• Fri, 26 Apr 2019, 06:12 AM
  • All times are UTC
  • Edition:
    International
Link copied

FxWirePro Poll: Ethereum’s fortune to get better in 2019, hit $500 by end of the year

Mon, 08 Apr 2019, 09:19 am UTC

Ethereum will regain ground over the coming year and erase some of its losses made last year and hit the $500 rate by end-2019 on hopes of demand recovery, an FxWirePro poll showed, but regulatory challenges and a global economic downturn remain the biggest downside risks over the coming year.

The second most popular cryptocurrency by market capitalization, a bruised Ethereum, lost over 80 percent in 2018 as investors turned overly pessimistic regarding the digital currency’s performance. That is in line with the crypto giant, bitcoin, which also faced a heavy sell-off last year.

According to the median forecast of 15 research organizations and institutional investors, taken April 1-8, Ethereum prices were forecast to hit $500 by December this year. Interestingly, except one, all other firms predicted the ETH/USD to gain from the current rate of $180 with a high of $2500. Wallet investor forecasts the ETH/USD to decline to the lowest since 2017 of $11.18.

"Longer-term prospects are looking quite bright and valuations are increasingly attractive with adoption showing signs of ramping up over the longer term. Ongoing regulatory challenges and technological obstacles are some of those headwinds that are being fleshed out into 2019. Meanwhile, fear of broad-based risk liquidation in global financial markets now that the monetary policy accommodation well has dried up, is yet another worry for the more risk correlated Ether," noted LMAX Exchange in its April 8 report.

"The latest break back above $170 takes the immediate pressure off the downside and opens the door for the possibility of a bullish break over the coming sessions. Look for a weekly close above $170 to strengthen the outlook, encouraging a run up towards next major resistance at $255. Setbacks are expected to be well supported ahead of $125."

It is worth noting that Ian McLeod, co-founder of Thomas Crown Art, believes that the ETH/USD might reach somewhere more than $500 by 2019.

This recovery in Ether is in line with the poll taken in March on the Bitcoin, where research firms predicted the BTC/USD would erase much of its losses made last year and hit $15,000 by end-2019.

According to the median forecast of nearly a dozen research organizations and institutional investors, taken February 28 - March 5, the Bitcoin is predicted to hit $15,000 by December this year. While two predicted BTC/USD to remain below the current level of $3,800, five forecast it to surge over $20,000 level by December. Only one forecast prices to rise to $28,000.

"Bitcoin has rocketed higher, to clear some major levels, breaking back above a consolidation high from back in December, to suggest it could be thinking about turning back up again in a more meaningful way. At a time when central banks have exhausted themselves with the unprecedented printing of money to keep sentiment running high and the global economy afloat, over a decade after the crisis of 2008, it would seem, a peer to peer decentralized currency, with limited supply, and an attractive technology that it rests on, could be a compelling alternative option," LMAX added.

"A major breakout in the price of Bitcoin this week, with the price clearing the top of a range that had contained the market since November 2018. The break takes the immediate pressure off the downside and opens the door for a continuation of gains back into a critical previous support turned resistance zone in the $6,000 area. Look for setbacks to now be well supported ahead of $3,500."

FxWirePro is a leading financial analysis company providing real-time research to FX participants around the world. To participate in FxWirePro’s monthly cryptocurrency poll, please drop an email with your company details at [email protected]

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
More
  • Bitcoin (BTC) $5,309.98 (-2.59%)
  • Ethereum (ETH) $156.22 (-4.78%)
  • XRP (XRP) $0.293100 (-2.29%)
  • Bitcoin Cash (BCH) $268.99 (-3.53%)
  • Litecoin (LTC) $72.74 (-0.41%)
  • Bitcoin (BTC) $5,309.98 (-2.59%)
Apr 26, 2019 (Friday)
05:16
Marsh to rollout proof of insurance blockchain platform
04:22
Wirex partners with Stellar network, announces plan to launch 26 stablecoins
03:50
FINRA establishes new office focused on fintech innovation
Apr 25, 2019 (Thursday)
11:44
Sumitomo Mitsui Banking Corporation to launch services on Marco Polo blockchain
10:56
Brave rolls out new opt-in feature to reward users with BAT tokens for viewing ads
10:06
China’s FX reserve regulator to pilot blockchain-based cross-border trade finance platform
09:01
NTT’s Thai subsidiary to open innovation lab with focus on Blockchain, AI, IoT
07:07
US SEC’s FinTech Forum to discuss DLT innovations and use cases for financial markets
06:11
Crypto wallet startup Ledger secures investment from Samsung amid leadership changes
05:15
MUFG-backed Chainalysis adds support for 4 more cryptos to real-time transaction monitoring tool
04:13
Siam Commercial Bank, PTTEP complete cross-border transactions using Ripple’s technology
03:32
Samsung working on Ethereum-based blockchain, could issue own token: Report
Apr 24, 2019 (Wednesday)
11:33
Bitfury, Final Frontier launch regulated bitcoin mining fund
10:46
Liverpool FC to partner with TRON
10:02
Samsung SDS launches next version of enterprise blockchain platform ‘Nexledger’
09:06
South Korean hospital to integrate blockchain-based health data management solution
07:39
Disney in talks to acquire Bitstamp and Korbit owner Nexon: Report
06:13
University of Nevada, Reno teams up with blockchain startup Filament on smart city mobility project
05:12
Crypto exchange Coinbase shuts Chicago division
04:20
MIT and other universities team up to explore blockchain potential for management of academic credentials
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft