This is good. After being pushed into the $460s yesterday morning by Bitcoin, ETH again took the lead later in the day, breaking down the wall at $500 and reaching a high of $530 this morning.
The trend on the ETH/BTC pattern below shows the continuation I was predicting as part of a “slingshot effect” on the USD price of ETH.
It’s hard to anticipate what happens next. Crypto is so god damn volatile. There’s a chance ETH – pardon my english – “gives no fucks” this weekend and busts past $600, $700. We could also see a slow rise to $550 this weekend before falling back into the $400s next week before another push begins.
Regardless of what happens over the next few days – this latest price movement is incredibly encouraging to me.
Not going to lie – it feels good to be over the USD value of where I started this blog, $470. I had called “blood in the streets” – which I think was still accurate even after another 23% was wiped off the ETH price as it bottomed at $360.
As far as the price of ETH I still this is still a great time to get in. While you aren’t getting it at sub $400, zooming out on the USD chart it should be noted just how far things fell so quickly.
As I’ve said before, the same reasons that allow ETH to drop so quickly also allow ETH to rise this fast.
A more pessimistic POV will argue that this is just a huge bull trap – and we haven’t bottomed yet – but I think that possibility is 25% or less. These latest movements are increasing my confidence in the entire situation.
Good News for Ethereum!!!
This all seems like “Good News for Ethereum.” But it’s not really. It’s just price speculation on a super volatile asset.
This latest ETH “crash” and incoming recovery really has nothing to do with the fundamentals of Ethereum.
Ethereum’s development progress continues with exciting news released almost every day. It’s easy to get distracted by these crazy price movements, but that shouldn’t be my focus anymore.
I’m wrapping up my daily/short-term price movement updates. My investment advice isn’t changing. Buy ETH, BAT, ZRX, OMG.
For ETH my predictions are:
Summer – $1,500
End of Year – $3,000
I’ll still call out some larger movements / things I see. Just expect much less of a focus on the rollercoaster price movements.
3 thoughts on “ETH Slingshots Past $500; Pushing Higher”
Could you be more specific about “news released” – what news and how does it effect the price. And what are these are crypto currencies OMG? I’m still confused. Sorry. Is Ethereum blockchain and Bitcoin not?
Ethereum continues to make progress on “Plasma” and POS. I’ll explain those in more detail later, at a high level they are about scaling the network (right now it needs to be much faster) and securing the network in a smarter way by rewarding “stakers” instead of mining computers.
Both Ethereum and Bitcoin are secured by their own blockchain. Where Ethereum differs is that it’s also a PLATFORM for applications/tokens. OMG, OmiseGO, is a token that is built ON TOP of Ethereum (uses the Ethereum blockchain). They are building an open-source wallet that can be used to hold and transact cryptocurrencies.
Recently positive news around Plasma/POS has not been impacting the ETH price. This latest crash was driven by emotion and not anything to do with the fundamentals of ETH, which keep improving.
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