You should sell your Dogecoin (DOGE) now if you do not have proper guidance or a good understanding of ETH. You must decide whether or not you can afford to lose your investment and how badly you need the money in the present.
For those who are yet unfamiliar, Ethereum or ETH is a popular cryptocurrency that is presently considered one of the most viable options in terms of crypto trading. Nevertheless, since cryptocurrencies are such a new phenomenon, the average person doesn’t fully understand them and how they work. Therefore, learning to buy, sell, and trade them can take considerable time and effort.
Fortunately, taking the time to perform your due diligence can potentially be highly rewarding. This is because, like most other types of investments, learning the tricks of the trade can allow even the average person to amass a considerable amount of wealth in a relatively short period of time. Regarding ETH, many investors speculate that it is the next big thing in crypto. However, since it’s been on the market for a while, many don’t fully understand how to know whether they should be holding or selling this financial product. The following is an examination of just that.
Start Investing in ETH Right Now With ByBit!Now that you know what Ethereum is all about, we can get into the weeds on how this blockchain platform works, and what its various applications are.
Ethereum is a decentralized system — in other words, it doesn’t have any one owner. And all of the services and programs that use the Ethereum network require some computing power, which doesn’t come free.
Ether is the cryptocurrency of the Ethereum system that solves the problem of payment for this app and Internet system. Much like cash, this cryptocurrency doesn’t require any third-party processing or approval. The official Ethereum website calls it the “fuel” of the decentralized ethereum network.
Ethereum’s blockchain platform is a public, decentralized ledger used to record and verify various transactions. Its users are free to publish, create, use, and monetize applications via Ethereum — all with the Ether cryptocurrency serving as a convenient payment system. These decentralized network applications are often referred to as “dApps”.
One of the primary practical uses of Ethereum has been the publishing and creation of smart contracts — free from fraud, downtime, or any third-party interference.
By the description of its own developers, Ethereum is the world’s first “programmable blockchain”, allowing it to serve as a virtual marketplace for applications, games, and crucially — financial services. All of this is based on the Ether cryptocurrency which is used as the payment system of the Ethereum network. Its decentralized nature ensures complete security from theft or fraud.
Ethereum vs Ethereum classic – Which Crypto is Better?| Ethereum Price 1y Return | 135.26% |
| Ethereum Price 1m Return | 47.03% |
The FED (Federal Reserve System) interest rates have recently been hiked. Although you would expect the FED to affect stock more, we must remember that the stock and cryptocurrency markets have always been related. So it makes sense that FED policies will affect the price of crypto.
This hike is intended to try and control the out-of-control inflation we have been seeing in global markets. So, as investors navigate the uncertain economic waters, several markets are struggling. Crypto included.
Ethereum is known for its high transaction fees, scalability issues, and lack of sustainability.
“Ethereum killers” are now emerging to address the weaknesses of the Ethereum blockchain. Cryptocurrencies like Cardano, EOS, Solana, BNB, and Polkadot are gaining in popularity in the market.
The inherent proof-of-work mechanism allows a limited number of transactions per second. This slow transaction speed, in turn, increases gas fees on the platform, which are important for powering the network. The “Ethereum Killers” aim to address this by operating on a proof-of-stake consensus mechanism.
The “Ethereum Killers” also aim to address Ethereum’s lack of sustainability, which is caused by high energy consumption. Many of them are looking to achieve carbon neutrality, which can in turn, counter height transaction fee challenges.
The Ethereum blockchain has faced a few security vulnerabilities for the execution of smart contracts. For example, in 2016, Ehtereum developers launched the DAO, a digital decentralized autonomous organization.
Soon after the launch, users exploited a weakness in the DAO code, causing the DAO to lose $70 million in ETH. Since then, Ethereum has improved the security of its smart contract code.
However, because cryptocurrencies are digital, they can be prone to hacks. So, it’s important to invest in ETH— or any other cryptocurrency—at your own risk.
Like many other cryptocurrencies, ETH is an extremely volatile instrument. This means that the price of ETH could rise and fall sharply in a short period of time. 2021 displayed a perfect example of ETH’s volatility and high sensitivity to market conditions.
