Ethereum, the second-best cryptocurrency to date and the only one that has ever threatened Bitcoin’s leading position has momentum. Despite the bumpy road traveled in 2023, the asset has started the year on the right foot, jumping to novel 52-week highs in February and topping the $4,000 threshold late in March.
The most modest Ethereum predictions position it somewhere between $1,8K and $6,5K for what’s remained of this year. However, the realistic Ethereum price prediction for 2025 considers a range of current factors, such as the overall economic overlook and growth, geopolitical events, fiscal policy changes, and macroeconomic aspects like the EUR/USD exchange rate, to name a few. The best documented predictions remain humble but encouraging due to the multiple influencing elements considered. The first quarter of this year registered substantial rises in income statement metrics, and the great network developments and bettering ecosystem metrics supporting the upturns are only bound to further progress.
The network’s improvement has nothing to do with Ethereum investors’ safety. In fact, aspiring Ethereum possessors must arm themselves with the best safety strategies and solutions to protect their sensitive data and financial holdings and stay away from potential scams and other pitfalls. So, let’s discover your duty once you decide Ethereum shall take part in your investment portfolio.
Never underestimate the importance of your wallet
Despite the obviousness of this tip, the wallet that holds your Ethereum sets the stage for how relaxed you’ll sleep after you’ve poured your hard-earned money into crypto. While there’s a lot of awareness being raised around portfolios, many investors continue to treat their crypto storage lightly and carelessly.
In the first quarter of last year, 57 crypto thefts occurred, equating to 228 such incidents per the year. Moreover, fraudsters set up over 7,9000 blockchain wallets starting with the second quarter of last year in attempts to capture crypto they usually drain ordinary users of, according to a study from Forta Network, a leader in crypto wallet security.
Numerous assaults represent social engineering attacks. A spoof but trustworthy-looking website lures users into connecting their wallets and approving a random transaction pop-up; at this point, the victim is left coinless. Hence, you should always start your Ethereum journey with the right protection strategies regarding your wallet and the best choice out there on the market. Preferably, you’ll get a cold wallet, but if you’re into the friendly UX of hot wallets, you’ll opt for one of your country’s largest crypto exchanges.
Acknowledge today’s common crypto scams
If this piece of advice sounds easy, you’re encouraged to reconsider your impression. As worldwide law enforcement is behind in crypto control and theft punishment, it’s equally inefficient in protecting the average users from the current perils and accidents. Not to say that once your Ethereum ends up in the hands of a malevolent person, it’s safe to say that you won’t be reentering its possession. Newcomers are even more susceptible to falling into the trap of scammers, for they don’t possess the huge knowledge and pricey software and hardware to secure their assets at all costs.
Some of the most common crypto scams you may stumble upon these days take a range of forms, including:
- Spoof promotions looking to garner your credentials by impersonating reputable exchanges
- Fake webpages promising unbelievable ROIs but low-key stealing your access data or crypto
- Forged airdrops tricking you into claiming your “free crypto” to break into your wallet.
Limit your public wi-fi usage
Conducting transactions over public Wi-Fi carries a lot of risks, whether through hot wallets on online exchanges or from a distance through cold wallets. Even the most inexperienced hackers can easily and frequently breach such connections.
Consequently, if you’re about to trade during a trip or hangout, you should always activate a VPN, short for virtual private network. Such software enables users to enter the used exchange’s server or register trades in the blockchain through secured encrypted digital underpasses, safeguarding the coins and wallet from sketchy internet connections and other public wi-fi perils. A uniquely configured server held by the VPN provider hides and redirects your specific IP address, preventing your ISP (Internet Service Provider) and third parties from overseeing your visited websites and the data received and sent.
Lock in profits at the right time
During bullish periods such as those predicted for the near future owing to the finalization of the halving and the approaching date of Ethereum ETF approval, crypto risks tend to rise. This is when you must ensure that your emotions don’t turn into imprudence and prevent you from securing your Ethereum trades.
By this, we’re pointing out that when the Ethereum prices boom, you’ll be tempted to sell or invest more, depending on your pre-established trading strategy. This is all the truer when a fresh presale enters the market and a lot of hype embraces the initiative. With the pending decision from the SEC regarding the legalization of ETH ETF trading, you can expect the already-frenzied event to keep furthering hysteria. During the storm, you must keep your feet on the ground and look at the bigger picture, carefully considering every move you’re tempted to make.
Ethereum defense at its best
Luckily, the best safety rules will remain pertinent in the crypto realm for as long as possible. Remember the following old-stagers when you’re sending Ethereum orders and welcoming them in your wallet.
- Always download applications from official app stores and stay wary of pirated software
- Employ a reputable password manager for lengthy, unique passcodes on your accounts
- Use dedicated email addresses during your Ethereum trading and investing
- Download anti-malware software on your device from reliable providers
- Use two-factor authentication for your device and wallet
- Always research the Ethereum investment source you’re eyeing
- Conduct frequent updates for your device and software
- Research the exchange you’re willing to use.
Last but not least, remain skeptical – never access unsolicited attachment links or posts, regardless of how legit they may seem.