Some were designed for specific niche purposes, and not all crypto creators aim to dethrone Bitcoin. Though Bitcoin and Ethereum tend to receive most of the attention, there are thousands of other cryptos: The database CoinMarketCap tracks nearly 10,000. Markets don’t like uncertainty, and that has been true of the crypto field as well. Geopolitical and macroeconomic factors like the persistent Covid-19 pandemic, high inflation, the Russia-Ukraine war, and more have fueled uncertainty and concern. The cryptocurrency market’s decline in the first half of 2022 has mirrored that of most asset classes. Investors may be waiting to see how users and companies alike respond to the long-planned changes, and how people adapt to those changes, once they finally happen. But Ethereum’s performance in 2022 hasn’t so far reflected that hype. The Ethereum blockchain has launched test versions of the new proof-of-stake system, and the hype is high for the so-called Merge when the Ethereum mainnet-the system’s original blockchain-switches over later in 2022. Here are a few factors that could drive it up or down:
Factors that could affect Ethereum’s priceĪs of mid-July 2022, Ethereum’s native cryptocurrency, ETH, was trading at about $1,500 a coin. And unlike companies that have sales and earnings, allowing investors to calculate valuations, cryptos have no financial results. That’s arguably even more true in the cryptocurrency world thanks to its extreme volatility, driven by speculation and wild swings in investor sentiment.
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Many experts won’t even offer a prediction on Ethereum in particular, as its price tends to fluctuate more than many others: “I dare not speculate” where the price of Ethereum will go this year, Kryptovault’s Kjetil Hove Pettersen told CryptoNews, adding that ETH will likely be “even more volatile than Bitcoin.”Īll this underscores that even professional market watchers with expert technical analysis cannot predict where Ethereum’s price will go over the long term.
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Tegan Kline, the co-founder of blockchain software maker Edge & Node, told Bloomberg in 2021 that Ethereum “will likely exceed Bitcoin at some point in the future, as Ethereum will be superior when it comes to innovation and developer interest.” But in the same Bloomberg article was a flat contradiction: "Bitcoin will still remain king of the cryptos," said Edward Moya, Oanda Corp.
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And Ethereum is also in the middle of a phased-in upgrade process that will bring new features aimed at efficiency and scalability-including a switch from the energy-guzzling Proof-of-work process that currently creates new tokens, to a more sustainable one called Proof-of-stake
1 crypto thanks to the unique features its platform offers, including decentralized applications (dApps), a marketplace to trade other cryptos, and the smart contracts that Ethereum first brought to the market. Some experts think Ethereum is poised to become the No. Will Ethereum go up? Why is Ethereum dropping? Crypto investors have lots of questions about where Ethereum will go from here, but as with any asset, no one can reliably predict Ethereum’s future price. Is there a way to calculate Ethereum’s future price?
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