis
Ethereum is a decentralized, open-source blockchain system that features smart contract functionality. It was proposed by programmer Vitalik Buterin in late 2013 and development was crowdfunded in 2014. Ethereum went live on 30 July 2015.
The launch of the Ethereum network
Buterin became interested in Bitcoin's potential beyond a simple digital currency. He recognized the limitations of Bitcoin's scripting language in terms of developing more complex applications. Bitcoin's scripting language is intentionally limited to ensure security and avoid potential vulnerabilities. However, this limitation also restricts the types of applications that can be built on the Bitcoin blockchain.
Inspired by Bitcoin's underlying technology and its limitations, Buterin proposed the idea of Ethereum in late 2013. He outlined his vision for a more versatile blockchain platform that would support smart contracts, which are self-executing contracts with the terms of the agreement directly written into code. This would allow for the creation of decentralized applications (dApps) that could automate processes and eliminate the need for intermediaries.
Buterin's Ethereum white paper, titled "Ethereum: A Next-Generation Smart Contract and Decentralized Application Platform," was published in late 2013. It attracted significant attention and interest from developers and enthusiasts in the cryptocurrency community.
In 2014, Buterin and a team of co-founders, including Gavin Wood, Joseph Lubin, and others, began working on developing the Ethereum platform. Ethereum's development was crowdfunded through a token sale (initial coin offering or ICO) held in mid-2014. Participants in the ICO purchased Ether (ETH), the native cryptocurrency of the Ethereum platform, which would be used to power transactions and smart contracts on the network.
Ethereum officially went live on July 30, 2015, with the release of its first version, called Frontier. Since then, Ethereum has undergone several upgrades and protocol improvements, including the transition to Ethereum 2.0, which aims to improve scalability, security, and sustainability through the implementation of a proof-of-stake consensus mechanism.
Ethereum Consensus Mechanism
Ethereum initially operated on a proof-of-work (PoW) consensus mechanism, similar to Bitcoin. In this system, miners compete to solve complex mathematical puzzles to validate transactions and add new blocks to the blockchain. Miners are rewarded with Ether (ETH) for their computational efforts. This PoW mechanism was utilized until the transition to a proof-of-stake (PoS) consensus mechanism with the launch of Ethereum 2.0.
Upgrades and development milestones
After the initial launch (Frontier), Ethereum transitioned to the Homestead release in March 2016. This release marked Ethereum's maturity and stability, with improvements to the protocol's security and performance.
In March 2017, the Enterprise Ethereum Alliance was formed. It's a consortium of companies and organizations working to advance the adoption of Ethereum for enterprise use cases. Members include tech giants like Microsoft, Intel, and JPMorgan Chase, among others.
In June 2016, a decentralized autonomous organization (DAO) built on the Ethereum blockchain was exploited, resulting in the theft of a significant amount of Ether. To mitigate the damage, the Ethereum community decided to hard fork the blockchain to reverse the transactions, leading to the creation of Ethereum Classic (ETC), which continued on the original blockchain without the reversed transactions.
Metropolis is a major Ethereum upgrade that was divided into two phases: Byzantium and Constantinople. Byzantium was implemented in October 2017, bringing several improvements such as enhanced security, privacy, and scalability. Constantinople followed in February 2019, introducing further enhancements and paving the way for future upgrades.
Ethereum Virtual Machine
The Ethereum Virtual Machine (EVM) serves as the execution environment for transactions within the Ethereum network. Operating as a stack-based virtual machine, the EVM features an instruction set tailored specifically for Ethereum's needs. This set encompasses various functions, including stack and memory operations, along with the ability to examine the ongoing execution context, such as available gas and transaction details. Designed to ensure consistency across different hardware and operating systems, the EVM facilitates network-wide consensus by guaranteeing that each node produces identical post-transaction states given the same pre-transaction state and transaction. For a formal definition of the EVM, refer to the Ethereum Yellow Paper. EVM implementations exist in various programming languages such as C++, C#, Go, Haskell, Java, JavaScript, Python, Ruby, Rust, Elixir, Erlang, and soon, WebAssembly.
Ethereum and DeFi
Ethereum has become the foundation for a burgeoning ecosystem of decentralized finance (DeFi) applications. DeFi encompasses various financial services and products, including lending, borrowing, decentralized exchanges, derivatives, and more, all built on Ethereum's blockchain using smart contracts.
While Bitcoin was designed primarily as a digital currency, Ethereum was built as a platform for decentralized applications (dApps) and smart contracts. Smart contracts are digital programs that autonomously execute the terms of an agreement between multiple parties online. They were created to minimize reliance on trusted intermediaries, thereby cutting down transaction expenses and enhancing transaction dependability.
Smart contracts are self-executing contracts with the terms of the agreement directly written into code. They automatically enforce and facilitate the performance of credible transactions without the need for intermediaries.
To address Ethereum's scalability issues before the full rollout of Ethereum 2.0, various layer 2 scaling solutions have been developed. These include solutions like Optimistic Rollups, zkRollups, and Plasma, which aim to increase Ethereum's transaction throughput and reduce fees by offloading transactions from the main Ethereum chain while maintaining its security.
Ethereum 2.0 (Eth2) represents a series of significant upgrades aimed at enhancing the Ethereum network's efficiency and scalability. These upgrades are pivotal advancements for Ethereum.
