Analyst Predicts That Ethereum Could Reach $400 If Correction Doesn’t Occur Soon

The crypto market has had many reasons to be on the headlines in recent weeks with most of the attention it is getting been about Bitcoin. Many news outlets report how BTC has been doubling its price since April 2019. The move has put Bitcoin in the headlines for most of this year. Until now, only very little attention has been given the number two digital asset by market cap Ethereum. However, the price of Ethereum could be on track to double should the anticipated correction fail to happen soon. Ethereum price prediction for the year has already been surpassed. Can Ethereum take back its former glory?

Ethereum (ETH) Price Today – ETH / USD

NamePrice24H %
ethereum
Ethereum(ETH)
$1,599.52
-1.76%

Ethereum Price Prediction 2019: $285 Was the Highest Point For the Price of Ethereum This Year – Ethereum Price Forecast

The price of Ethereum has just managed to reach its highest point in 2019 at $285. The 7% price surge on the day sent the world’s second biggest cryptocurrency to a new nine-month high. It should be recalled that the last time that the price of ETH was over $300 was in September of last year.

Ethereum’s daily volume has also nudged up a little. It is still higher than what it attained during Ethereum’s peak in January of last year. The difference between now and then is that investors and retail traders are stockpiling Ethereum as opposed to companies conducting ICOs. A correction is needed to re-balance the markets but there is a chance it may not come and one analyst predicts a surge to $400 if it doesn’t.

Trader and crypto analyst ‘Credible Crypto’ from the charts, noticed that things are expected to pull back.

Bulls beware, it might almost be time to be a bear. I will not short this, but I will take partial profits on a portion of spot ETH longs that I picked up sub $200. If this doesn’t play out, we are headed straight to $350 and then $400.

Ethereum Price Prediction 2019: 30% Correction is Expected for the Price of Ethereum – Ethereum Price Forecast

According to the charts highlighting trading for the ETH/USD pair, the fifth phase of the Elliot Wave is likely going to take the price of Ethereum under $300. After it could fall back to $200 rapidly in an almighty price correction. Many crypto analysts have given their view of a 30% correction for the price of Bitcoin and this will likely be Ethereum’s equivalent.

If this prediction does not materialize, the price of Ethereum could push to $400.

Ethereum Price Prediction 2019: Altcoins Are Still in the Green Despite the Fact That Bitcoin’s Dominance Dropped – Ethereum Price Forecast

Bitcoin’s market dominance has fallen back towards 55%. This is still a high for this year. However, some traders, including Josh Rager, is of the view that a fall under 50% will herald the start of another ‘altcoin season’ which could happen as early as next month.

BTC’s dominance continues to move down slowly over the last 3 days. This may be a good sign for alts. But it is nowhere near an altcoin season yet because BTC must break below the 50% dominance.

In other reportedly, several altcoins are now on a roll on the day. One of such coins is Bitcoin SV. Bitcoin SV has been manipulated by fake reports out of Chinese media platforms. This has led Asian traders to benefit as the price of Bitcoin SV doubled. It surged into the top ten and overtook Tether, XLM, TRX and ADA.

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.

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