Finder has released the new Ethereum (ETH) price forecasting for 2023.
To produce these predictions, Finder analyzes forecasts from industry experts every quarter, and the last of Finder’s expert surveys was conducted precisely in January.
It consisted of as many as 56 industry specialists who gave their opinions on how the price of ETH might evolve over the next decade.
Forecasting the price of Ethereum for 2023
Focusing only on 2023, the average resulting from the 56 experts’ predictions is that the price of Ethereum in the crypto markets could rise to nearly $2,200 by the end of 2023.
Given that the current value is just under 1,600, the projected year-end gain is nearly 40%.
It is worth noting that from the end of 2022 to today, ETH’s price has already increased by 30%, so Finder’s experts predict that 2023 could close with a total gain of more than 80%.
In July last year, a similar prediction claimed that 2022 should close with Ethereum’s price above $1,700, but instead December 2022 closed at less than $1,200, due to the collapse caused by the FTX bankruptcy. However, prior to that collapse the price of ETH was just slightly below the $1,700 mark, although it has not been able to rise back up to that level since then.
In other words, ignoring the unforeseen FTX failure, Finder’s experts’ July 2022 forecast had not gone very far from the $1,650 touched both before the November crash and with the January recovery.
Comments on the Ethereum (ETH) price forecasting
Many of the 56 experts contacted by Finder were optimistic about the price of ETH, but some believe it still needs to fall a bit before rebounding.
In particular, current market conditions are still difficult, due to high inflation, high energy prices, and an unstable geopolitical climate, but over the course of the year we may see a return of interest in riskier assets.
One shared idea is that economic activity will begin to pick up later in the year, thereby also increasing transaction costs on the Ethereum network, which will force users to buy more ETH by increasing buying pressure.
Given this dynamic, there are those who believe that during 2023 the price of ETH could even go as high as $2,500, while Ethereum’s annual low inflation rate should still keep the price above the $900 mark.
$900 is also the minimum level touched in 2022, so this seems to be a rather solid resistance threshold. It is a long way from here to the $2,500 possible annual peak, though.
Time to sell or buy?
It is therefore not surprising that 56% of the experts surveyed by Finder said that they think the current period is a good time to buy ETH, although there are 16% who think it would be better to sell instead. Conversely, 28% say that this is just the time to hold.
The fact is that many of these experts think that after the 2022 cleanup, the price of Ethereum may now be poised for a surge. It is worth mentioning that in May of last year, before the collapse due to the implosion of the Terra/Luna ecosystem, Ethereum’s price was still well over $2,500. So any return to those levels would be nothing more than undoing the losses caused by that catastrophic event.
Therefore, after a long period of pessimism due to a succession of crypto catastrophes, resulting in a collapse in value, a growing optimism is now beginning to spread that could allow the price of ETH to rise again. If this dynamic is confirmed in the facts, then a return to values prior to the May 2022 collapse is not at all absurd to imagine.
However, contingencies are by definition unpredictable, so such reasoning holds only in the absence of other unforeseen catastrophes such as the Terra or FTX catastrophes of 2022.
At this point, it is also not surprising that 60% of the experts polled by Finder said that the current price of ETH is undervalued, although 12% believe it is actually overvalued. Interestingly, the remaining 28% believe it is neither.
Finder also asked the 56 experts when they expect the so-called flippening to occur, i.e., Ethereum’s surpassing of Bitcoin’s market cap.
More than 50% said they did not think it was likely, so much so that the most popular answer was “never” with 30% of the preferences. Another 22% said they were not sure it could actually happen.
Coming in only third among the various responses was “by 2030,” with 18% of the votes.
These figures suggest that just over half of the 56 experts polled by Finder are not supporters of Ethereum, while at least 40% are.