Ethereum Price Prediction for 2017: $500 is a Possible Target

According to some expectations, Ethereum price prediction 2017 will hit a $500 mark by the end of 2017, regardless of the current pullback. On 18 October the price lowered towards $300 and has moved sideways since then.

How the Currency Performed During 2016?

Last year Ethereum rose to $21 before a large Ethereum DAO was hacked, and $60 million was compromised. While Ethereum Foundation was busy with the fork – that is, a new version of Ethereum to fight hackers, – the cryptocurrency’s reputation suffered much which lead to price decrease to $7 (Ethereum fell by 67%). But in January 2017, the price took an opposite direction. In March it hit its last year high and gained momentum. All those who had given up and sold the currency, missed enormous returns eventually. Such a huge spike had been insane actually, and after it the market stabilized.

Later, in May 2017, the currency broke through a psychological mark $100 and “shot to the stars”, hitting its all-time high of 412 USD. The recent upward move was triggered by a higher demand. Apparently, someone bought a big amount of Ethereum (or made a big transaction with Ethereum). It is also not improbable that a video card manufacturer bought its stake in the currency to stimulate the demand. The spike was followed by an avalanche-type increase of mining volumes, and the miners had fully satisfied the demand. To date, the rate had lowered to a new status-quo at 300 USD a coin.

Yes, Ethereum is a highly volatile asset, but even this feature leaves us assured in the long run the currency will rise higher and higher. Deep falls are nothing else but excellent opportunity to buy Ethereum at discount and profit when the currency hits new highs.

Bitcoin, the very first cryptocurrency, showed a similar period of its development. In November 2013, bitcoin rate rose sharply from $200 to $1150 USD a coin just to fall down in December to 640 USD. The Ethereum fans say the coin has a number of benefits, and the most prominent is that the network offers a platform for smart-contracts. Ethereum is a basis for decentralized applications built on blockchain. The more projects join the network, the more powerful synergy is. As a Reddit user commented, “Each project multiplies the value of the Ethereum system which leads to exponential, not linear, growth as new projects join. The same happens each time any of the projects attracts new users. In such cases the project becomes a bombshell and influences the network in one form or another”.

Ethereum future

So what is the future Ethereum predictions 2017? Ethereum, being a cousin of bitcoin, has attracted attention to itself this year, after having risen by 5000%. On 1st January, Ethereum cost $7,98.

For the time being, a prediction of $500 can no longer be seen as a wishful thinking: the coin did hit $412 just a few days ago! In fact, short-term volatility can’t be relied upon by investors. You should look into a more prolonged period of time to estimate potential profits.

Looking at bitcoin we can conclude that the price range Ethereum experiencing currently is the starting point for large price movements. In addition, the bitcoin dynamics has also showed that deep falls are followed by sharp spikes eventually, and currencies hit new highs. Being launched in 2015, Ethereum is regarded as a relatively new currency, but it is clear it tails along bitcoin. Ethereum future 2017: The aggressive growth of Ethereum price has forced Olaf Carlson-Wee, CEO of Polychain Capital, to say during his Bloomberg interview that Ethereum price should outperform bitcoin by the end of 2018. “Ethereum is essentially a more effective and sophisticated ecosystem compared to bitcoin. This is why Ethereum price rises more rapidly”.

Ethereum Classic Price 2017

Ethereum has its fork, namely, Ethereum Classic. Speaking about it, many experts expect Ethereum Classic to rise also. Since the start of this year, the currency had risen 10 times, and by the end of 2017 it can easily gain 50% more (bearing in mind it has already hit the $15 mark).

Ethereum classic price prediction 2017. In fact, there are two major factors influencing cryptocurrencies: equipment price and electricity bills necessary for mining coins, and speculations. It seems the speculative surplus got too big recently and now the coin is just correcting.