Is it too Late to Buy Ethereum? Expert Analysis

Despite a year-long aggressive downslide of the crypto market, Ethereum bulls have managed to induce a positive Return on Investment (ROI) over the past two years. Additionally, with the price action refusing to mark lower lows over the last six months, investors may wonder if it is too late to buy Ethereum.

To reliably gauge the chances of an Ethereum rally, let’s take a look at its empirical price behavior, the thoughts of some industry-leading analysts, and a couple of other cryptos that investors could be buying alongside ETH to potentially mitigate their portfolio risk.

Ethereum Price History

While Ethereum’s current plunge phase keeps extending, investors would be inclined to ask “is Ethereum still worth investing in?”. To build a perspective on the current prices, it becomes vital to know how the coin has reacted to some of the critical price ranges in the past.

First-hand knowledge of this could put the buyers in an advantageous situation as they would be able to forecast a likely outcome in the times to come.

Soon after its launch in 2015, ETH stood below the $1 mark during its initial days. Ethereum’s intention to create a platform for smart contracts and allow people to build dApps on its platform brought forth a major revolution in the blockchain space.

Post a rather sideways movement for a couple of years, ETH saw its first major spike in 2017.

After compressing in the $83-$387 for over two years between 2018-2020, ETH bulls snapped the then recovery barrier in November 2020 to set the foundation for an exceptional bull run. The king alt grew by over 220% in the next three months and flipped the vital $1,240-$1,285 range from resistance to support.

Historically, the $1,100-$1,386 range has been highly liquid. Thus, the price generally tends to consolidate for a brief period before moving into a high volatility phase. Gradually, the bulls found renewed pressure and escaped this high liquidity area to enter into a phase that bagged non-linear gains for the altcoin in 2021.

An additional ROI of 216% after jumping above the $1,386 level aided the bulls in testing the $4,166 resistance mark in May 2021. As the bears re-entered the market to induce a bearish pull, ETH lost over half its value in the next two months.

A classic double-bottom setup in the daily timeframe highlighted the underlying build-up of the buying pressure in mid-2021. The subsequent breakout rally put Ethereum in a price discovery phase as it marched north to touch its lifetime milestones.

While growing in a steep ascending channel in late 2021, Ethereum reached its All-time High on 10 November 2021. While the price saw an expected breakdown from its up-channel, ETH glided south in the coming times. After the recent losses, Does ETH behold the potential to be one of the fastest-growing cryptos?

Ethereum Highs and Lows

Is Ethereum a good investment at the current price? Let’s chalk out the important peaks and lows of the coin to gain a perspective of the current price.

• October 2015 – After the coin’s launch in 2015, the coin struggled to sway past the $ 1 mark. In the meantime, ETH touched its All-time low on 20 October 2015 when it dipped toward the $0.433 zone.
• December 2017 – This was the first time ETH broke out of its bearish shackles and grew beyond the constraints of the $387 resistance.
• January 2018 – Ethereum marched toward its then All-time high in the $1,390 zone.
• November 2021 – Post a relatively slow-moving phase between 2018-2020, ETH induced a streak of buying rallies in late 2021 that aided the bulls in finding an ATH near the $4,868 zone.
• November 22 to present – The coin has been on a consistent downward trend since the past year as the sellers keep finding fresher lows.

Ethereum’s Performance in 2022

The investors who find themselves asking the question ‘should I still buy Ethereum?’ should factor in the impact of the recent price movements before making this decision.

While Bitcoin was at the forefront of taking the brunt of the market-wide decline, the altcoin market also dwindled following the king coin’s footsteps. Especially with a 99% press time correlation with Bitcoin over the last 30 days, much of Ethereum’s decline can be attributed to the deteriorated broader market sentiment.

The domino effect of the BTC fall induced a southward rally in Ethereum’s price since its ATH. The resulting decline delineated a year-long trendline resistance (white, dashed) in the daily timeframe.

As can be seen on the chart, the bears prevented the buyers to rally above this trendline by provoking reversal rallies since November last year. Nonetheless, the buyers have been ensuring stability by defending the $987-$1,100 range for nearly six months now.

