Why Ethereum May Triple its Price in 2020Colin Baseman
Ethereum experiences difficult times right now; it has fallen sharply from its all-time highs. Even the change in the last 24 hours was negative (-5.80%). However, a lot of the industry prominent minds think that it will triple in the future. Let’s review their reasoning together.
The possible sharp rise of the digital silver
The crypto enthusiasts experienced a rough couple of months. Their beloved assets did not perform well, and we are not even talking right now about going to the moon. Bitcoin has experienced a sharp fall from its all-time highs. However, the so-called digital silver has fallen even further. It experienced a fall by more than 85%. Today, it is trading at $196.64, which is a sharp fall from the previous high at $1430. But some analysts are very optimistic and consider these troubles to be just minor inconveniences along the way.
Josh Olsewicz recently shared thoughts with his twitter followers about the possible signs of Ethereum rising in price. He told that on a one-week chart it is obvious that the digital solver is ready to break Ichikomou Cloud resistance. He believes that Ethereum may triple its value in 2020. As reasons, he states 50% retrace of established range and satisfying the Dow Theory.
Other reasons for Ethereum gaining popularity
However, Ethereum may boast not only from a technical analysis point of view, but with a positive purchasing trend. Coinbase shared information about the way its users form their cryptocurrency investment portfolio. And it turns out that even though more than a half of all new users buy Bitcoin at first, only twenty-four percent continue purchasing just the digital gold. It means that altocoins have a strong chance and Ethereum is by far better than a lot of them.
Ryan Watkin, who is responsible for research at @MessariCrypto, shared his opinion on why being the most popular is not always beneficial in the long run. Investors-newbies sometimes may fell intimidated by price and the craze around the digital gold and turn to more steady options. And when it comes to more experienced investors, they may want to find a hidden gem and not buy the most obvious thing that is the talk of a town. And even people, who already own Bitcoin, may eventually want to diversify. In this case the next logical step is to consider buying Ethereum.
Maybe some institutions will consider doing the same, instead of investing everything in the most typical choice.
A crypto futures exchange ErisX recently launched the first Ethereum futures contract specifically tailored for the United States. The clients will be able to trade futures with quarter and month expiration.
All this action around the digital silver brings even more attention to it, which potentially makes it a more attractive investment in the long run. If you want to read more about Ethereum, check out NewsBlockchain other articles on Ethereum.
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