Ethereum (ETH-USD) is trending today after posting an impressive weekend rally alongside several other popular cryptos. Why is the ETH crypto surging? Continuing to climb this morning, Ethereum appears to be experiencing excitement around its upcoming Merge network upgrade. Now, many websites are issuing bullish Ethereum price predictions.
As of this writing, Ethereum is up roughly 9% for the past 24 hours. The crypto is changing hands at just above $1,470.
Why is ETH jumping ahead of the Merge? As part of the upgrade, Ethereum is scheduled to switch from a proof-of-work system to a proof-of-stake consensus mechanism. This upgrade has been talked about since 2014 but never implemented. After changing to proof of stake, Ethereum will essentially become much less energy intensive, emit less carbon and experience less network bottlenecking.
Ethereum Price Predictions
Seeking Alpha reports that, in the first half of 2022, “investments in venture capital-backed crypto firms fell about 26%” to $9.3 billion. This downturn came as multiple crypto companies encountered severe financial problems in the spring and summer and overall confidence in crypto declined.
Ethereum has surged more than 25% since July 11. However, the crypto is still down 50% over the past three months and 60% year-to-date (YTD). Still, many sites remain bullish on ETH.
Let’s dive into some Ethereum price predictions.
- DigitalCoinPrice gives an average price target of $2,174 for ETH in 2023.
- Wallet Investor predicts a one-year forecast of $2,755 and five-year forecast of $8,183 for Ethereum.
- Finally, Gov Capital gives a one-year price target of 3,575 and a five-year target of $17,291 for ETH.
On the date of publication, Larry Ramer did not hold (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.