Between May 12 and May 24, ETH lost nearly 50% of its value. While it has somewhat recovered since then, it can be a risky investment and cause many investors to lose confidence in Ethereum.
While Ethereum shows great promise as an investment, there’s no guarantee that it will succeed long-term.
Therefore, if an investor doesn’t have a high tolerance for risk and can’t afford to lose, it’s best to avoid it. This is why it’s so important to do your research and know what you’re getting into before you invest in ETH.
If you’re wondering whether you should invest in Ethereum, consider these reasons why you can make good profits from investing in crypto.
Ethereum 2.0 is an upcoming set of upgrades that aim to speed up transactions, reduce gas fees, boost productivity, and increase scalability.
The goal is to accelerate Ethereum’s usage and adoption by improving its performance. It also aims to address the weaknesses of the proof-of-work model by moving to proof-of-stake.
The current Ethereum network can only support 30 transactions per second, while Ethereum 2.0 promises up to 100,000 transactions per second. The new Ethereum network will also be more decentralized and secure. Because the new Ethereum will be more scalable, more people will use it, which can raise the price of ETH to new heights.
The price of Ethereum has corrected significantly over the past few years. Of late, Ethereum has experienced positive price movement, which shows its potential to be a great long-term investment.
For example, in January 2023, the price of the token soared to new heights at 4,800 U.S. dollars. The price saw such dramatic movement because an ETH investor purchased a digital art piece for over 38,000 ETH – or 69.3 million U.S. dollars.
It also saw a huge jump in price because of the so-called “Berlin update”, which rolled out on April 21, with the aim to reduce ETH gas fees. And the release of the new smart contract protocol known as Uniswap V3 in January 2023 also played a part in the rise of ETH.
The rise in popularity of NFTs and the Metaverse has played a role in increasing the value of many cryptocurrencies, including Ethereum. That’s because users can purchase NFTs with cryptocurrencies on different blockchains. This capability adds yet another use case for the ETH token, which drives up its value.
For example, Ethereum based metaverse Decentraland had the second-largest cumulative NFT sales volume at $216,471,162. Therefore, the Ethereum blockchain is a popular place to purchase NFTs and experience the metaverse.
Ethereum is a host for innovation as fascinating new projects are being built on Ethereum, from microgrids to charging stations for electric vehicles.
You might also consider investing in Ethereum to diversify your current crypto portfolio. That’s because Ethereum’s technology and purpose are different from other cryptocurrencies like Bitcoin. It’s clear that Bitcoin is a good investment.
But you can further improve your portfolio by investing in Ethereum. Why? Because it’s intended to be a platform for smart contracts. With Ethereum, you can not only store, value, and purchase things, but you can also program smart contracts and tokenize assets.
If you’re an investor who doesn’t mind “playing the long game”, then Ethereum can be a great investment for you. Once it fully moves to proof-of-stake, Ethereum may eventually dominate DeFi.
If Ethereum can rise to the top of DeFi on a proof-of-work model that’s more costly and less scalable, then it would definitely seem highly likely that it will capture even more market share once the move to proof-of-stake is complete.
And even though the price of ETH has fallen 75% ($1,500) since it's all-time high of $4,800, it could rise back to its all-time high once the crypto economy gets back to normal. This means that if you took position today, you could see a 200% return on your investment.
Censorship is often an issue in today’s digital environment. Various social media platforms have the right to delete, modify, or hide content.
Because Ethereum is decentralized and isn’t limited by a regulatory body, the information stored on the blockchain can remain alive and uncensorable. So, keeping people more informed and giving them the ability to make more educated decisions is yet another use case Ethereum has to offer. This can drive up its value and price.
To find a better entry point, also find out what TradingView technical analysis tool signals for the Ethereum price for the next month. "Sell" or "Strong Sell" means that most of the signals are bearish. "Buy" or "Strong Buy" means that most of the signals are bullish.
Experts assert that ETH prices will be around $960.640 (minimum price) and $2508.528 (maximum price) in 2023. They are also optimistic that it will continue to rise over the years. Projected to grow by at least $100 per year for the foreseeable future, experts believe that ETH will be worth around $4,831 by the end of 2034.
