The Ethereum price has been on a downtrend since late 2021. The series of slips over the months raises the question – how long before Ethereum reaches the bottom? This article tries to answer that question with help of ETH’s price history since 2014, performance over 2022, and key milestones ahead. Let’s get started.
How Long Before Ethereum Price Reaches the Bottom: Summary
Ethereum, which climbed to $4,891.70 in Nov 2021, is down to $1,211.13 a year later. That is 75.31% down from its all-time high. The Luna fall, FTX bankruptcy, a series of scams and hacks have taken most cryptocurrencies on a downward spiral. Ethereum has fallen prey to the downturn too.
While most investors thought that Ethereum would find a bottom at $3500 early this year, the coin proved them wrong by stooping lower. In fact, ETH was below the petrifying $1000 mark at one point. But the coin has bounced back each time it was about to hit the mark again, which reinstates faith in its future. This includes the time when an FTX hacker reportedly dumped over 30,000 ETH in Nov 2022. The perseverance of the token amid the aftermath of the FTX bankruptcy and the long-drawn crypto winter gives hope.
Key Highs and Lows of ETH Over the Years
|● 2014 – Ethereum ICO took off to a grand reception. ETH was available for $0.311 during this stage.
● 2017 – Ethereum started earning attraction from the community, paving the way for an explosion in 2017. ETH took a huge jump from $8.17 to $820, as a result.
● 2018 – More traction to Ethereum and the crypto industry as a whole; now from the non-crypto markets as well. ETH climbed to $1270.
● 2019 – The bubble didn’t last, and Ethereum was down to $175.
● 2020 to 2021 – COVID-triggered market explosion took ETH to an all-time high of $4,891.70.
● Late 2021 to present – The overstayed crypto winter has triggered multiple crashes for the coin. The ETH price is down to $1,211.13 now.
Ethereum’s Journey to the Bottom in 2022
Ethereum hit an all-time high of $4,891.70 on 16 Nov 2021. Ever since that, it has been unable to maintain its momentum. The dramatic crashes that began in late 2021 (and continued throughout 2022) leaves the coin at $1,211.13 now. After a strong bull run, a crypto winter took over the market and shunted the growth of most cryptocurrencies. Ethereum was not spared from the destruction.
A series of price dips took Ethereum to $2406 by 23 Jan 2022. It came as a shock to the community, but little did they know that worse was on the horizon. Ethereum, which was aiming for $5000 in 2023, failed to sustain the momentum. Although the coin bounced back and went up the charts amid the speculations around the Ethereum Merge to hit $3521 on 5 Apr 2022, it couldn’t nurture the engagement.
In this section, we will discuss the five factors that have impacted the Ethereum price in 2022.
Ethereum 1-year price history, CoinMarketCap
LUNA Sent ETH on a Downward Spiral
One of the biggest tragedies to hit the crypto market in 2022 was the LUNA collapse. It didn’t just toss most cryptocurrencies into a sea of red. It also took a toll on the credibility of the industry as a whole. While stablecoins like USDT were the most affected, high-cap cryptocurrencies took the brunt and collapsed.
LUNC all-time price history, CoinMarketCap
Ethereum, which was valued at $2700 on 7 May 2022, took a nosedive to hit $1960 on 13 May 2022. It was followed by a small climb that didn’t last long. The coin witnessed another cascade of price dips, taking it down to the $1000 mark. On 19 June 2022, Ethereum hit $993. Luckily, that was the end of it.
Ethereum had a better time from June to mid-August. It gradually spiked up the charts during this period, reaching $1982 on 14 Aug 2022. The community was back to rejoicing, expecting the coin to soon push through the $2000 barrier. That didn’t happen, however.
Ethereum price history 1-year, CoinMarketCap
The Merge Failed to Make a Large Impact
The Merge is one of the biggest milestones in the Ethereum journey in 2022. Sadly, it didn’t make a large-scale impact on the ETH price like the community expected it to. Although the coin soared close to $2000 in mid-August factoring in The Merge that was likely to be held in September, it couldn’t maintain the momentum. The coin descended the charts along with most of the market.
