Ethereum Price Prediction

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Contributor, Benzinga
September 10, 2021

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Ethereum

$3060.50*

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+6.37%

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Ethereum, born in 2013 from the brilliant mind of Vitalik Buterin, is not just another cryptocurrency, but rather an ambitious project that aims to revolutionize the world through blockchain technology. Using smart contracts, developers can create intricate systems on the Ethereum network that extend far beyond simple transactions. In fact, the network has become a breeding ground for entire applications that are transforming industries. With Ethereum, the possibilities are endless, and the potential for disruption is enormous.

Ether (ETH), the native currency of Ethereum, is the second largest cryptocurrency by market capitalization. Its value has surged over 350% since the beginning of 2021, indicating investors' recognition of the network's potential. Even more promisingly, Ethereum is still undergoing development and improvement, making it a cryptocurrency with vast potential.

What is ETH?

ETH is the lifeblood of the Ethereum network, a decentralized computing network that operates as a massive, public library. In this library, the blockchain serves as the books, and every network user is a librarian responsible for verifying and validating every transaction. This rigorous system ensures that transactions cannot be tampered with or obscured, providing unparalleled security and transparency. Ethereum's vision extends beyond currency transfers, using this system of trust to power complex applications and smart contracts.

Smart contracts on the Ethereum network are secure and unchangeable, thanks to the blockchain. They execute automatically without any external intervention, enabling developers to build decentralized applications (dapps) on the network. Ethereum functions like a computer that runs software, but instead, it runs dapps.

Ethereum rewards miners with Ether (ETH) to encourage their contribution of computing power to validate transactions on the blockchain. Miners earn ETH for validating new blocks, which maintains the ledger's integrity. Additionally, ETH is used to pay gas fees that cover the cost of network usage for currency transfers or application execution.

ETH Market Position

At present, ETH has a market cap of more than $200 billion, which places it as the second-largest cryptocurrency. The market cap is calculated by multiplying the token's price by the number of tokens in circulation. To evaluate a project's potential for price growth, it's crucial to examine the market cap in comparison to other currencies.

Particularly for ETH, it is important to use market capitalization to compare the currency to Bitcoin (BTC). BTC Dominance is currently at a low level, meaning that BTC makes up only around 42% of the total value of all cryptocurrency. ETH and the many tokens built upon the Ethereum network are currently outpacing the growth rate of BTC, a bullish sign that indicates investors may see the Ethereum network as more important to the future of cryptocurrency than Bitcoin. 

Standard Chartered’s Bull Case for ETH

British-based banking giant Standard Chartered set a price target of $26,000 to $35,000 for ETH. Its team of financial analysts believe that ETH is more similar to a financial market with more use cases than BTC, which they view as solely a currency. However, they note that for ETH to reach $35,000 and overtake BTC as the largest cryptocurrency, BTC would need to trade near $175,000. They add that ETH is a higher risk investment than BTC but could yield a higher reward. 

Van Eck’s Bear Case for ETH

Van Eck is a global investment management firm that warns that governments could compete with ETH by creating Central Bank Digital Currencies, backed by government institutions much like fiat money. Van Eck remains bullish on ETH overall but notes that regulation can be one of the few things that can stop ETH’s momentum. 

Where to Buy ETH

ETH is a top cryptocurrency and is listed on most major exchanges, such as Coinbase and Gemini. Coinbase has an ongoing program called Coinbase Learn that rewards you with select tokens for participating and answering questions correctly. If you’re investing in crypto for the long run, then Gemini is a great option, too. Gemini lets users earn interest on their cryptocurrency, allowing you to earn steady passive income from your digital assets. 

Ultimately, the right exchange for you will depend on your individual investment goals and preferences. It’s important to do your research and compare different exchanges to find the one that best suits your needs.

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How Long Will it Take for ETH to Reach $10,000?

ETH's potential for growth is immense, with some experts predicting a $10,000 price tag in the near future. As the leading platform for blockchain applications, Ethereum's potential is undeniable. The network continues to attract more developers, leading to a steady increase in decentralized applications (dapps) on the network. This influx of dapps is attracting more users to the network, making it a force to be reckoned with in the cryptocurrency world. As Ethereum's popularity grows, its value is expected to skyrocket.

Additionally, major institutions are beginning to use Ethereum. Traditionally, governments and institutions tend to be slow to adopt new blockchain technology, but the rate of adoption has ramped up over the past year. As more companies realize the potential of Ethereum, the price will be driven up. 

A $10,000 ETH is likely to require a further reduction of Bitcoin Dominance. However, Bitcoin remains the best indicator for the health of the cryptocurrency market overall. In essence, ETH needs BTC and the market to climb overall but also needs to eat into BTC’s market share. 

In August 2021, EIP-1559 passed, meaning that some of the transaction fees on the Ethereum network will be burned. The more the network is used, the more ETH is burned, and the scarcer ETH becomes. If you believe that ETH will be used more in the coming years, this deflationary measure should mean the price of ETH will increase.  

The current proof-of-work system hugely increases selling pressure on ETH. Miners have expenses to pay, and they do this by selling the ETH they mine. As ETH moves to proof-of-stake and miners are cut out, this huge dumping of ETH will stop. Additionally, staking rewards users for holding ETH, so the sell pressure will be cut even further. 

Where to Store ETH Safely

Check out one of these crypto wallets.

Best Hardware Wallet: Ledger

Hardware wallets store cryptocurrencies offline. The user’s private keys, which are used to authorize transactions, are stored on the Ledger device. This process keeps the keys offline and away from hackers who could access the keys from an online location. 

Best Software Wallet: ZenGo

ZenGo is a mobile application that offers a non-custodial wallet to store private keys. In addition to being a wallet, ZenGo allows users to buy cryptocurrencies in the application.

Current Crypto Prices

The current cryptocurrency market capitalization has surpassed $1 trillion and has experienced a steady growth trend throughout 2023. It is essential for investors to remain vigilant and keep themselves informed of any price fluctuations and news updates within the crypto industry to make informed investment decisions. To stay up-to-date with the latest developments, investors can refer to a table of current cryptocurrency prices.

So, is ETH a Good Investment?

ETH's potential for smart contracts, decentralized finance (DeFi), and dapps has made it a frontrunner in these categories. As Ethereum continues to attract institutional involvement and scalability upgrades, analysts predict a bright future for the cryptocurrency.

ETH's dominance in DeFi is particularly noteworthy, as the network's decentralized nature allows for greater accessibility and transparency in financial services. This has drawn the attention of both investors and institutions, with more institutions now exploring the possibility of using Ethereum for various applications. As the network's functionality and security continue to improve, the potential for ETH to play a pivotal role in the future of finance grows.

Disclosure: ²Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards. ³Crypto rewards is an optional Coinbase offer. Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you can click here. The rewards rate is subject to change and can vary by region. Customers will be able to see the latest applicable rates directly within their accounts
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About Noah Goldstein

Noah Goldstein is an Undergraduate Student at the University of Michigan. Noah is a writer that covers cryptocurrency news for Benzinga. Originally from New Jersey, Noah now resides in Michigan. Noah is an active cryptocurrency investor with positions in Ethereum, DeFi projects, and NFT Ticketing Solutions. Noah believes that blockchain technology will change the world.