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📈 Price Predictions
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ETH/USD Price Prediction — Are Bulls Switching from Bitcoin to Ethereum?

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  • Denys Serhiichuk
    📈 Price Predictions

    Ethereum is the only top coin in the green zone. Does it mean a buying opportunity?

ETH/USD Price Prediction — Are Bulls Switching from Bitcoin to Ethereum?
Cover image via 123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

These days, Ethereum is the only coin showing steady growth among other top cryptocurrencies. However, that is not a surprise, as the community is expanding and becoming more powerful. There are a few reasons for such a rise.  

Since the Ethereum 2.0 test network has started, the price of ETH has risen by 50% against the US dollar. On May 7, at the time of launch, the price was about $170, while today ETH is trading around $260. Nevertheless, the current rates are still very far from the historical maximum of ETH, which was recorded in January 2018 at the level of $1,420 for one coin.

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What is more, the non-profit organization Ethereum Foundation, which promotes and supports the development of the Ethereum ecosystem, will allocate $30 million for the development of key projects.

Also the platform is about to start cooperating with big businesses, such as Microsoft.

The general opinion about Ethereum is starting to improve, and now it has reached a 5-month high.

CEO of Pukkamex Ahmad Sharkatly explains:

ETH/USD seems to have developed a nice motive structure in the form of a leading diagonal. However while the bulls remain firmly in control over longer timeframes they are running out of steam and a correction seems due.

Charts are saying its time to buy the dip.

A good entry zone lingers around the 50-618 retrace of the move up since the December lows with those being confluent with Hagopian support lines and horizontal structures.

Data records the ETH sentiment rating at 0.179. This is a huge increase, considering that in January this indicator was below 0.156.

Ethereum sentiments by Enroyd

If you look at the dynamics of Ethereum (ETH) from the end of February to May 20, you can see a combination of both positive and negative moods.

Now, let’s look at Ethereum movements from the technical perspective.

ETH/USD chart by TradingView

Our prediction for today has already come true, as the price rolled back to the $253 mark. While the asset is located above $250, ETH tendencies are bullish. Moreover, the RSI indicator is about to touch the bottom, meaning the coin is almost oversold.

In this regard, the nearest scenario is reaching $265 till May 25.

The price of ETH is trading at $253.35 at the time of writing.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and make predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others.

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Bitcoin Price to Hit $250,000 Due to Lightning Network Use by 2023: Tim Draper

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    World-famous investor and Bitcoin bull Tim Draper explains what reasons will push Bitcoin price to $250,000 by 2023

Bitcoin Price to Hit $250,000 Due to Lightning Network Use by 2023: Tim Draper
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

While speaking to the audience at the Malta AI & Blockchain Summit last week, the billionaire and prominent Bitcoin supporter Tim Draper confirmed his previous forecast for the BTC price hitting $250,000 in the near future.

This time he explained that this high price per one BTC will be achieved through the growing use of the Lightning Network and explained how it will happen from his point of view.

Bitcoin still to hit $250,000

The Bitcoin permabull Tim Draper again stated that the Bitcoin price is going to hit $250,000 by 2022-2023. He said this will happen due to the growing use of the Lightning network which allows conducting payments in BTC easily.

Being a major global investor, he nevertheless shares the opinion of many crypto enthusiasts that BTC is not only a store of value but it can also be used to pay for things in everyday life – micropayments, the retail sector, etc, i.e. is perfect for adoption.

Previously, Tim Draper stated that his forecast of BTC reaching $250,000 was actually a quite conservative prediction.

Will Bitcoin get to be worth $1 mln?

As reported earlier on Wednesday by U.Today, the crypto asset manager and a trader Marius Landman tweeted that before Bitcoin hits $1 mln, it is bound to go through ‘super hyper inflation’, in which price drops by $20,000 will be considered insignificant.

He also expects Bitcoin and Litecoin to show ‘subito motus’ (Latin for ‘sudden movements’) soon, saying that this will leave uninformed investors and technical analysts at a loss.

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Smaller bullish BTC forecasts

Other traders and analysts seem to think more vaguely when they are looking at technical analysis graphs. They are bullish, nevertheless.

The @crypto_rand trader with over 216,000 followers on Twitter simply posts a chart, saying that Bitcoin ‘still looks bullish’.

Another analyst and trader PlanB has published a chart of the way the changes in the Bitcoin mining difficulty have impacted the BTC price. People in the comment thread agree that this data at the moment is bullish for the Bitcoin price.

At press-time, Bitcoin is sitting at $8,823.

BTC price CMC
Image via CoinMarketCap

 

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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