The price of Ethereum has been rising exponentially over the last few months. It has now increased fivefold from below $700 to over $3,900, and is now the second largest cryptocurrency by market capitalisation. As a decentralized computing platform, Ethereum facilitates decentralised applications and smart contracts.
Although Ethereum is a rising star, the future of its price depends on the future of the technology behind it. It will need to develop its next version, Ethereum 2.0, in order to overcome high gas fees and make it more competitive with other cryptocurrencies. However, the global regulatory framework has yet to consistently back cryptocurrencies, and there are many new technologies that will compete for its share of the market. This means that Ethereum is likely to experience peaks and troughs as it struggles to overcome the scaling problem.
There is no set price for Ethereum, but analysts believe the price will rise steadily over the next few years. Many believe that the price will hit the $10,000 mark by the end of the decade. Cryptocurrency experts are also predicting that Ethereum’s price could top $18,000 per token in 2030.
While the recent price drop in ETH suggests investors planned to sell before the price plunged, this is not a definitive price prediction. In fact, it is more likely to increase again in the near future, even though the market is still in a downtrend. This is because the Merge upgrade is a great opportunity for the Ethereum ecosystem. The Merge upgrade has also triggered a massive inflow of ETH into cryptocurrency exchanges in the days leading up to the Merge. The amount of ETH traded on exchanges rose from 700,000 ETH on September 12 to nearly 1.7 million ETH two days later.