According to the analytical forecast by Anton Kharitonov, Ethereum price will be within $3120.43 - $3813.85 by the end of 2023. It will be possible to earn money throughout the year from volatility.
| Month | Minimum Price | Average Price | Maximum Price |
|---|---|---|---|
| May 2024 | $2971.72 | $3301.91 | $3632.1 |
| June 2024 | $2992.52 | $3325.02 | $3657.52 |
| July 2024 | $3013.47 | $3348.3 | $3683.13 |
| August 2024 | $3034.57 | $3371.74 | $3708.91 |
| September 2024 | $3055.81 | $3395.34 | $3734.87 |
| October 2024 | $3077.2 | $3419.11 | $3761.02 |
| November 2024 | $3098.74 | $3443.04 | $3787.34 |
| December 2024 | $3120.43 | $3467.14 | $3813.85 |
| Year | Price in the middle of the year | Price at the end of the year |
|---|---|---|
| 2024 | $3325.02 | $3467.14 |
| 2025 | $3615.33 | $3769.85 |
| 2026 | $3930.99 | $4099.01 |
| 2027 | $4274.2 | $4456.89 |
| 2028 | $4647.4 | $4846.04 |
| 2029 | $5053.17 | $5269.15 |
| 2030 | $5494.35 | $5729.19 |
| 2031 | $5974.07 | $6229.41 |
| 2032 | $6495.67 | $6773.31 |
| 2033 | $7062.82 | $7364.7 |
| 2034 | $7679.47 | $8007.7 |
| 2035 | $8349.96 | $8706.85 |
To sell ETH, you must:
Access your crypto wallet.
Sell holdings for cash on an exchange you trust.
Third, initiate the exchange; transfer it to your bank account.
Finally, make a withdrawal from your bank or an ATM.
Overall, you have many things to consider if you need to decide whether to sell your ETH. For instance, you must decide whether or not you can afford to lose your investment and how badly you need the money in the present. Moreover, if you do not have proper guidance or a good understanding of ETH, you may want to sell sooner than later.
The following tools and instruments were used for making the prediction:
Basic instruments of technical analysis. The forecast relies on basic technical indicators. The analysis was performed mostly on medium and long-term time frames for more accurate results.
Statistical tools that allow experts to evaluate the probability of an event that may influence the prices of cryptocurrencies.
Individual features of a cryptocurrency startup and its competitiveness: number of tokens in free circulation, restriction of emission, potential usefulness of the startup for the society, roadmap and development plans of the startup, potential vulnerability of the startup’s blockchain, examples of hacks, failures in the entire history of cryptocurrency existence, capitalization dynamics compared to key competitors, share of major coin holders and other subjective factors.
Note:
This price prediction is based on current information and historical data. Strong fundamental factors capable of radically changing the overall situation in the cryptocurrency markets, impacting the prices of certain cryptocurrencies and subsequently changing the price trend, may appear in the future. The price predictions are updated regularly based on the latest data.
This article is created for informational purposes only and does not constitute investment advice. Be aware of the high volatility of cryptocurrencies and consider these risks when making investment decisions.
Bitcoin was created in 1998 by Wei Dai on the cypherpunks mailing list. He first introduced the concept of cryptocurrency by asserting that it was a new form of money that uses cryptography to control its creation and transactions as opposed to using a central authority.
Yes. More and more people and businesses are starting to use Bitcoin. In fact, as of May 2018, the overall value of bitcoins in the US exceeded 100 billion dollars, millions of dollars worth of bitcoins are exchanged daily.
You can get paid in Bitcoin for goods and services, you can earn them through competitive mining, you can exchange them with people you know, or you can purchase them at a Bitcoin exchange.
Bitcoin is totally virtual.
Ivan is a financial expert and analyst specializing in Forex, crypto, and stock trading. He prefers conservative trading strategies with low and medium risks, as well as medium-term and long-term investments. He has been working with financial markets for 8 years. Ivan prepares text materials for novice traders. He specializes in reviews and assessment of brokers, analyzing their reliability, trading conditions, and features.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.