Ethereum price from July to September, CoinMarketCap
It marked the network’s shift from Proof-of-Work consensus to Proof-of-Stake consensus. The Merge went a long way in enhancing the energy efficiency of the Ethereum network. It now requires validators to stake ETH to validate and create new blocks. Mining no longer exists, slashing energy consumption to a great extent. Mining has long been blamed by environmental activists and regulators for its unfairly large use of computing power and electricity.
The good news is, the new validation method has reduced Ethereum’s energy consumption by 99.988%. It has also brought down the carbon footprint of the blockchain, taking it down to approximately 99.992 % (from 11,016,000 to 870 tonnes CO2e).
The Merge has more advantages when compared to the older version. For example, it refines the economics of the Ethereum blockchain, as the number of Ethereum that goes into circulation every year will decrease in PoS.
2022 is a Long Crypto Winter, Confirmed the FTX Fall
FTX fall was another disaster to hit the crypto world. Investors didn’t take the collapse of one of the world’s largest crypto exchanges lightly, and sent most cryptocurrencies on a bear run in the days that followed.
A report that throws light on the potential leverage and solvency concerns involving Alameda Research triggered the crash. According to the report, the quantitative trading firm, co-founded by Bankman-Fried, had a large amount of FTT, instead of fiat currencies and other cryptocurrencies. The mismanagement tarnished the industry as a whole.
FTT 1-month price history, source: CoinMarketCap
Although the larger market collapse that began in early November is slowing down, the global crypto market cap is still below the $1 Trillion mark. At the time of writing, it stays at $833.38B. Ethereum was also affected by the crash. ETH, which was at $1550 on 8 Nov 2022, was down to $1100 on 10 Nov 2022, raising speculations of a more tragic collapse. Luckily, it soon found the bottom and is valued at $1,211.13 on 30 Nov 2022, at the time of writing.
Ethereum 1-month price history, 30 Nov 2022, CoinMarketCap
Global Recession Limits the Flow of Funds to the Crypto Market
2022 hasn’t been particularly rewarding for the global economy. Inflation, recession, and war have hit hard on most nations, limiting the flow of funds to cryptocurrencies. People prefer to invest in less volatile assets since they have got little to spare. That could change next year as the crypto market settles down and enters a mature phase where utility takes precedence over hype. Investors disappointed with the lack of transparency in the traditional markets are likely to find a haven in crypto.
Regulatory Grip Prevents Crypto from Expanding
Regulations and threats of regulations continue to stand in the way of crypto mass adoption. The fall of LUNA and FTX has aggravated the situation, bringing more attention to the industry. While positive regulations are always a good thing, prejudice and misconceptions may backfire. The lack of clear crypto policies and hostile regulations have proven to be detrimental to the industry.
How Long Before Ethereum Price Reaches the Bottom?
Ethereum has established a strong resistance at $1000 and is not likely to go below that line. That is, excluding the worst-case scenarios. For example, if the network that recently shifted to PoS incurs glitches, it could trigger one of the biggest crypto tragedies in the already sensitive market environment. Troubles in DeFi and NFT projects building on the network could also usher in disasters, although on a smaller scale. Not to mention, ETH is not immune to larger market trends, inside and outside crypto.
If everything goes smoothly, ETH can climb higher, reversing the losses from this year. It has a long way ahead, with the ecosystem expanding to more traditional niches like real estate, construction, healthcare, and education. The falls this year cannot be considered price corrections, if we factor in the developments and innovation going on in the network.
The team has a lot planned out for the next few years, which will shape the ecosystem for mainstream adoption and mass use.
