Ethereum, which is the second largest cryptocurrency in terms of market capitalization, struggles to get momentum to break the range limited by $230 on upside and $224 on downside. ETH is getting lower by 1.7% daily, followed by the global trend; all major coins are in red from the start of the day. The current market value of Ethereum is around $23 billion, and the average day-to-day trading volume is $1.4 billion.
Ethereum Price Prediction
Surveyed by Finder.com, experts expecting that the second largest coin shall gain positive momentum later this year. Average price forecasted for December is $379, which is around 79% higher than the current value.
Ethereum (ETH) Price Today – BTC / USD
Crypto Expert Joseph Raczynski explained:
“This is one of the best positioned of all the cryptocurrencies on the market. Nearly every large organisation is using it to test their own POCs. They have more developers than any other organisation. Still think this is one of the best long-term plays of all,”. ETH will reach to $1200 at the end of 2019, he said optimistically.
Analyst Says Crypto Has Hit Bottom in 2018
Cryptocurrency Analyst Eric Thies thinks that crypto market might have hit the bottom in September, as the value of Ethereum (ETH) dropped by 50 percent.
After trading below the $180 mark, ETH rises up to $230, most likely due to the oversold conditions by market in late September.
From ICO Bubble to Crypto Bubble
Throughout the second half of 2017, demand for Initial Coin Offerings (ICO) rise up to an unprecedented level. Blockchain projects raise more capital via token sales than from VCs (Venture Capitals).
TechCrunch reports that ICOs raised 3.5x more capital than startups backed by VCS in blockchain sector. Jason Rowley stated:
“Over the past 14 months, blockchain and related startups have raised nearly $1.3 billion in traditional venture capital rounds worldwide. But for the ICOs Crunchbase has captured, nearly $4.5 billion was raised via ICOs.”
Eric Thies says that massive ICO growth contributes to mid-term rally of cryptocurrency market, as it reaches to all-time high valuation of approximately $900 billion. He further stated:
“Bitcoin’s run in the end of 2017 was fueled by a massive ICO (ERC20) bubble and therefore indirectly fueled via ETH. Meaning that ETH capitulating in early September was significant to ending the bear market. We were all looking in the wrong place, expecting BTC to do it.”
Bitcoin dropped from $12000 to $6000 in February during bear market, and Thies explained that the end of Bitcoin capitulation was when this leading cryptocurrency started to show high level of stability at $6000 consistently. Eric further added:
“BTC parabolic continuation into mid-December was due in-part to the $BCH fork from August. Those with high amounts of BTC now had freeplay money to throw at whatever ICO was on the come up. BCH has also capitulated, while we were once again looking elsewhere. The third factor is $USDT and the enormous influx of liquidity coming into the market via exchanges, etc.,”
As TheOofy reported before Ethereum Classic (ETC) Partnering with Blockfolio Signal as Investors Exit
Did market really hit bottom
In early September, investor and Billionaire Mike Novogratz stated that Bitcoin has hit bottom at $6000. ShapeShift inventor and CEO Erik Voorhees assert that whilst the bear market is not over yet, it is a good time for investors gather because it is near impossible for BTC to further drop from its current level.
Experts proposed that market is bear biased, as Bitcoin showing its lowest yearly volume since past seven days. Although, given the given the fact that positive developments in crypto space and stability shown by Bitcoin (BTC) for the last two months, it is quite possible that crypto market has hit the bottom already.