Cryptocurrency mainstay Ethereum (CCC:ETH-USD) has had a rough fourth quarter so far. After hitting a new all-time high of $4,735 on Nov. 8 and then shedding nearly 20% of its price in just the last month, Ethereum price predictions are hot. Currently, the ETH crypto is sitting at $3,839.78, down 2.26% so far on the day.
Is Ethereum destined for a year-end rally or will it’s winter woes continue?
Despite its recent correction, ETH remains an ultra-popular digital currency. The coin has gained 546.3% year-to-date, and remains the no. 2 crypto by market capitalization, behind only Bitcoin (CCC:BTC-USD). Last month, Ethereum’s gas fees even hit record highs of $34.18 per transaction. Gas fees refer to the transaction cost of using the Ethereum blockchain. It’s used to pay for the mining necessary to evolve and maintain the blockchain.
Since then, gas fees have come back down to $5.50 per transaction, a four-month low. Consequently, address activity jumped to a seven-month high as investors clamor over the high-utility crypto. ETH has seen evaluations concluding it is more useful than even Bitcoin. Reasonably so, as ETH proves the backbone of the decentralized finance (DeFi) and non-fungible token (NFT) trends rapidly taking root in the economy.
Despite the optimistic tidings, ETH’s one-month pullback has investors confused to say the least. Let’s see what the experts think about a possible year-end recovery for the legacy crypto.
Ethereum Price Predictions: What’s Next for the ETH Crypto?
Wallet Investor sees ETH as an “awesome long-term investment.” The platform set a one-year price target of $6,989 per token and a five-year forecast of $19,298.
Coin Price Forecast is similarly optimistic on the Ethereum. It predicts Ethereum will hit $5,000 by the middle of next year and $10,000 by the end of 2024.
FXStreet’s technical analysis sees ETH making a near-term comeback. It expects ETH to make a 16% upswing to $4,533, should the crypto breakthrough its $3,912 resistance level. With that said, the platform doesn’t doubt Ethereum’s ability to drop even lower should it fall through its $3,780 support barrier, as low as $3,669.
On the date of publication, Shrey Dua 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.