Ether (CRYPTO: ETH), the cryptocurrency of the Ethereum blockchain, hit an all-time high of more than $4,800 in November 2021. That represented a whopping gain of more than 550% from the beginning of the year. At the time, many analysts believed it could go even higher. Bloomberg Intelligence analyst Mike McGlone predicted Ether's price could reach $4,000 to $4,500 by the end of 2022. The crypto news outlet Coinpedia predicted its price could hit $6,500 to $7,500.

However, Ether actually ended 2022 at about $1,200. Rising interest rates drove investors away from cryptocurrencies and other riskier investments, while the failures of several high-profile tokens and exchanges tarnished the industry's reputation. Many analysts have reined in their near-term forecasts for Ether, but the bulls still believe it could bounce back in 2023.

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Source Fool.com