The previous rebound in July 2022 from this support range saw ETH rising toward its high liquidity zone in the $2,000 region. But the buyers couldn’t find a break above the 200-day Exponential Moving Average (green) whilst the long-term trend still favored the bears.

Consequently, the resulting bearish pull entailed a descending channel (white) on the daily chart. More often than not, this pattern’s breakout induces a near-term upward trend. On the other hand, the buyers were yet to display their vigor as buying volumes were still weak during the market downfall.

A sustained close above the long-term trendline resistance in the vital $1,400-$1,570 range can convincingly affirm a change in the trend to favor the buyers. Furthermore, any improvements in the broader sentiment could help ETH pump toward and beyond the $2,500 barrier.

However, it is worth noting that any decline below the above-mentioned long-term support range can delay the recovery prospects in the coming months.

Ethereum Price Prediction 2023 – 2030

A fair bit of skepticism in asking ‘is Ethereum still going up?’ is only justified given the recent trajectory of the price action. Regardless of the recent events, Ethereum continues to register remarkable growth in its Network over the past few years.

The recent upgrade on Ethereum’s network as it shifted from a Proof-of-Work (PoW) to the Proof-of-Stake (PoS) mechanism has set the stage for lower transaction costs alongside decreased energy consumption. This update would make it easier for an average person to transact and thereby could see even higher adoption. Has ETH become the best proof-of-stake coin? 

To reliably assess ETH’s growth potential in the coming years, it becomes necessary to consider the impact of ‘the merge’ on the network’s tokenomics. The switch to ETH 2.0 has inflicted ETH to be more deflationary while the total new ETH issuance will drop by nearly 90%. Keeping in mind these factors, let’s take a look at Ethereum’s price prediction.

• 2023: Should the broader market show signs of a decent recovery from the wrongdoings of 2022, ETH could have a bright future ahead. Assuming the buyers hold the immediate support range, ETH’s recovery could find a recovery toward and even beyond the $2,900 mark in 2023. On the flip side, a bearish pull during this year could continue to find rebounding support from the $1,100 region.
• 2024: ETH’s growth beyond its long-term resistances could reignite the bullish pressure as the buyers would aim to find fresher highs. In these circumstances, ETH bulls would aim to propel a rally toward its long-term ceiling in the $3,600-$4,000 range. Any break above this range would put ETH in a price discovery phase.
• 2025: While it is true that many upcoming projects would aim to be ‘Ethereum killers’, Ethereum would need to maintain its edge to ensure an increasing demand for its native coin. Should the coin maintain its edge, its price could definitely match its current ATH near the $4,800 region before expediting its northbound journey toward the $7,500 level.
• 2030: The after-effects of a smooth transition to ETH 2.0 can lead to a radical change in the network’s capability to process transactions, security, and so on. Successful implementation of these factors can aid ETH in hosting in marking exponential growth in the coming decade. Consequently, the coin could peak toward or beyond the $15,000-$20,000 range.

Your capital is at risk. Crypto asset investments are highly volatile and speculative. 

How Could Ethereum be Used in the Future?

After successfully demonstrating its ability to provide a robust platform for developers to create dApps and Smart Contracts, Ethereum has been targeting the scalability and security problems to propel more users to rely on its Network.

Any coin’s long-term growth is truly foundational to the network’s ability to create practical utility for people in everyday life. Ethereum’s consistent growth in terms of its development activity alongside the network upgrades has enhanced its utility over the years. Also, newer ways to spend Ethereum could keep the coin’s demand intact.

Going forward, ETH’s growth potential seemed quite promising given the impact of the ongoing changes in its network infrastructure on its future utility. Investors who find themselves asking themselves ‘ is it too late to buy Ethereum?’ should consider these factors:

Impact of the ‘Merge’

The recent network upgrade to ETH 2.0 has paved a path for the network to handle a superior capacity of transactions. The effects would lead to lesser transaction costs and potentially would induce more users to transact.

