Price Analysis

Ethereum (ETH) Price Analysis: Ethereum is Likely to Hit 200 USD in Few Weeks

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Ethereum (ETH) is different than other conventional cryptocurrencies. It is being operated on an open source blockchain platform designed by Vitalik Buterin, Gavin Wood, and Joseph Lubin. It is a decentralized platform which is immune from any interference from the developers themselves. It supports smart contracts, and the Ethereum Virtual Machine is the vital part which backs numerous distributed applications (dApps). Ether (ETH) is the cryptocurrency backed by the Ethereum network. As far as market capitalization is concerned, it is considered as the second largest cryptocurrency.

EthereumEthereum (ETH) is the second largest cryptocurrency in the market with respect to its market cap. It has a whopping 5676.92 % Return on Investment (ROI). The maximum possible supply data has not been cleared, the total supply, as well as the current supply of Ethereum (ETH), stands at 105,512,542 ETH. The year started for Ethereum (ETH) on a moderate level. On the first day of 2019, Ethereum (ETH) was traded at 133.33 USD. But the current value of each coin with respect to USD stands at 163.26 USD on 04th April at 02:04 UTC. The market cap at the same UTC is 17,226,094,750 USD, and the value of each coin in BTC is 0.03265237. The current 24 h volume is 10,559,735,929 USD.

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But there is no doubt that Ethereum (ETH) is growing at a significant rate. By comparing the data from exactly a month ago, we can see the level of change in the coin. The market cap on March 4 was 13,370,213,350 USD. And the current market cap is 28.83 % more than the figure of March 4. Ethereum (ETH) was traded at 127.18 USD on March 4, and the current value of each coin in USD is 28.36 % more than this value. Each coin’s value in BTC stood at 0.03379151 BTC.

It has been only a month that the value of each coin with respect to USD was being hammered to 127 USD. But, the past month has been very helpful and performing one for Ethereum (ETH). With some variations, the last week witnessed a great rise in the value of Ethereum (ETH). In a week, the value of each coin grew from 135 USD to 170 USD. The growth it showed in a week was commendable and on the lines of Bitcoin. Some even predict the coin to perform way better than Bitcoin. The target, as per some, should be 200 USD. But the growth experienced is not for the first time. It has in the past grown this way but soon caught up in the lower trend. We predict the price to be above 180 in the next few weeks. Long term investors are advised to hold their positions for some more time to get a profit of at least 40 %.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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