Ethereum (ETH) has been trading in a bullish channel since the previous bull market. It touched the bottom of this channel at the beginning of 2017 and then touched the top of this channel twice, once in June 2017 and then again in late January 2018. After that, the price has continued to fall continuously, but has yet to touch the bottom of the channel. In April this year, the price made an attempt to reverse in the wake of an expected altcoin rally but negative Bitcoin (BTC) price action soon dragged the price down. At this point, there is little chance of Ethereum (ETH) heading back up from these levels without touching the bottom of the channel.
If this development follows through and Ethereum (ETH) does test the bottom of this bullish channel that would mean that this market correction is not over yet and will drag on at least for the next month and a half. However, the price will most likely stay above $300. This could be the last time we see Ethereum (ETH) in triple digits prices. Considering the overall outlook of the crypto markets and advances in blockchain technology, it is reasonable to expect that Ethereum (ETH) will continue to attract new projects to build Dapps on its platform and hold ICOs on the Ethereum blockchain.
Large corporations like Microsoft and eBay are already part of the Ethereum Enterprise Alliance and it is only a matter of time before they start using Ethereum (ETH) in one way or the other. Blockchain technology is the future and most of these large corporations are now light years behind projects like Ethereum (ETH). They simply cannot afford to experiment with their own blockchains at this stage. In order to remain competitive, most of these corporations like Microsoft or eBay have to use existing blockchain technologies like Ethereum (ETH) as they have been already tested and proven. Once these corporations start using Ethereum (ETH), prices can be expected to skyrocket enormously.
Most blockchain enthusiasts often mention how this technology is bigger than the internet or the dot com boom. Four years back, it would not have made much sense to many of us because we did not truly know what was possible. Today, we know what is possible and can see what is going to follow in the months and years ahead. The way cryptocurrencies and blockchain technology is bigger than the internet is that blockchain tokens or cryptocurrencies are not just like stocks issued by companies. They are also like currencies issued by governments and central banks. So, blockchain technology is targeting two trillion dollars markets, forex and stocks. Ethereum (ETH) being the largest smart contracts platform and a convenient mode of payment will be at the forefront of this disruption. The price of Ethereum (ETH) is yet to find a bottom against Bitcoin (BTC). It is expected to touch the support line in the weeks ahead. This means that Ethereum (ETH), along with the rest of the market can be expected to complete its correction around the middle of July, after which a reversal can be expected.