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Ethereum Price Prediction: Will ETH Price reach $2000 ahead of Shanghai Upgrade?

Ethereum Price Prediction


Price  $1550
24H Price Change  1%
7D Price Change 10%
Market Cap  $189 billion
Circulating Supply 122 million ETH
Trading Volume  $6.2 billion
ATH $4951

Additional Read: Important Crypto Lessons In 2023



ETH/USD | Source: Tradingview

Ethereum price has had a tough 2022, but it has been one of the better performers of 2022, especially because of the Ethereum Merge that took place on the 15th of September, 2022. ETH price had gone on a massive rally ahead of the Ethereum Merge but immediately after that the overarching bearishness of the market set in and ETH price lost out on almost all the gains it had made ahead of the Merge.

However, despite that – ETH price is better off than most other heavyweight coins, especially Bitcoin as it is far off from its 2022 lows, which were made in June 2022. And especially now, since the beginning of 2023, Ethereum price has been on a fantastic streak of recovery goin all the way from near $1200 levels to well above $1500, and currently at about $1550. It had touched $1600 briefly too.

Going forward, ETH price can be expected to face some strict resistance at about $1800 which forms the beginning of a consolidation range (marked in grey) and goes all the way up to about $2200. However, there is some positive news regarding the Ethereum Shanghai Upgrade on the way and we could potentially see a strong run up to the $1800-$2000 region if the overall sentiments are in support.



ETH Development Activity | Source: Santiment

Ethereum’s development activity has been on the rise ever since the beginning of the year – which is a decently positive sign as it indicates a lot of developmental work is happening behind the scenes as the Ethereum Shanghai Upgrade is slated to take place in March 2023. This is a safe conclusion to come to since the same pattern can be observed earlier last year between the months of May to September 2022, when Ethereum’s development activity saw a major rise as the highly anticipated Ethereum Merge was on the way. It did see some fall off post that but that was picked back up again and is currently on a strong uptrend for the coming weeks.


ETH Social Dominance | Source: Santiment

Ethereum’s social dominance has also been on a strong upward trend from the middle of December 2022 all the way till now – and it has almost doubled in the past month! This is a strong indicator that there is rising interest in the altcoin king as the Ethereum Shanghai Upgrade is expected to go live in the month of March 2023.

Increasing social dominance is a good indicator of how investors and other crypto market participants are talking about the particular token and how the eventually upcoming event could potentially be a success both in terms of price and execution.


ETH Supply on Exchanges & Supply Held by Top Addresses (as a % of total supply) | Source: Santiment

The chart attached above is a combination of two metrics, laid out on top of each other to directly be able to compare how the supply metrics have been playing out for Ethereum. The red line is indicative of the Supply on Exchanges while the yellow line indicates the Supply held by top addresses on the chain – both measured as a percentage of total supply of the token itself.

Now, what this combined chart indicates that while supply of the token has been going down on exchange wallets, supply of ETH token held by large investors has been increasing constantly at the same time!

A possible conclusion to this can be that these large-scale, ETH HODLers are steadily buying up this particular crypto from the open market amid the bear run and are constantly removing them from exchange wallets and transferring them to cold wallets for long term HODLing. This is an extremely positive signal for a crypto and thus, bodes well for the future price action in this coin.

Read More: Top Ethereum ERC20 Tokens By Market Cap


Ethereum price prediction for the year 2023 can be expected to be on the muted side as even if we see some recovery on the back of various positive news coming out of the Ethereum ecosystem – we must also understand that we are also coming out of a heavy bear market from 2022. Thus a very strong recovery within 2023 itself in Ethereum seems unlikely.

That said, however if prices begin to react positively as the Ethereum Shanghai upgrade comes closer – as it did back in the days coming up to the Ethereum Merge – we could see a rally in ETH prices up to the $1800-$2000 mark. However, a breakout of the consolidation zone between $1800 to $2200 mark would be extremely difficult and thus the most ETH can safely touch in 2023 is about $2000 or a further 40%-45% rally from current levels.


After a dreadful bearish market in 2022 and a recovery phase in 2023, the crypto markets may have been preparing to ignite a notable bull run. Therefore, the FOMO factor may attract huge strong hands onto the platform where-in the prices may grow heavily in no time. Meanwhile, by the end of H1 2023, the ETH price may trade around $3000 to $3500.

During the second half of 2023, the price may continue with its upswing and rise beyond $4000 in the first few days of Q3. However, as the trade approaches the yearly close, the price may witness a drop in its pace igniting a consolidation. After accumulating strength, the price may further resume its uptrend but may certainly not form new highs in 2024.


As the trade steps in 2025, the ETH price may quickly form a new ATH above $5000 and further continue to find new highs thereafter. By the end, the price may reach $5500 and during 2026 trade may soar beyond $6200. During the 2027 trade, the ETH price could reach close to $8000 and also try to surpass these levels.

Furthermore, in 2028, the prices may range close to a 5-digit figure but before achieving, may ignite a steep downfall. With the correction phase prevailing, the ETH prices may drop back below $6000. In 2029, the price may maintain an ascending consolidation above $7000 and by the end of 2030, the Ethereum price may reach beyond the desired levels at $10,000.

Year Ethereum Price Forecast
2023 $1550 to $1780
2024 $2800 to $3600
2025 $4400 to $5250


Ethereum has been largely consistent since its inception and has been termed one of the safest cryptos in the markets. As it believes in calculated price swings, the possibility of a deep dive into the bearish well is avoided. Above all, before investing in any token, a deep knowledge of the market trends and a close observation of the price movements is imperative.


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