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Where Will Ethereum’s Price Go Towards The End of 2017?

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Even the most optimistic observer could not have ever predicted that ethereum’s price would jump from $8, in the beginning of the year, to approach the $400 mark within 6 months. Given the fact that its price rose by around 5000% during the past 6 months, ethereum is by far the top gainer among all altcoins in the year 2017. So, where will price go towards the end of the year? Will it continue rising? or is this bullish rally a big bubble that will burst soon?

Why is Ethereum a Unique Cryptocurrency?

Even though many observers might think that ethereum’s recent price surge is just a bubble that will burst sooner or later, others, including me, think that this is just the beginning of the public’s perception of the real value underlying ethereum. Ethereum advocates may go as far as claiming that ethereum is even more valuable than bitcoin itself for many reasons such as:

  1. Ethereum is resistant to ASIC miners, which promotes decentralization of the mining process. This is apart from bitcoin mining which is more or less centralized in huge ASIC mining farms in scattered parts of the world, mainly China.
  2. Ethereum simplifies the implementation of “smart contracts”; thanks to its Turing complete programming language that permits the creation of smart contracts representing financial agreements such as bonds, swaps, options….etc. Smart contracts are executed on the “Ethereum Virtual Machine” EVM, in exchange for “ether” gas. As such, ethereum can totally transform the future of global finance.
  3. New cryptocurrencies can be issued in the form of digital tokens on ethereum’s blockchain, using a cryptocurrency smart contract. Moreover, decentralized applications (DAPPS) are apps that utilize smart contracts to create decentralized apps that run on the EVM. The number of coins issued on ethereum’s blockchain is growing steadily e.g. Humaniq, MobileGo….etc.

 

Predicting the price of ethereum towards the end of 2017:

We will try to predict where will ethereum’s price go towards the end of the year, using analysis based on the rate of rise of ethereum during the past 6 months. To do this, we will use the “Gann Square” to predict the price of ethereum towards the end of December, 2017. It is worth mentioning that Gann’s chart analysis techniques are rather complex and use a combination of mathematical, calculus-based and even astronomical analysis methods.

Let’s take a look at the 1 day ETHTUSD chart from Poloniex, and plot a Gann Square starting from the 1st of March, all the way down to today (14th of June) (Look at the below chart). Now, let’s plot a trendline that extends between the candlesticks corresponding to March 1st’s and June 14th’s trading sessions. Now, we can predict the price of ethereum towards the end of December, by extending the trendline to intersect with Gann’s rings. As we can see on the below chart, ethereum can hit $1200 by the end of the year, if it keeps rising along the same rate of rise during the past 3-4 months.

Conclusion:

Ethereum has been skyrocketing since the beginning of the year, recording around 5000% gains. Hypothetically, using the Gann Square, ethereum price is predicted to hit $1200 if it continues to rise per the same rate of rise during the past 6 months.

Source Livebitcoinnews
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