2018 is all about cryptocurrencies such as Bitcoin and Ethgereum. They have emerged as the most preferred sources of investment in the past year. The reason for this being the huge gains in the market and the transparent trading system. But these currencies are also subject to major fluctuations as a result of which many people are staying away from investing in cryptocurrencies. Experts perform a series of price analysis every day which could provide better information to investors as to whether they have to invest in Ethereum or not.
As of the past couple of days, the price of Ethereum is slowly moving upwards and is touching higher against the Bitcoin and the US Dollar. The price of Ethereum increased past the previous resistance level of $540 at which it was stuck previously. One could see a break above the previous level of $560 and the 100 hourly simple moving average. Currently the price of Ethereum is stuck at $570 and it is struggling to break past the level of $570.
According to analysts, the overall price action is positive and there exists increased chances of Ethereum value breaking the $570 level. The co creator of Ethereum, Mr. Steven Nerayoff is of the opinion that the value of this cryptocurrency could triple up by the end of 2018.This prediction is mainly due to the fact that Ethereum is able to process transactions at a higher speed and is also priced at a lower rate compared to its rival.
According to him, there is an exponential increase in the number of projects, which are bringing in billions of dollars worth of business to Ethereum. This could make Ethereum to easily overtake the likes of Bitcoin. There are 10 times more the number of projects based on Ethereum this year compared to the last one year said Mr. Nerayoff. Ethereum is designed on the basis of smart contracts which execute only when certain specific conditions are met. Due to this, many businesses are trying to make use of Ethereum thereby increasing its value. As a result of this, the value of Ethereum is definitely going to rise in the upcoming years.
There are many projects in the oil and gas industry that are working on Ethereum. Governments are also using it in its applications. Many gaming companies are also tapping the potential that Ethereum is offering causing a raise in its demand with each passing day.