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The price of Ethereum "will continue to rise" throughout 2019 – and the main engine of the continuous rally will be the fork this week, according to Ian McLeod of Thomas Crown Art. Thomas Crown Art uses Ethereum's smart contracts to provide provenance, a chain immutable property and allow new works to become valuable storage devices.
McLeod's optimism derives from the recent history of Ethereum.
"Ethereum made a bullish move and broke the resistance of $ 125.00 – giving the cryptonists and mercenaries of fate a strong signal that this digital currency is once again on its upward trajectory." The Ethereum rally is part of a more a large rally of cryptocurrencies from the beginning of the year, with other important currencies, including Bitcoin and XRP, which guarantee important gains.
"The bulls are back in the city."
While traditional markets are headed to bear territory, McLeod expects digital assets to go in the opposite direction for three reasons.
"First, the hard fork to be held on January 16. The hard fork will mean that the Ethereum miner's premiums fall from three to two ethers and decrease the blocking time, resulting in a faster network. It's a key part of an important Ethereum upgrade and the markets are thrilled.There is a possibility that the date of the rigid fork can be rejected back, but traders are managing this in expectations.
"Second, oracles: oracles – data feeds that provide information in the smart contract from third parties – will inevitably lead to the adoption of the Ethereum smart contracts, which is due to the fact that smart contracts that use decision making on Real-world metrics can find relevant use cases among consumers, businesses and organizations, among others, and of course, the increase in the take-up and use of Ethereum's smart contracts, so too the price of Ethereum ".
That race will have a relapse effect, he suggests.
"Sentiment data and technical analysis suggest that the Ethereum rally, which will be further fueled by the hard fork, will continue in the short to medium term.
"This is likely to have a positive impact on the rest of the cryptocurrency industry."
Thomas Crown Art is already a global pioneer in the use of Ethereum's smart contracts.
"The use of an Ethereum blockchain to authenticate works of art is an ideal use case for distributed accounting technology," McLeod explained. "It offers the possibility to archive a permanent and immutable recording of works of art at the time of creation that can be used to authenticate the works recorded by third parties independently."
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