Moreover, the effects of an increasing adoption would ultimately increase ETH’s utility as a ‘commodity’. This means that affordable costs or lesser gas fees could inherently increase the coin’s utility as a means to transact on its ever-growing blockchain.

Gaming & NFTs

The Ethereum blockchain is at the heart of the ever-growing decentralized NFT gaming metaverse. The top projects by market cap including The Sandbox, Decentraland, and Axie Infinity leverage Ethereum’s blockchain.

With the Merge kicking in, the network’s capability to manage congestion and offer a reliable structure could only grow in the coming times.

Ethereum’s tokenization protocol enables the creation of unique digital assets. The world of NFTs has been finding its grounds from being just a ‘niche’ to entering the mainstream social ecosystem. As a result, ETH as a coin would have yet another utility in its arsenal.

DeFi

The emerging phenomenon of Decentralized Finance has challenged conventional banking’s ability to be a ‘trustee’ of our money. With a peak Total Value Locked (TVL) of nearly $180 billion in December 2021, this industry proved its merits as a viable alternative for investors.

At press time, the total TVL stood at $42.2 billion. Out of this, Ethereum had a nearly 57% dominance. Any sentimental improvements in the crypto market could again see an uptick in Ethereum’s TVL and enhance ETH’s utility in the years to come.

What Experts Say on Whether it’s Too Late to Buy Ethereum

While the riddling question of “is it too late to buy Ethereum?” always keeps cropping up, it may be useful to consider an expert’s opinion to gauge the coin’s growth prospects. Let’s see what some prominent personalities think about Ethereum’s future.

Mark Cuban

Mark Cuban needs little introduction as most people may know that he’s a billionaire entrepreneur who owns the Dallas Mavericks, a professional basketball team of the NBA.

In an interview with CNBC during ETH’s previous bull run, Mark pointed out that he’s an “Ethereum maxi.” He went on further to praise Ethereum’s utility potential in terms of Smart Contracts, DeFi and NFTs.

Alexander Kuptsikevich

Alexander Kuptsikevich, a senior analyst at FxEmpire, believes that Ethereum has already put itself in a position to receive support from long-term investors. However, he also advised the investors to remain cautious for a few more quarters before expecting a bull rally.

Martin Froehler

Martin Froehler is the founder of Morpher. He believes in Ethereum’s ability to continue providing a consistent yield via staking while being sustainable for the environment.

Especially with the recent transition to the PoS mechanism, Ethereum has well–positioned itself to improve its image in the investor community with regard to environmental concerns.

Your capital is at risk. Crypto asset investments are highly volatile and speculative.

Where to Buy Ethereum?

Investors who have gained enough confidence to come up with an affirmative answer to the question “Should I still invest in Ethereum?” can consider buying Ethereum at a time when the prices are relatively discounted. In this case, investors may wonder where to buy Ethereum from.

Given the recent events in the crypto space that have reignited mistrust among exchanges, it becomes vital to study its background to ensure adequate safety. For instance, let’s take a look at eToro:

eToro: A Multi-asset Investment Platform for Empowering Investors

Established with a vision to make trading accessible for everyone and ultimately decrease the reliance upon traditional financial institutions, eToro is one of the world’s leading investment networks.

eToro has received authorizations/certifications from various regulatory authorities like the CySEC, FCA, and ASIC among others. Moreover, the platform fully deposits client funds in an untouched separate account.

Also, investors can access eToro’s ‘CopyTrader’ to replicate the trades of several experienced and professional traders. What’s more? eToro offers its users the functionality to create a ‘Smart Portfolios’ i.e a group of assets bundled together based on a particular strategy.

All of this, alongside the low fees on its platform, has made eToro a viable option for users looking for high-safety features and low cost. As a result, eToro has expedited its efforts to empower millions of users in over 140 countries to invest in stocks/cryptos over the last few years.

Interested in learning more about this popular social trading platform? Read our eToro review now.

