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November 2018 was a difficult month for Ethereum as the sharp decline in the price of Bitcoin was general for the main cryptocurrencies
Content
- Pricing of Ethereum prices
- Technical analysis of Ethereum for December 2018
November 2018 was a difficult month for Ethereum as the sharp drop in the Bitcoin price was general for the major cryptocurrencies and ETH dropped from the price of $ 208.88 on November 5 to $ 104.40 on November 27th. . From December 2018, there is already a retracement in progress.
We will focus on a pricing forecast for Ethereum, in particular for December, and we will also make an estimate of the ETH prices for today based on technical analysis. Is this 50% decline from November 2018 reversed and stopped, or will there be a continuation of the downward trend?
As always, the pricing forecasts of Ethereum are an element of uncertainty and risk and are not investment recommendations, but rather the result of financial analysis.
Pricing of Ethereum prices
Here are some Ethereum forecasts and Ethereum's forecasts by experts:
Bobby Ullery, CTO of Waysay:
"I think Bitcoin and Ethereum will share a market cap of $ 4.5 trillion by 2020. How much could a single Ether be worth? This is a little harder to calculate due to the supply a little? Ether's unknown in the future, how Proof-of-Stake could change the new issue of Ether and the impact that the Ice Age will have in time between the new issue of the ETH. Issue 2014, said a projection of ~ 162M ETH in circulation in 2020, however / u / manly_ stressed that Vitalik said it would be closer to 100M, so for our approximate math we will use 100M ETH. $ 1,137,500,000,000 divided by 100,000. 000 = $ 11.375 per currency, ~ + 4,000% from today. "
Nigel Green, CEO of the DeVere group:
"The price of Ethereum is expected to increase significantly this year and could reach $ 2,500 by the end of 2018 with a further increase by 2019 and 2020. This general recovery will be fueled by 3 major factors. platforms use Ethereum as a means of negotiation Secondly, the increase in the use of smart contracts by Ethereum, and thirdly, the decentralization of cloud computing. "
Alexis Ohanian, Co-founder of Reddit:
"I'm very optimistic about Ethereum simply because people are actually building us in. It's still early, but you know, we have some CryptoKitties.
It's easy to laugh, but I think the first version of so many things looks like a toy and often has something to do with cats. It's because the Internet loves cats. At the end of the year, Ethereum will be at $ 1,500. Well, now people can call me if I'm wrong. "
All of these experts seem to be confident and optimistic about the forecast of ETH prices for 2018 and beyond, until 2020. We will then analyze our Ethereum forecasts for the rest of 2018.
Pricing of Ethereum prices December
In November 2018, the price of Ethereum probably decreased due to the selloff by ICOs. Most analysts in the cryptocurrency industry attributed the decline in the price of ETH to the selloff of ERC20 blockchain projects that raised millions of dollars in ETH in their token sales.
As the price of ETH began to decline and the cryptocurrency market entered an important bear market, analysts said that ERC20 projects started selling their holdings to ETH, making the # 39; ETH experienced a more severe downward trend than other major cryptocurrencies. Therefore, it is very clear that the decision of the ERC20 projects on Ethereum to sell large quantities of panic-stricken ETH has contributed to a large extent to the downward trend of the Eth. What are our ETH forecasts? Our technical analysis will be based on price action for the last month.
Price forecast of Ethereum end of the year
Before our technical analysis section on the Ethereum 2018 forecast, some business arguments in favor of the price increase in the future are as follows:
The reasons behind the rise of Ethereum are many. Ethereum is used as a platform these days by a wide variety of ICOs and other cryptocurrencies.
Also, there are some companies that work exclusively on Ethereum's blockchain rather than Bitcoin-based blockchain.
Even basic technology seems to be strong. This is the reason why the Ethereum forecasts for 2018 and subsequently are positive. So, let's explore this question further.
Price forecast of Ethereum 2019
As seen from the chart above, it is not easy to make any Ethereum projection on its future price. Any ETH prediction involves a very high degree of error. However, an Ether price forecast can be based on more conservative price levels supported by news and business developments such as the aforementioned topics. In our technical analysis section below, our pricing of Ethereum will be very conservative.
Ethereum forecasts today
This weekly chart shows that anyone who would be optimistic about the Ethereum in 2018 would be denied, since the price has plummeted from $ 1390 in January 2018 to $ 107.23 in November 2018, a decrease of 92.30% . What is the forecast for the next year?
As with the prediction of Bitcoin prices today, any price forecast is very difficult, as news that could have a major impact on cryptocurrency prices is very difficult to predict. However, here is our Ethereum forecast for December 2018.
Technical analysis of Ethereum for December 2018
The daily chart of Ethereum (ETHUSD) does not seem very bullish, as there is a very strong downward trend, supported by the high values of the ADX / DMI indicator. The value of the ADX line is higher than 43, signaling a very strong trend. Usually, the values above level 25 indicate a strong tendency. These are some of the key points of our technical analysis on Ethereum.
· The stochastic indicator (14.3,3) is at oversold levels below level 20, but does not yet show signs of trend reversal. In fact, a few days ago he made a bullish crossover while the price rebounded from $ 104 to $ 126, but it was a short-term rebound since the price is now trading at $ 108.
· The MACD indicator is still at negative values and, although its histogram decreases, indicating a possible trend pause, it has not yet made any bullish crossovers.
· The daily bands of Bollinger stood at $ 191.72 and $ 82.30 respectively for the upper and lower bands, with a significant expansion. This high volatility can be followed by lower volatility and an average return to 20-period daily moving average at $ 138.
· The price is lower than the daily exponential moving averages of 20 and 50 periods, respectively, to $ 136.55 and $ 170.87. Both moving averages are indicative of a strong downward trend.
· There are no obvious support levels other than the recent low price at $ 102.10.
· The former levels of support will act as resistance and an important level is close to $ 172.50, where the 50-day daily EMA is now at $ 165.70 and $ 188.40.
· The Fibonacci analysis is considered as a high price of $ 225.56 and a low price of $ 102.09 from November 7, 2018 to November 25, 2018, demonstrating that the retracement levels of 0.5 and 0.618 are respectively $ 163.07 and $ 177.46.
· Given the strong downtrend, we estimate that a rebound is possible up to the price level of $ 125.00 – $ 150.00.
· If the $ 102.00 support is violated, there are no previous support levels and the price may be significantly lower.
· Another factor to consider is that December is typically a month with reduced liquidity as it is a holiday period and price surges may occur.
· Because of the correlation existing with the collapse of Bitcoin prices and in general the decline of the major cryptocurrencies in November, any Bitcoin will rebound to higher levels could also increase the price of Ethereum in December 2018. The current price of Ethereum since December 3 , 2018 is $ 108.18.
Conclusion
The cryptography market is undergoing a sharp decline in the last quarter of 2018. But the last month of the year looks bright for Ethereum, as the HTC Blockchain Phone Exodus 1 is ready for the shipping in December, which accepts only Bitcoin and Ethereum cryptocurrencies.
Ethereum allows developers to create smart contracts, and this is a positive factor as it has great business potential. Will Ethereum increase or decrease in December 2018? It is a difficult answer to give and a forecast to make. The recent bearish trend is strong. Still, it is too early to make a request for the low price of Ethereum at the end of the year. But a moderate upward trend for the rest of 2018 is likely.
We estimate that, due to the decreasing liquidity as we approach the Christmas holidays, a moderate move up to the price level of $ 125- $ 150 is possible. The cryptocurrency has declined significantly, and while we prefer to negotiate with the trend, a dominant downtrend with the possibility of a moderate increase is our baseline scenario for the remainder of December 2018.
