This should not come as a surprise. When things look very worrisome, just 2 months ago, we wrote about that important Ethereum price level $125 and why Ethereum would remain in its long term bull market as long as it respected $125. It did hold, and Ethereum continued its bull market, exactly as anticipated.
As Ethereum is now less than 5 percent from all-time highs the question top of mind of investors is whether Ether will trade at $500 any time soon.
One would intuitively looks for content on the internet, primarily news items, to try to answer the above question. That is not a good strategy. That is because an article like this one which announces an Uber-alike service based on Ethereum blockchain would probably make you bullish. There is no value in it, neither in a descriptive article like this one.
Our viewpoint is different. Given the momentum in the crypto market, and the ever expanding popularity of crypto assets, the probability is very high that Ethereum will move to $500 anytime soon. The underlying drivers for that were outlined in our Ethereum price forecast for 2017 (which we wrote early this year).
Today’s high came in at $390. Another 28 percent is required to meet $500 and 41 percent to meet our $550 target. Based on current conditions, momentum and the chart, it seems that Ethereum is on its way to meet the $500 to $550 level.