By
Temitope Olatunji
April 15th, 2024
Having entered Bitcoin-dependent correction phase, Ether price is expected to increase by three times next year, according to some, while others forecast around $1,000 worth by the end of Q2 or Q3 2018.
Ether achieved its short term target this week and entered a correction phase that is typical after such a strong growth. Rare are the cases when technical analysis alone works well in cryptocurrencies with short time frames, as no deep historical data are available, but this time all predictions were correct. Ether managed to reach its high at $518.13, which is even more than we predicted ($500). The correction forming after reaching this high is quite significant, but such volatility is quite common with cryptocurrencies.
The correction might stop at $402 or $350, this totally depends on how the main cryptocurrency, Bitcoin, is doing. If Bitcoin correction continues, Ether will also be going below the currently predicted levels, while if the main digital coin stops falling soon, Ether will be rising shortly, too. The first upper target for Ether is $500, the further one being at $570.
One should not expect too much movement from Ether, as the liquidity behind it is far lower than the one of Bitcoin. The more famous is the brand, the more confidence it gets, and it is confidence that attracts so much capital and new players to the cryptocurrency markets.
Ether market cap reached $48B this week, and in case this hype remains (and it is likely to be here to stay until there’s an alternative option to this unregulated currency), it can reach the important level of $50B by the end of this year.
It should be also noted that Ethereum Classic tokens are also soaring this week. Most likely, this is happening because of the overall cryptocurrency hype.
Many predictions and expectations for 2018 are going to appear in the market by the end of the year, and Ether is no exception. According to some analysts, Ether price may increase by three times next year. Such a prediction cannot exclude a 50% correction with a growth wave so big, but this is unlikely to cause any fear. We expect Ether to trade around $1,000 by the end of Q2 or Q3 2018. The confidence in this digital coin is going to increase as long as Bitcoin keeps going up, it will be regarded as a too expensive asset, while Ether will be considered as undervalued. An additional advantage for Ether is its network security: with the cryptocurrency market developing, this aspect is becoming more and more important.