Ethereum: Another Wild Ride, But Don't Stand In Its Way!
Recently, I posted the article Bitcoin – Hold On – The Ride’s Just Starting, and had a number of people ask about the price pattern structure for Ether. In this article, I’ll summarize the intermediate and long-term price pattern expectations for Ethereum (ETH-USD).
As I said in my prior article I stated: Attempting to use any kind of fundamental approach to reliably forecast price targets for Bitcoin or any cryptocurrency is nigh impossible. Philosophically, the opinions of how cryptocurrencies like Bitcoin will play a role in the financial markets vary from those who believe they are destined to fail, to the polar opposite belief that they'll replace fiat currencies in the future. The disparity between these polar opposite views creates huge volatility and represents the heart and soul of investor sentiment. For anyone who doubts that sentiment in the crypto sector is extreme, take a few moments and review the comments at the bottom my last article on Bitcoin. It is precisely this extreme sentiment that causes the enormous volatility in the sector. Along with volatility comes price pattern, and along with price pattern comes an ability to use the Elliott Wave to measure price movements in a fashion that is not only predictable, but that provides areas of downside support and upside resistance to trade against. Think of these levels as barriers that price has to puncture to continue in the same direction, but most times reverse.
About Ethereum (ETH): Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk.The project was bootstrapped via an ether presale in August 2014 by fans all around the world. It is developed by the Ethereum Foundation, a Swiss non-profit, with contributions from great minds across the globe.
Ethereum (ETH) is the 2nd largest cryptocurrency by market cap size. It is down 1.89% over the past 24 hours and is currently trading at $203.35. It can be bought with fiat dollars, credit cards, or debit cards on cryptocurrency exchanges such as Coinbase, CEX.io, and Changelly.