After a phenomenal year in 2020, many are looking at Ethereum (ETH) price predictions for 2021 and beyond to see what the next few years have in store. As we enter a new year of endless possibilities, anything can happen. Let’s dive in to see what we can expect from the coming years.
What Is Ethereum?
For those new to the game, Ethereum is the second largest cryptocurrency by market cap. The blockchain network is decentralized and operates in a similar fashion to Bitcoin. However, Ethereum allows developers to create decentralized applications (dapps) and smart contracts. This means that anyone can create their own network on top of the Ethereum network, from gambling platforms to exchanges to cryptocurrencies. In fact, the third largest cryptocurrency by market cap, Tether, is built on top of the Ethereum network and is actually an ERC 20 token.
Ethereum is also the backbone of the DeFi industry, currently valued at $13 billion (up from $1 billion in March 2020), and pioneering the way to blockchain implementation outside of the crypto industry. The platform created the Ethereum Enterprise Alliance which invites large corporations to explore the possibility of implementing blockchain into their business. With over 200 high profile companies already signed up, Ethereum is making waves in industries one wouldn’t expect.
Ethereum Price History
Before we dive into Ethereum (ETH) price predictions, let’s take a quick look at the price history of the reputable cryptocurrency. Launched in 2015 by Vitalik Buterin, a 19 year old at the time, ETH started trading at $1.90. This decreased slightly and then increased to trade around the $10 region throughout 2016 before hitting a high of $360 in 2017. The cryptocurrency then reached its all time high on 13 January 2018, hitting a record $1,432.88. By April 2018 the cryptocurrency had plummeted to $370, increasing to $790 by May afterwhich the cryptocurrency gradually declined to close the year at $130. By July 2019 it was up around $300, sideward trading for the rest of the year. Similar to 2019, Ethereum opened 2020 trading at $130, throughout which it entered a bull run climbing to an incredible high of $1,200 by January 2021.
Ethereum (ETH) Price Predictions For 2021 And Beyond
As 2021 opened on such a high note, let’s see what industry insiders are expecting the rest of the year to hold.
Founder of Joe Technologist, Joseph Raczynski, estimated prior to the new year that Ethereum would reach a maximum high of $1,200. Already correct (10 January 2021), let’s hope he’s not entirely correct and that there’s more in store for ETH in 2021.
InvestorPlace Markets Analyst Tom Yeung estimates that if more people continue to get onboard the cryptocurrency could rise to $2,500 in 2021. He added that should the cryptocurrency experience a hack or lose investor confidence the price could drop to $500.
LongForecast estimates that by July 2021, ETH will be trading between a high of $2400 and a low of $1930. Bullish in their sentiment, the company bases their predictions on algorithms.
By January of 2022, LongForecast predicts that the price of ETH will be sitting around the $3,000 mark, with potential highs of $3444 or a low of $2775.
Slightly down from their January 2022 prediction, LongForcast place the ETH price at potential highs of $3368 or lows of $2714.
Ethereum On Track
Please note that these Ethereum (ETH) price predictions for 2021 and beyond are not fact, nor do they offer any financial advice. We’re not in the business of offering financial advice, however, we are in the business of making cryptocurrencies as easy to use as traditional money. If you’re looking to buy Ethereum, or many other top cryptocurrencies, look no further than Oobit. We’ve streamlined the process to be as simple and secure as it can be.