Ethereum News
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Ether set for 2018 rally?
Independent consultancy firm, deVere Group, said the price of the second largest digital currency, Ether ETHUSD, +4.07% could be in for a record-setting year, predicting the price could rise fourfold. “The price of Ethereum is predicted to increase significantly this year, and could hit $2,500 by the end of 2018 with a further increase by 2019 and 2020,” wrote Nigel Green, founder and CEO of deVere Group, in an email to MarketWatch. “This general upswing will be fueled by three mains drivers. First, more and more platforms are using Ethereum as a means of trading. Second, the increased use of smart contracts by Ethereum. And third, the decentralization of cloud computing.” Green also said regulation in the cryptocurrency sector is inevitable, which will lead to greater investor protection and long-term confidence in the market. Ether coins, which are underpinned by the Ethereum network, has become the digital currency of choice for new token issuers because of its efficiency and flexibility—the average processing time for transactions on Ethereum is around 14 seconds, compared with Bitcoin’s, which can be up to 10 minutes. The current market value of Ether is $67.4 billion.
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The end of an abysmal quarter for cryptocurrencies appears to be closing after a flurry of trades late Thursday night saw a major price spike. In just under an hour, prices soared across all major cryptocurrencies with Ethereum reporting some of the biggest gains in the market. Ether saw a 19.37 percent increase overnight, pushing ETH up to $504.95 as of 9am. The market-wide shift follows several months of steadily sliding prices for Ethereum, which was worth more than $1,300 in January 2018. RELATED ARTICLES
Traders at 8pm saw bitcoin prices increase by more than $1,000, the coin’s best volume increase in its history. Ether saw the biggest increase, but other cryptocurrencies soared in price in the hour. Ripple, the third biggest coin by market cap, broke past $0.50, and Litecoin smashed into $131. The flood of green in the market is a welcome relief for traders who had come to expect gloom from cryptocurrencies. GETTY Ethereum price news: Why did Ether hit $500? How much is Ethereum today?Q1 of 2018 was the worst period for all cryptocurrencies in the markets entire history, with more than half its value being wiped off in three months. The market has struggled to rebound to earlier predictions that 2018 could be the strongest year ever. Mid-April was expected to be a strong period, with American traders looking to pay capital gains tax before the deadline. A strong sell-off period was expected, but not on this scale. Ethereum spikes were assisted with the launch of Golem GNT, an ICO two years in the making. GETTY Prices across all cryptocurrencies have skyrocketedNicknamed the ‘Airbnb for computers’, Golem connects users with CPU to rent in exchange for GNT cryptocurrency. The two-year delay caused some to suspect its effectiveness would be less than useful. Julian Zawistowski, CEO and founder of Golem, told CoinDesk: "This is typical for software development in general, and blockchain in particular, we underestimate the complexity of what we want to do. “You always underestimate how difficult it is, and this was obviously the case with us. GETTY Will Ethereum continue you grow? Key Highlights
Ether’s price is gaining bullish momentum and is currently placed nicely above $410.00 against the US dollar. ETH/USD is eyeing a crucial break above $425.00-430.00 on the 2-hour chart. ETH/BTC was successful in breaking the 0.0600BTC resistance, which is a positive sign.Technically, the 2-hour chart indicators are rising in the bullish territory. Could ETH/USD Test $450?In the last few analyses, we discussed the importance of the $420.00 resistance zone. ETH/USD seems to be gaining bullish momentum today and it could settle above the mentioned resistance for further upsides in the near term. Similarly, ETH/BTC continued to move higher and the pair was successful in breaking the 0.0600BTC resistance. In the short term, the pair may possibly correct lower toward the support at 0.0580BTC, which was previously a resistance. Starting with the 30-minute chart of ETH/USD, the pair formed a decent support base near the $410.00 level. There were multiple attempts to clear $410.00, but Ether sellers failed. As a result, there was a strong bounce and the pair moved above $415.00 and $420.00. On the downside, there is a connecting bullish trendline forming with support at $411.00. The current price action is bullish and it seems like the pair may continue to accelerate toward the $425.00-430.00 resistance zone. Moving up to the 2-hour chart of ETH/USD, the pair is about to break an important bearish trendline. A successful 2-hour close above the $420.00 level will most likely increase buying interest in the short term. If Ether has a bearish reaction in the $420.00-430.00 region, the price may well test a significant bullish trendline with support at $402.00. Looking at the current technical structure on both charts, the risk skews to the upside in ETH/USD as indicators are turning north. Beyond $430.00, Ether’s price has room to extend its advance up to the $450.00 price zone. Ether is the currency that fuels the Ethereum ecosystem. In order for any function to occur on the Ethereum blockchain, including the execution of EDCCs, Dapps, and other transactions, there needs to be gas to push it along. Ether is the gas in this circumstance. If you want to utilize an EDCC or develop a Dapp, you will need to furnish Ether – usually in a small denomination per transaction. Making changes or adding new entries to the Ethereum blockchain can require numerous small expenditures (microtransactions) of Ether tokens.
In addition to serving as fuel for the Ethereum blockchain, Ether can be used as a token for Ethereum-platform-based utilities, as a currency to pay for goods and services, and also as an investment. What are the denominations of Ether?How small of a microtransaction are we talking? Well, one full token of Ether breaks down into a quintillion Wei! Wei is the smallest denomination in which you can transact Ether, just as pennies are the smallest denomination in which you can transact the US dollar. (There are just a lot more Wei per Ether than there are pennies per dollar … a LOT.) Other Ether denominations are a Finney (a thousandth of an Ether), a Szabo (a millionth of an Ether), and a Shannon (aka Gwei or Nano), which is a billionth of an Ether. How Do I Get Ether?Users can obtain Ether by mining or purchasing. Mining Ether is a resource-heavy endeavor that currently requires high-powered computing and draws an expensive amount of electrical power. Also, because of the way the Ethereum blockchain is designed, it becomes computationally more difficult to mine Ether as time goes on. As a result, the resource demands of mining become financially prohibitive for many individuals and often require that an individual miner join others in mining pools, or use third-party services. The second and easiest way to obtain Ether is similar to how you purchase gas for your car: you can buy it with your own money (or with credit, on some exchanges). Is It Possible To Invest In Ether?Ether is more than a currency. Many regard it as an investment. As Ethereum approaches mass adoption, many believe that the value of Ether will increase dramatically. While there are no shareholder’s rights or dividends through ownership of Ether, it’s worth noting that these attributes are not required of securities that trade on stock exchanges, such that Ether may be considered a security. How Do I Buy Ether?There are numerous Ether exchanges where a user may purchase their Ether with fiat (government currency) or other virtual currencies. Visit our Exchanges page to see some of these marketplaces. |
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