The Ethereum cryptocurrency (ETH) is nowadays one of the most popular altcoins of the current generation. In 2022, this crypt became the second most popular, right after the master of cryptocurrencies – Bitcoin.
A distinctive feature of Ethereum, unlike Bitcoin and other cryptocurrencies, is its usefulness as a software network that allows developers to create and launch new tools, applications, and NFT. Blockchain-based software network has many applications and applications in the world of technology, especially for games, music, entertainment, and decentralized finance (DeFi), which makes it one of the most popular and widely used cryptocurrencies.
What happened to ETH?
Ethereum was founded in 2015 by Vitalik Buterin, and by 2022 has become one of the most popular coins and platforms for cryptocurrency transactions at the same time. ETN does not position itself as an alternative to Bitcoin. It is precise that, because, for a long time, it was this coin that was second in reliability and demand among users.
Just a few months ago, Ethereum could be called the most reliable and profitable altcoin in existence. But as you may know, the world of cryptocurrency is so unpredictable and changeable.
From its foundation until September 2022, Ethereum worked on the Proof of Work mechanism, which meant receiving a reward for solving complex mining tasks. Simply put, it is on this system that the mining process of almost any cryptocurrency works, and it began with the founding of Bitcoin. But on September 15 of this year, I will not be afraid of this word, a historic event occurred in the crypto industry ― Ethereum announced the “Merger” project and switched to the Proof of Stake system. What could it mean and how it will affect Ethereum Classic price prediction? Let’s discuss this.
If in the first case, every miner who has at least some capacities and resources has a chance to get a reward for the extracted block, then in the second case the system automatically selects the users who have enough cryptocurrency in their wallets, that is, there is a certain share of crypts in use.
And now Ethereum switches completely to this algorithm of work, which terrifies the crypto community. Critics are shouting with might and main that it will not be at all soon, ETH lovers are anxiously eyeing the price drop, and newcomers do not know whether it is worth trying to mine a coin in 2022.
In general, the situation seems to be a stalemate. But even here, experts’ opinions on the future of cryptocurrencies vary. So I would like to learn more about all possible predictions.
Forecasts for the future of ETH
Now Ethereum is proudly called Ethereum 2.0 and opens a new era of the digital world before our eyes.
Immediately after the procedure of switching to PoS, Ethereum dropped significantly in price and capitalization. Apparently, at this point, many users completely stopped believing in it. But after a little more than a month, the indicators gradually began to grow – the capitalization increased by more than $ 31 billion, and the exchange rate rose by $ 200.
Judging by this situation, everything is okay with the Ether. And what do analysts think about this? Every expert claims that it is almost impossible to give a precise forecast, however, there are several opinions on this.
Some experts bet that despite fluctuations, in 2023 the average price of one ETH will be about $ 2,000, while at first, it may fall to a minimum of $ 1,300, and in December it will rise to a maximum of $ 2,400.
Other experts believe miners can get much more benefits from the transition than it seems. But the main thing is the opportunity to save on purchasing expensive mining equipment. They also believe that the negative reaction of miners to the changes is not entirely justified, because if you look at the coin in the long term, PoS opens up much more opportunities to users than PoW.
According to the most negative scenario, ETN may break through the bottom with a rate of $ 330 in 2023, and this may happen approximately in May. But at the same time, by November, ETH will update its maximum – $ 2,500.
As for long-term forecasts, analysts are confident in the further growth of Ether. It is assumed that by the end of the decade, the cryptocurrency could reach $ 50,000 (to be precise, $50,788).
Final thoughts
Despite Ethereum’s competition and other elements that contribute to its ongoing volatility, еhere is a general feeling of enthusiasm that the original smart contract blockchain will endure these difficulties.