Yesterday we saw Ethereum breach the $700.00 mark for the second time in a month. $700.00 has provided some resistance, Ethereum has thus far really struggled to step over this point.
As all hope was looking to be lost, early yesterday we started to see signs that suggested Ethereum was about to surpass $700.00 for the long term. Now, that certainly seems to be the case. With resistance breached, Ethereum has seemingly continued to climb, with $800.00 now looking more and more likely, what do we expect to see over the weekend?
Well, firstly, let’s see how Ethereum stands right now.
At the time of writing, Ethereum is valued at $791. The markets are looking very healthy overall, showing signs that we could expect to see a market surge, or a larger bull run take over pretty soon. If this happens, Ethereum will surpass $800.00 with ease. Depending on the scale of the surge, we may even see Ethereum hit $900.00, although this is of course speculation based and can’t be confirmed.
Overall, what we are seeing now could just be a small rise and it is also likely that we may not see a surge over the next few days. Even if this is the case, and the small rise continues, Ethereum could still hit $800.00, as I say though, this can never be truly assured.
We must consider that just two days ago, Ethereum announced a new wave of Ethereum Foundation Grants. These grants are set up to assist the development of DApps and Smart Contracts on the Ethereum blockchain. The grants are offered to teams that are working hard to support the Ethereum ecosystem that do not receive funding from ICO’s and token sales. Within the grants, Ethereum offer funding, technical advice, networking and a platform for collaboration and sharing.
We are seeing some really positive movements for Ethereum. It’s peak value of $1,389.18 is still a long way off of course, but given the state of the markets and all of the optimistic futurist predictions about the trajectory of cryptocurrencies over the year, I think we are closer to that value than we think. For certain, if Ethereum breaches $800.00 in the coming days, we can seriously start to look at a four-figure valuation for Ethereum. Assuming Ethereum remains over $800.00 (if it indeed gets there) then hopefully it will establish some defence against any potential market declines and corrections.