Updated roadmap diagram! pic.twitter.com/MT9BKgYcJH
— vitalik.eth (@VitalikButerin) November 4, 2022
Here is a quick look at the Ethereum price prediction from 2023 to 2030.
|End of 2023||$3670|
|End of 2024||$5920|
|End of 2025||$6657|
|End of 2030||$7500|
Market Relevant Presale Tokens Make Better Investments than Ethereum
There’s no denying that Ethereum is an excellent crypto investment in the long run. But as the world’s second-largest cryptocurrency, Ethereum’s growth potential is limited. You need blue-chip cryptos like Ethereum in your portfolio. They are safe investments. That said, they can’t guarantee 10X-20X returns to you in a few months. Maybe not even in years due to their high-cap, saturated position.
Early-stage tokens underpinned by market-relevant projects can give you better returns on investment. Yes, they come with higher risks. To mitigate the risk element, make sure you do a detailed analysis of the white paper, roadmap, tokenomics, team competence, and credibility before taking the plunge. Here are some of the top ongoing crypto presales that have high market relevance and growth potential in the coming years. The list will give you a head start in your hunt for the best cryptocurrencies to buy for 2023.
1. Calvaria – The Best P2E Presale Token to Buy in 2022
Calvaria is a play-to-earn game that has been garnering a lot of attention since its announcement. The game revolves around the afterlife. Being rarely explored in popular media or gaming, the theme opens a lot of creative possibilities. From what we can understand from the white paper, the project does justice to the theme.
It is a battle card NFT game where each card comes with different characters with unique sets of powers and traits. The gamers need to understand the advantage of their deck of cards and strategize accordingly. They will earn rewards depending on their performance. While the gameplay is gripping, that’s not enough to succeed in the blockchain P2E realms. The failure of dozens of crypto P2E platforms in 2022 proves that the industry needs to lower its entry barriers.
Here, too, Calvaria shines by offering the game in both play-to-earn and free-to-play versions. It opens up the game to traditional gamers without the need to install crypto wallets or purchase NFTs and in-game tokens. As a gamer gets acquainted with the gaming mechanics and grows confident about their gaming strategy, they can move to play-to-earn and start earning rewards. The right to choose improves the conversion and retention rates of the game.
New Calvaria Giveaway! 💰
Calvaria Presents an opportunity to get a $100K worth of $RIA! 😍
Join the competition here and win: https://t.co/b120uwNeje
— Calvaria: Presale is Live! ✨ (@CalvariaP2E) October 25, 2022
Duels of Eternity, the primary game from Calvaria, will be live in 2023. The launch is expected to send the token on a bull run. With time, the game will penetrate more users, in turn, boosting the value of the token. You can now get $RIA tokens for a heavily discounted price from the ongoing presale, which is already in its 5th stage. Judging by the fast-paced progress of the presale, RIA tokens will be sold out ahead of the schedule. They are predicted to climb up to 10X on the release of the game.
2. RobotEra – The Best Metaverse Token to Buy in 2022
Another interesting play-to-earn project that has taken over the crypto community is RobotEra. It is a Sandbox-inspired metaverse builder game, designed to be bigger and better. The game is set on a planet named Taro, where you enter as a robot. You can own virtual estate, create games and experiences, and play them without any coding skills on Taro.
As a new resident of RobotEra, your goal is to build its infrastructure for the emerging civilization and make it livable. The platform will provide all the resources you need to make that possible. You can contribute to the growth and expansion of the metaverse by engaging in mining, construction, energy collection, or production. The RobotEra virtual world won’t be any less thrilling than the real world, with concerts, museums, nightclubs, casinos, and salons.
Going forward, it will transform into a shared multiverse that connects with other worlds. That is if it materializes as mentioned in the whitepaper. Here are some key highlights of RobotEra:
- Use the editor tools provided by the platform to build land, buildings, and companion robots.
- Join gamers from different parts of the world, with whom you can share your creative visions in building Taro.
- Explore RobotEra and find creative experiences curated by other residents. The more places you explore on Taro, the higher the rewards accrued to your account.
