Price Analysis

Ethereum (ETH) Predictions: Can Elon Musk’s Tweet Change the Course of Ethereum?

Ethereum (ETH) is a complete decentralized and open sourced platform backed by blockchain technology. It has many options like smart contracts, digital currency and dApps (Distributed Applications). Ethereum network’s digital currency is known in the name of ETH token. Recently Elon Musk has tweeted about Ethereum’s potential and how he can use this platform for his organization. The whole network was designed by Vitalik Buterin, Gavin Wood, and Joseph Lubin.

Current Statistics-

Ethereum

  • Ethereum (ETH) is the second largest coin in the global market owing to its market cap.
  • Ethereum’s ROI stands at 5655.51%.
  • The total number of ETH tokens in the current supply is 105,880,982.
  • It has a current market cap of 17,240,730,812 USD as on 1st May 2019 at 02:04 UTC.
  • The value of each ETH token is 162.83 USD and 0.03029625 BTC.
  • The current 24 h volume stands at 6,328,030,084 USD.

Comparison-

Ethereum (ETH) was at a higher note when 2019 started. But it has seen many ups and downs throughout the journey. Within a months’ time, it touched the lowest point of the year at 103 USD. However, for Ethereum neither ups nor down were permanent. The biggest gain was made after the 1st April market boom. It was at 180 USD from 140 USD in a week. On April 08th ETH touched the highest point of 180 USD. The market cap on 1st April was 15,008,687,559 USD. And the value of each coin was 142.29 USD and 0.03435612 BTC. The current market cap has increased by 14.87 % in these 30 days. And similarly, the value of each ETH token has inflated by 14.43 %.

Prediction-

As mentioned earlier, ETH has seen the highest growth in the last month only. And it has been recently in the news for some potential deals with some major MNCs and Elon Musk’s Tweet. These things will help the coin to inflate. We predict the next week to be very fruitful for ETH token. Its current value of 160 USD will touch 180 USD in the coming 3 weeks. By the end of this quarter, the value of each ETH token should be traded around 185 or 190 USD. Long term and Medium term outlook are bullish. We predict the coin to breach the 200 USD cap by the end of 2019. 2020 Prediction should aim as high as 500 USD.

Conclusion-

The recent developments about ETH should attract many speculators to the market. That will help the coin to see sudden growth in the price. This can benefit the short term traders if they lock buying positions now.

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Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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