On Sunday, Ethereum prices rose above $350.00 for the first time in more than two months. It was a good piece of Ethereum news, but what’s more, this trend looks like it’s only starting to heat up.
ETH could hit $400.00 before we ring in the New Year.
For several weeks, we were the only analysts forecasting a spike in Ethereum prices. But now that we’ve been proven right, others are hopping on the bandwagon.
Billionaire Mark Novogratz, for instance, recently said that “ETH looks poised for a move to new highs.” (Source: “Institutional investors close to adopting bitcoin, says ex-Fortress executive Novogratz,” CNBC, November 13, 2017.)
He believes that innovative work from several Ethereum startups could propel the currency to record levels. We agree.
As such, it was no surprise to see ETH prices add 1.95% on November 19, then add some more gains overnight, bringing the Ethereum to USD exchange rate to around $358.04.
This surge was directly tied to surging trading volumes, which rose to $1.18 billion from $649.64 million a day before. It was an 81.9% increase. However, trading activity fell slightly overnight, taking some of the wind out of Ethereum’s sails.
Bithumb remained the biggest trading venue, though not by much. It accounted for 10.22% of total volume, barely edging out the next nearest competitor, Bitfinex, which accounted for 9.65% of trading volumes.
Overall, Ethereum maintained a wide base of geographical support.
That said, rising investment in cryptocurrencies is a major trend for ETH. Ethereum crossed $350.00 for the first time since September 3 at the same time that total crypto market capitalization rose to $239.0 billion. That’s not a coincidence.
Daily Ethereum Chart
Better still, there’s no secret about why money is pouring into cryptocurrencies: Wall Street is getting in the game. Novogratz reportedly put 10% of his personal wealth into the market and started an investment fund purely for cryptos.
Do you really think he’ll be the only one?
Some estimates suggest that $10.0 billion of institutional money is sitting on the sidelines right now, waiting for the green light from regulators. That influx of cash is likely to send cryptos surging across the board.
Given the rising volumes technological progress on the Ethereum platform, we are more confident than ever in our $1,000 Ethereum price forecast for 2018.