The crypto market soared high in the past week. After the US banking crisis, most investors realized the importance of cryptocurrencies. With governments across countries printing more and more money, cryptos stand firm in the face of inflation. Today, however, a minor adjustment in crypto prices occurred. This impacted Ethereum price which took a 2% hit in the past 24 hours. What’s next for Ethereum? Should you buy Ethereum or wait? Let’s assess in this Ethereum analysis.
What is Ethereum Blockchain?
Ethereum is a blockchain-based decentralized platform that enables the creation and execution of smart contracts and decentralized applications (dapps). Ethereum was created by Vitalik Buterin in 2013 and launched in 2015. It uses a cryptocurrency called Ether (ETH) as its native token, which is used to pay for transaction fees and computational services on the Ethereum network.
Why is Ethereum Valuable?
Ethereum is valuable for several reasons. Firstly, it is a decentralized platform that allows developers to create and deploy smart contracts and dApps, which can have a wide range of use cases, including decentralized finance (DeFi), gaming, identity verification, supply chain management, and more. Secondly, Ethereum has a large and active developer community, constantly working to improve the platform and create new applications. Thirdly, Ether is a valuable cryptocurrency that can be used for various purposes, including investment, trading, and as a store of value.
Ethereum Long-Term Prediction: Where will Ethereum Price reach?
Some analysts predict that Ethereum will continue to rise in value, driven by increased adoption of decentralized applications, growing demand for DeFi products, and the increasing popularity of non-fungible tokens (NFTs) on the Ethereum network. A price of $10,000 per ETH was projected by the community, giving Ethereum a valuation of around $1.2 Trillion.
On the other hand, others analysts predict that Ethereum could face challenges from competing blockchain platforms such as Cardano. This might play a major rule in shaping the future of Ethereum.
Ethereum Analysis: To Buy or NOT to Buy?
Ethereum recently rose from a low of $1,433 and reached a high of $1,830. In a previous price prediction, we anticipated such a rise as we noticed ETH hitting a support area. As prices consolidate, we might expect a further drop towards $1,700. However, prices should continue to rise higher and reach the target of $2,000.