Ethereum Price Watch: Currency Enjoys $2 Rise


At press time, the second-largest cryptocurrency and number one competitor to bitcoin is enjoying a two-dollar price rise from yesterday, and is now trading for roughly $470.

Ethereum – never alone in its ascents or falls – is joined by bitcoin, which has sprung up by $200 in the last 24 hours. Many analysts remain bullish on Ethereum, with Joseph Raczynski of, for example, stating the currency could reach $1,000 by the end of 2018.

“Ethereum is one of the most real projects to date,” he assures. “Nearly all large organizations are testing on this platform.”

Aaron LePoidevin of Every Capital is taking this prediction higher. He believes Ethereum could reach $1,250 by December.

“The SEC clarification should be helpful in the longer term for both ETH and crypto assets,” he explains.

ETHUSD: ETH 4 Hour Descending Triangle

Bullish trends appear to be dominating the technical charts. The currency is up approximately 2.5 percent, and massive gains are expected thanks to Ethereum co-founder Vitalik Buterin’s latest fund.

The project’s advisory board is composed of executives from organizations like Cosmos, Golem and Global Blockchain Labs, among others. All these groups are developing applications based on the Ethereum blockchain, and are working to improve the currency’s ecosystem.

The fund – known as the Ethereum Community Fund (ECF) – is slated to give rise to further Ethereum-based projects thanks to its latest grant program which will finance select crypto developments.

“Ethereum has grown beyond my expectations over the last few years, but the work is clearly not finished,” Buterin states. “Delivering value that matches the hype should be the mantra of 2018. Efforts such as the ECF, which help organize the development of the ecosystem, are going to help make that possible.”

Despite all this, some sad news for the currency comes by way of China – specifically the China Center for Information Industry Development (CCID), which operates through the Ministry of Industry and Information Technology. The organization releases a regular report on cryptocurrencies that ranks them from top to bottom based on several differing factors from safety to usability.

The group’s most recent report – which emerged in May – placed Ethereum in the number one position, though the latest assessment witnesses EOS knocking Ethereum aside to dominate the top spot.

CCID head Dr. Songatau Pu explains:

“First of all, I must emphasize that what we do is not ratings for cryptocurrencies, but the technical assessment index for public blockchains. The assessment results are not determined by us – by human beings. We have a model to assess the blockchains (not the cryptocurrencies), and we have a team to capture the data, so with both the model and the data, we calculate the results.”

Ethereum Charts by TradingView

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