It appears that for crypto investors, the worst parts of the last week are behind us. The potential Chinese and U.S. crypto crackdowns are no longer driving down prices, and eco-friendliness is becoming a standard crypto-conversation topic. But with Ethereum (CCC:ETH-USD) looking to more eco-friendly options, the coin is on the mend. Ethereum price predictions expect the coin to regain traction and look toward its old highs.
Ethereum is cooking up ways to appease the newer crowd of more eco-conscious crypto investors. In doing that, co-founder Vitalik Buterin is on the verge of a gigantic reduction in the blockchain’s power consumption.
Ethereum, like Bitcoin (CCC:BTC-USD), uses a proof-of-work algorithm. In using proof-of-work, miners must basically run mining rigs around the clock. Massive warehouses full of computer hardware are a huge sap of power. It’s a drain of power that is so large, in fact, that it has driven crypto proponents like Elon Musk away from proof-of-work coins.
Buterin is making clear his intentions to move Ethereum from proof-of-work to proof-of-stake, a far less power consumptive algorithm for mining. The shift will, according to Buterin, lead to the blockchain’s energy use falling a whopping 99%.
Ethereum Price Predictions: Where Can ETH Go From Here?
Ethereum is looking to break out once again and find its former self. Price predictions largely believe that ETH can do that. The Ascent is reporting a prediction for Ethereum, and they plead the case that the coin could surpass Bitcoin for crypto dominance. Citing its smart contracts, DeFi capabilities, and coming upgrades, a case can be made that Ethereum has a much greater future utility than Bitcoin and will likely surpass it.
InvestorPlace’s William White reported last week on analysts’ attitudes on Ethereum. Many had suggested a level in the ballpark of $3,000-$3,500, which it has fallen well below. This doesn’t mean Ethereum is down for the count, but it does suggest that the coin will be a slow mover as it climbs toward its former $4,300 glory.
Price prediction outlets are falling in line with this belief. Outlets like DigitalCoinPrice and WalletInvestor are not counting on ETH shooting past $4,000 again in the near future. Price predictions from DigitalCoinPrice suggest an end-of-year value of just under $3,400. WalletInvestor predicts a value of $3,700 for May 2022.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.