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It's been a rough year for Ethereum enthusiasts, with the price of ETH dropping 54% from $245 on June 11, 2019, to $112 on March 12, 2020.
But since then, the world's second largest cryptocurrency by market cap has climbed back to the levels it last saw 12 months ago.
After a 119% gain from March 12 to today, Ethereum is now back to the same $245 level we saw in June 2019.
And we could very well see ETH's market cap continue rising into 2021…
That's why we had to make sure you saw the latest Ethereum price predictions for 2021.
The lowest price target on PrimeXBT.com for Ethereum in 2021 is $1,500.
From today's (June 11) price of $245, that's a potential gain of at least 512%.
However, there's one ETH price prediction for 2021 that is so bold, you won't believe it until you see it.
We're going to share that prediction in just a minute.
But first, we're going to answer some of the most common questions we've received about Ethereum heading into this year and next…
Why Did Ethereum Prices Drop and Then Rebound over the Last 12 Months?
As we mentioned earlier, Ethereum has been trapped in a bear market over the last year.
One reason is because Bitcoin ETFs have been rejected by the U.S. Securities and Exchange Commission (SEC) for the last couple years.
Cryptocurrency investors were hoping an ETF would lure new money into the market.
Money Morning Cryptocurrency Expert David Zeiler said, "A Bitcoin ETF would help bridge the gap by allowing large investors to gain exposure to Bitcoin without the hassle of owning it outright. At the same time, it will open the door to a class of investors whose presence will help fortify and stabilize the Bitcoin market."
But since the SEC isn't ready for a Bitcoin ETF yet, cryptocurrency investors still have to wait for that new money to hit the market.
High-profile cryptocurrency exchange hacks in the past have also undoubtedly made investors fearful of using exchanges and storing their crypto assets.
Finally, the massive run-up of cryptocurrency prices from summer 2016 to early 2018 was so astounding that the market needed a cooldown.
Bitcoin traded for $434 on Jan. 1, 2016, and climbed 4,301% to $19,114 by Dec. 18, 2017. Ethereum prices climbed even higher, percentage-wise, when it went from $0.95 on Jan. 1, 2016, to $1,367 by Jan. 14, 2018.
That's a mind-blowing gain of 143,795%.
Early crypto adopters cashed out their profits and became multimillionaires.
But now that prices have come back to earth, we're getting a lot of questions about whether Ethereum is a good investment to make now…
Should I Buy Ethereum in 2020?
There are two reasons to buy Ethereum right now.
First, if you believe cryptocurrencies are the future of money, you can buy some and spread the adoption.
By owning and using Ethereum, you can help make its widespread adoption a reality.
Here's a list of vendors that accept ETH as payment, to get you started.
The second reason to invest in Ethereum is to make a profit in fiat terms.
Currently, most investments in cryptocurrencies should be considered speculative. Never invest what you can't afford to lose. But betting on the biggest cryptocurrencies like Bitcoin and Ethereum (with a combined market cap of $200 billion) is certainly less risky than speculating on smaller coins with only a couple million in market cap.
If you just want to be an investor and speculate on the price of Ethereum, you can open a Coinbase account.
We also have a list of seven other cryptocurrency exchanges that you can review for free here.
So, if you want to know if now is the right time to buy Ethereum, let's look where some of the most respected names in the space see prices heading in the next year…