- Participate in Central City Quests to collect exciting crypto and NFT rewards. Central City is the birthplace of all robots and is accessible to all.
- If you’re a digital artist or sculptor, host an exhibition in one of RobotEra’s virtual museums or galleries. Make sure it’s an original artwork.
- In addition to these, you can participate in the many events hosted on RobotEra like virtual concerts and fashion shows from time to time. Access to these events can be free or paid as per the desire of the organizers. The payments are facilitated in TARO tokens.
- All RobotEra in-game assets are tokenized into NFTs for transparent, trustless transactions.
🔥 Don't miss out on this phenomenal presale opportunity 🔥
— RobotEra (@robotera_io) November 29, 2022
TARO tokens are predicted to take off upon the release of the game and the metaverse. If you’re planning to play the game or just want to hold the tokens as an investment, now is the best time to buy. RobotEra is hosting a presale of TARO tokens, which is seeing wide traction from the crypto community. The price of TARO will increase as the presale moves to the next stage. The low market cap and fast-growing community give the token large growth potential when compared to Ethereum.
3. Dash 2 Trade – The Best Utility Token to Buy in 2022
The series of crypto crashes in 2022 reveals the importance of utility-driven projects. At the end of the day, cryptocurrencies are here to power innovation, rather than hype.
Dash 2 Trade is a crypto intelligence and analytics platform that provides trading signals and social analytics on-chain data to help users maximize their profits. The platform’s goal is to make crypto trading accessible to all, regardless of their technical know-how.
Dash 2 Trade dashboard
In addition to these, the dashboard features a custom-made scoring system for presales and ICOs, independent technical indicators, auto trading API, risk profiler, presale listing alerts, on-chain analytics, and social trading. The features are designed to provide relevant data points to users that can have a real impact on their profitability.
Dash 2 Trade is fueled by D2T tokens, now nearing the fourth stage of the presale. The price will see a gradual hike as the token moves to the next stages of the presale. Analysts predict an 8X-10X hike for D2T on the public launch, which is scheduled to be held soon after the presale. It can go anywhere from 20X-30X as more features are integrated into the platform, and it reaches a wider audience.
5. Silks – The Best NFT to Buy in 2022
NFTs are also good investments for 2023. But make sure you buy utility-rich NFTs underpinned by relevant projects and competent teams. A good example is Silks, which is now hosting the 2022 Genesis Yearlings Sale and Genesis Avatar Sale.
Silks is the first play-to-earn game to bring the thrill of thoroughbred horse racing to the metaverse. Silks Horses reward holders every time the underlying horse wins a race or breeds offspring. The derivative nature of the NFTs makes them a great buy this year.
Both collections have been seeing wide traction from the crypto and horse racing communities. In fact, Silks Genesis Avatars is one of the top Sports NFTs on OpenSea. After the first set of 5000 Genesis Silks Avatars sold out ahead of schedule, the team launched another 5000 to cater to the growing demand. If you’re lucky, you may be able to mint what is remaining at just 0.25 ETH per Avatar.
- Why is Ethereum dropping this year?
Ethereum price has been on a downtrend in 2022 as a result of the broader market depression, global recession, crypto mismanagement like we saw in the case of FTX and LUNA, and regulatory threats.
- How high will Ethereum go in 2023?
Ethereum has the potential to cross $3760 by the end of 2023 if the project sticks to its roadmap and the crypto market stays stable.
- How to mine Ethereum?
You can’t mine Ethereum now, since the network has moved to a proof-of-stake consensus mechanism after the Merge. You can still join Ethereum staking pools and earn rewards, however.
- Where to buy Ethereum?
Ethereum is available for purchase on all cryptocurrency exchanges, including Binance, Coinbase, eToro, and Crypto.com.
- What will be Ethereum worth in 2030?
Ethereum can reach $7500 by the end of 2030. That is, if the project continues to integrate traditional use cases and penetrate a larger user base. But crypto crashes and network errors can slow down the growth by a few months or even years.