One key change is the transition from the energy-intensive proof-of-work system to the more sustainable proof-of-stake mechanism. This transition, known as "The Merge," occurred on September 15, 2022, and resulted in a remarkable 99% reduction in Ethereum's energy consumption. While this shift contributes positively to environmental sustainability, it may not entirely address broader energy consumption issues if the computing power previously allocated to Ethereum mining transitions to other energy-intensive cryptocurrencies.
Subsequently, on March 13, 2024, Ethereum introduced its second major upgrade, referred to as "Dencun" or "Deneb-Cancun." This upgrade was focused on reducing transaction costs across the various Layer 2 networks integrated with Ethereum. It's akin to optimizing the infrastructure of Ethereum, making it more cost-effective and accessible for users interacting with decentralized applications and protocols.
ETH supply
As of April 29, 2024, the circulating supply of ETH is 122,054,908 tokens.
Of the total 72 million Ethereum (ETH) initially issued, a significant portion, 60 million, was allocated to backers participating in the 2014 crowdfunding campaign that kickstarted the project, while 12 million was set aside for development purposes. The rest of the ETH has been gradually issued to miners as block rewards since the genesis block, with the original reward set at 5 ETH per block in 2015, later reduced to 3 ETH in late 2017, and then further decreased to 2 ETH in early 2019. The average time to mine an Ethereum block typically ranges from 13 to 15 seconds.
In the August 2021 London hard fork upgrade, Ethereum introduced the Ethereum Improvement Protocol (EIP-1559) as part of its protocol. This protocol change replaced the traditional first-price auction mechanism with a base fee system for transactions, supplemented by optional "tip" or "priority fees" for users seeking faster processing. While this adjustment aims to stabilize gas fees by dynamically adjusting the base fee according to network activity, it does not directly impact the overall cost, which can still surge during periods of high congestion.
Unlike Bitcoin's deflationary model, Ethereum does not impose a fixed supply limit, as developers prefer flexibility in adjusting issuance rates to ensure network security. However, with the implementation of EIP-1559, a portion of the base fees is burned, effectively removing ETH from circulation. This mechanism, combined with increased network activity leading to more ETH being burned, has the potential to make Ethereum deflationary, a prospect that excites ETH holders anticipating potential price appreciation.
Ethereum live price chart
At the end of November 2023, the price of ETH was at around $2080, and then went down a bit in the very last days of the month, and was trading around $2050. Then in the first days of December, the value of Ethereum started growing, gaining over $300 in a week. By December 8 to swap ETH users paid $2357. The price stayed around this level only for a couple of days and then on December 11 went for a market correction. In 10 days the price of ETH reached $2218, and then the trend flipped again.
In 2 days the price of ETH grew to $2309 and then kept bouncing between $2231 and $2380 till January 3, 2024. After this point, the price dropped to $2269, stayed at this level for 2 days and then went up.
By January 12 the value of Ethereum reached $2619, but right after hitting this point started to decline. The correction lasted till January 25 and by that time the value of ETH was at $2217. In the following 10 days the ETH price chart was growing again but at a rather moderate pace, reaching $2289 by February 6.
At this point the situation accelerated as Ethereum started bullying, showing big gains after a long period of much lower price level. Ether kept bullying for around 1 month and 1 week, surpassing the level of $4000. Its highest price of $4066 of the period was registered on March 12. After hitting this level the ETH price chart went for a market correction, and after one week the token was trading for $3158.
However, by March 21 the value of Ether recovered as it went back to the level of $3400, and then after declining to $3335, it went up to over $3500 again by the end of March. On April 1 the price spiked a little bit to $3647 and then dropped to about $3300 in a matter of two days, and then started growing again.
By April 9 the value of Ethereum went up to $3695, and from there dropped and went for a longer correction period. On April 14 the value of ETH was around $3000, and even dipped to $2984 on April 18. After this the price of Ethereum slowly started to recover, reaching about $3200 by the time of writing on April 29.
According to the current Ethereum price chart indicators, the experts foresee the possibility of the token showing some more gains in the near future. The market sentiment is rather optimistic, however, it’s not clear yet whether the new all-time high is possible for the Ethereum price chart in the near future or the price will just grow slightly and stay around the same level.
Ethereum technical analysis
In the last six months or so, Ethereum has shown growth that was almost uniformly steady, forming an ascending flag pattern from mid-winter until the beginning of May 2023. This was promising for the long term holders who were worried about losses through most of 2022.
The trend was reversed later, however: in the short term, a double top pattern that formed in mid-May seems alarming, as it means that the coin couldn’t break through the resistance at around $1830-$1840. This led some traders to place orders to sell Ethereum, as this pattern may influence their ETH price prediction, leading them to believe that Ethereum price will go further down in the close future. This definitely warrants watching ETH movements in the 24 hour timeframe.
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Ethereum price prediction
Ethereum price predictions summary
Ethereum price prediction for 2024
Ethereum price prediction for 2025
Ethereum price prediction for 2026
Ethereum price prediction for 2027
Ethereum price prediction for 2030
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Summary
As it can be clear from the analysis cited above, Ethereum (ETH) projections are rather contradictory. There is no universal consensus either about positive or negative future ETH price movements. Indeed, the future possible growth depends on various factors: announcements, new technological solutions of the Ethereum projects, the crypto environment in general, legal position, and so on. We kindly remind you that before investing in any cryptocurrency, it is essential to do your own research (DYOR).
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