Ethereum Price Prediction Analysis – Whoa! Quite a slip there for Ethereum, whose price had been creeping up towards $350 U.S., outpacing the pundits who were mostly calling for $250 by year’s end. Then in one fell swoop of panic selling, the price plummeted faster than Kathy Griffin’s career. A multi-million dollar sell order triggered a further series of stop loss orders sending the price to the floor – to ten cents, before bouncing back up to around $290.
Such enormous and instant events act like a lightning strike on a brand new church. Very fast and very damaging.
Ethereum is the new wunderkind of the virtual currency scene. Experts are quick to point out it is not a currency at all, and in fact the correct nomenclature is Ether, given that its coinage system forms only part of the open code smart contract portfolio that Ethereum technology encompasses.
Regardless, it seems to have some tactical advantages over its current rival, Bitcoin, due in part to a better governance system, as well as some actual human beings, like Vitalik Buterin, providing a credence that an invisible Satoshi Nakamoto never could.
Consequently, an accurate Ethereum price prediction is a difficult thing. Its extreme newness makes the entire platform unpredictable. How well will Ethereum scale? Will there be ongoing processing delays that are currently bottlenecking the virtual currency world? Will the planet’s companies and governments embrace Ethereum as the binding agent of all business?
Investors and speculators have leapt Ether in recent weeks hoping to ride its rocketlike ascent to the $1000 mark. But as is often the case, opportunistic players can do much to topple the Ethereum tower, whose base is not yet solid.
The common theme around an Ethereum price prediction is “up.” Experts on Reddit and elsewhere look towards $1000 by 2018. Many of these same writers were only predicting $250 by mid-2017, in posts written in the spring of this year.
Its success as a valued currency depends not only on the growing acceptance of the Ethereum platform, but also on the stability and sanctity of the code itself. The potential for hacking and theft remains, as the code continues to be refined and re-released. One need only look back on the infamous DAO failure, in June 2016, in which a group called the Decentralized Autonomous Organization was robbed of most of its funds stored on the Ethereum blockchain. This resulted in a rift, a fork in the road of Ethereum history, with one camp choosing to rewrite the story of what happened (a flagrant rejection of the blockchain immutability principle) while another group opted to live with the mistake and release a rival currency called Ethereum Classic.
The fact that such mistakes could happen again, continues to make investors and stakeholders edgy. This is a new technology, and it has some similarities to the early days of rocketry. Sometimes things lift off, sometimes they go boom.
Overall, Ethereum price prediction follows that of Bitcoin, a gradual climb to unpredicted heights. There is talk of Bitcoin reaching $10,000 within a couple of years, and even though Ether is still behind on this race, the ratio of Bitcoin usage against Ethereum is closing. Bitcoin itself faces the possibility of a market correction as it faces potential hard forks of its own in coming months.
Over time it may be proven that Ethereum retains the advantage simply because it is not a single item as Bitcoin is, but instead it is part of a platform – a movement towards smart contracts and transaction efficacy that has no equal. Being inextricably linked to this platform, it stands a much greater chance of continued and rapid valuation, with a strong capacity to recover from stumbles.