The price of Ethereum hit all-time $426. Ethereum is quite volatile, that should not come as a suprise, but an intraday top to bottom difference of more than 30 percent is definitely a proof of that.
Ethereum continues to get media coverage, also from traditional media. CNBC, for instance, reported that they see “fundamental demand for Ethereum in its own right.” In that same article, a technical analyst identified $377 as a “resistance level” which, once broken, would open the door the next leg up in ethereum to $476. Meanwhile, another analyst said that $600 by the end of the year is within reach.”
Whatever the estimates, we stick to our $1000 Ethereum price expectation based on our fundamental analysis, and we are pretty comfortable with that forecast.
Venturebeat explained why Ethereum is winning the crypto game from Bitcoin. “Despite its recent appreciation in value, as a technology, Bitcoin has stagnated over the last three years. Two rival factions have emerged with violently opposing views on what should be done to allow the Bitcoin network to handle more transactions than it can right now. While Bitcoin has been paralysed by indecision, Ethereum has raced ahead with technology that not only does everything Bitcoin can do faster, in higher volume, and at lower cost.”
In closing, it is interesting to note that some articles pop up explaining that cryptocurrencies are in a bubble. This writer on The Australian rejects the idea of cryptocurrencies because “code can represent money, as it does with internet banking or waving our cards at the supermarket, but that it can BE money.” That’s what people still think in 2017, as everything, literally, is being digitized. Or did this person think that “his money” on “his bank account” is backed by “real money” (as opposed to digital money)? The writer continues: “For the moment, these new cryptocurrencies look more like a speculative bubble, but there is definitely something else going on inside bubble, that might emerge when, or perhaps if, the bubble bursts.”
Money is digital in 2017, simple as that.