By CCN.com: Ethereum has had a fantastic – if expected – turn-around the past few weeks, launching the second-largest cryptocurrency above $250. In the glory days of the ICO run, when transaction fees were high – and demand for Ether was also high – the ETH price sailed over $1,000. What are the odds of that happening now, or soon?
Ethereum has faced stiff competition from other smart contract platforms, notably Tron and EOS. In the “enterprise” space, there are also several competitors, including NEO, Aelf, and more. Virtually any alternative which is as widely traded and easy to use is going to eat into Ethereum’s market share in some way.
All the same, Ethereum has room to grow.
The godfather of smart contract tokens will be in demand during the “initial exchange offering” boom. These ICO-style sales will be made with more than just Ether, however. Many will be done only for registered users of the crypto exchanges. Exchanges are thus competing with projects to list their token in an IEO first.
In these instances, both Ether and Bitcoin will be useful.
Some feel that Ether is a good long-term hold for now.
Others feel like there is good short-term leverage to be had if you judge by the historical trends of the crypto market.
Some analysts have said Ether would have no trouble getting to $350 and beyond.
The consensus seems to be that as Bitcoin booms, Ether should grow back to its former heights.
But certain things can’t be left out of any such analysis.
For one thing, there is more Ether now than there were before. There are scheduled to be a lot more going down the line, as the move to proof-of-stake faces inevitable delays. All of this will stunt the ultimate growth of the coin, but maybe not as much. If the block reward is now shared around a lot of different people holding significant coin, then perhaps it will be less effective at dragging the price back. Time will tell.
In the short term, others believe Ether can reach heights of $500 and beyond. It’s all a matter of how you hold and what you do once you cash out. Do you cash out into a stablecoin, and wait for your chance to buy lower? That’s one way to increase your holdings. Another is to only add to them.
It’s a matter of how long you’re willing to hold it. There’s no reason Ether can’t eventually return to its highs, once the demand for it is high enough. If you got it under $200 and you hold over $1,000, you’ll make a significant profit.
Will Ethereum go to $1,000? The consensus seems to be that it’s headed that way, with short-term projections looking closer to $500. Therefore, buying anywhere from $200 to $300 is likely to be profitable, if you trust the bullish chart analysis.
In the end, this isn’t trading advice. It’s your money and your life, so you’re best to decide. But it would seem Ether has room for growth given the size of the overall market gains and the fact that, generally, people think demand will pick up soon.
Disclaimer: This article is intended for informational purposes only and should not be taken as investment advice.
Last modified: March 4, 2021 2:34 PM