The run of Ethereum over the past couple of days has been somewhat uncertain. Overall, the value of Ethereum has remained steadily between $550.00 and $650.00 over the past few weeks, with some notable rises above $700.00 accounted for at the end of April. Generally, however, it did look as if $700.00 had tested the steel of Ethereum, with the value of the currency really resisting any further advances past this point.
As we move into today, it now looks as it Ethereum has passed this threshold, notionally, if Ethereum keeps up it’s good run, we may even see Ethereum stay afloat above $700.00 for some time. If this is the case, then we can of course argue that the resistance presented by the $700.00 marker has ceased to exist.
So, at the time of writing, Ethereum is valued at $719.99 and is up just over 5.5%.
This is significant because Ethereum hasn’t seen positive values over $700.00 since the lead up to the cryptocurrency boom at the end of 2017 and the start of 2018. Of course, as depression took over, Ethereum did sink back down to $700.00 but this was as a result of a negative trend. Looking to the future, the path of Ethereum now seems very similar to the path it took, prior to reaching its all time high of just short of $1,500.00.
Please note that this is not me suggesting Ethereum is on its way to $1,500.00 just yet, I am merely pointing out that the trend is positive, and that $700.00 is a really advantageous value for Ethereum to sit around, should it hope to take advantage of any future bull runs and market surges.
— Ethereum Network (@EthereumNetw) May 3, 2018
Interestingly, one of the founders of Reddit, Alexis Ohanian, has predicted that Ethereum will hit $15,000 by the end of 2018. He believes this because Ethereum is a platform that people are constantly building upon and therefore, as a network Ethereum will never die out. In his prediction, he also claims that Bitcoin will hit $20,000, part of this rise in Bitcoin will of course contribute to dragging up the value of Ethereum.
Ohanian is outlining an ideal situation for Ethereum here, once Bitcoin starts reaching the tens-of-thousands then in theory, Ethereum will follow suit.
With all this in mind, things do seem to be going right for Ethereum at the moment, hopefully this good run can continue and indeed, hopefully now the $700.00 threshold has been met for the second time in as many weeks, Ethereum can stay afloat above this figure and really start to take advantage of this growing market.