Ether is rising slightly on Dec 11, trading at around $92.36, reports Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
On H1, both in the short and midterm, the price is still within a descending channel, although there is a correctional ascending channel inside. The support of this correctional channel is now being tested; it may be broken out in the short term, in which case the price will go to the latest key low at $81, and then to the major support at $67.75. Conversely, if the price bounces, another correction phase may come, strong enough to break out the current resistance at $93.80 and then rise to the projection channel resistance.
With no significant fundamentals on Ether coming in recently, the analysts are still watching the crypto market very closely. Chris Burniske, a crypto businessman, says Ether price plunged more than suggested by the fundamentals.
The so-called network value, i.e. the number of coins multiplied by the price, should be much higher, he adds. Currently, Ether can process 500K transactions per 24 hours, while Bitcoin is only capable of 250K. With the number of transactions growing, the network value is still shrinking.
As we are heading into the new year, a lot of forecasts and predictions for 2019 appear, including those about Ether. Nothing may be predicted exactly, however, as the crypto market is very new and, thus, extremely volatile. The only thing one may predict more or less precisely is the overall outlook.
With more projects and platforms using Ether for running transactions, both he company and the crypto will feel better, as the new money will be sure to attract new users to ETH. In a longer term, Ether may also serve as a savings tool, just like people use gold now. However, for this to come true, ETH price must become far less volatile.
There are at least two things that will support Ether in 2019: applying the techs to the ‘real life’, and the smart contracts. The scalability issue is meanwhile here to stay, and the one to be first to resolve it will become a market leader for years to come.
Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex or Smartereum shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.