Is it Too Late to Buy Ethereum? Our Verdict

Some of the investors may still be sailing on uncertain waters while finding it complex to gauge Ethereum’s potential in the current market scenario. They could consider taking a holistic view of the previously discussed parameters to finally decide on whether or not “is it too late to buy Ethereum?”

The buying ability to maintain a position above the constraints of its long-term technical barriers on its chart can spark the initiation of a well-needed uptrend in the coming months. Despite the ongoing losses, Ethereum’s ability to keep its long-term investors in a positive ROI has set a strong precedent. Especially when some are earning interest on their ETH holdings.

Is it still a good time to buy Ethereum? After taking into account Ethereum’s price history, performance this year, thoughts of various prominent analysts/investors, and its utility potential in the coming times, Ethereum exhibited a promising growth potential. Investors should decide how much are they willing to invest in crypto to diversify their overall risk.

Any broader market sentimental improvement can further bolster Ethereum’s pathway to break its bearish chains in the coming times. Nonetheless, looking at its strong correlation with the king coin, investors should keep a close eye on Bitcoin’s volatility to gauge the spill-over effects on Ethereum.

The plausibility of a delayed recovery can hamper the near-term growth potential for ETH. Such risk-averse investors can consider looking to invest in the best cryptocurrencies to further reduce their portfolio risk.

Cryptos to Consider Buying Alongside Ethereum

While Ethereum displayed its ability to grow in the future, Investors looking to minimize their risk can also consider adding a few other cryptos to their portfolio.

1. Dash 2 Trade: A Leading-edge Crypto Analysis and Social Trading Platform

Dash 2 Trade is one-of-a-kind crypto analytics and a social trading platform with a primary goal of providing investors/traders with actionable insights into the market.

At its core, Dash 2 Trade aims to distill price-sensitive information to investors. This knowledge would help investors gauge profitable entry and exit triggers alongside reviewing any project’s background and thereby make sound and informed investment decisions.

At press time, the project has already caught investor attention by rapidly selling out its two stages and securing more than $8.3 million USDT while nearing the end of its third stage.

Dash 2 Trade’s dashboard seeks to provide the best-in-class information simply at the right time for investors. This will guide the users to navigate through and make decisions from the abundance of market information.

To make this possible, the platform offers a bunch of features that enable access to multiple social trading tools, metrics, buy/sell signals, Crypto presales & listings, and so on. Additionally, the project has also devised automated trading strategies, a strategy builder, and a backtesting platform to create a swift user experience.

Also, if beginner investors are looking to get into crypto, Dash 2 Trade’s unique features could make their onboarding experience quite simple.

D2T token is Dash 2 Trade’s native crypto that enables access to all these features. This Ethereum-based ERC-20 token is central to the Dash 2 Trade’s ecosystem. These tokens are available on Dash 2 trade’s presale page at a relatively discounted price. Also, as the current presale may end soon, investors should consider buying the token while the price may rise in the next stage. Investors can refer to the detailed guide on how to buy the D2T tokens.

2. IMPT: A blockchain-based carbon footprint-reducing platform

IMPT is an impactful project that seeks to empower an individual or a business to offset their carbon footprint effectively and securely.

The simplicity of its solutions has attracted a ton of investor attention in a short period. Consequently, the project has quickly raised over $14 million out of the $25.9 million target amount.

The project aims to leverage the use of carbon credits or carbon offsets as a tool for reducing carbon dioxide in the atmosphere. The project offers a unique solution for the users to be able to buy these carbon credits. The users can simply access these credits without the need to make any extra effort. In a time when investors are looking for the most energy-efficient cryptos, IMPT could be a feasible alternative.

By tokenizing these carbon credits in the form of NFTs, users can receive these credits indirectly by simply shopping with their regular brands. To make this possible, IMPT has tied up several hundred brands across various sectors that are willing to set aside a portion of their sales margin for environmental benefits.

Currently, the IMPT tokens are selling out at $0.023 and are in the presale stage 2. While the current sale may sell out soon, investors should consider buying the tokens while they still have a chance. After this stage, the prices are expected to rise.

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