Ethereum Price Forecast: ETH Chasing Bitcoin as Crypto Market Explodes

Ethereum
Credit:iStock.com/Adrian Bysiak

Although there are important updates regarding Ethereum’s technology, today’s Ethereum news update focuses on just one thing—that ETH prices are trading at all-time highs.

What’s Going on with Ethereum Prices?

On Monday morning, ETH prices advanced 3.72% against the U.S. dollar, bringing the Ethereum to USD exchange rate to $480.03, a record high for Ethereum.

At the same time, however, the Ethereum to Bitcoin rate fell 4.02% to 0.04961130 BTC.

Daily Ethereum Chart

ethereum price forecast for 27 nov

Why Is Bitcoin Rising Faster Than Ethereum?

Bitcoin is on a maniacal race to $10,000 at the moment.

Also, new crypto investors are typically drawn to its front-runner status, meaning that an explosion in total cryptocurrency market cap is usually focused on Bitcoin. Afterwards, it filters down into the rest of the industry.

How Bullish Are Investors?

It’s easy to tell when investors are hungry for a cryptocurrency—just look at trading volumes.

Investors traded more than $1.0 billion in each of the last four trading sessions, which is far above normal for Ethereum. That’s a really good thing. At one point, trading activity surged above $2.29 billion.

Those levels persisted through overnight and in the early morning hours. At the time of writing, the 24-hour gauge stood at $1.46 billion.

Where Are Investors Buying ETH?

Bitfinex and Bithumb are the two biggest exchanges for Ethereum trading. The latter is a South Korean exchange that deals primarily in ETH/KRW pairings, while the former deals in ETH/USD pairings. They accounted for 10.87% and 11.70% of total volume, respectively.

Analyst Take:

Our Ethereum price forecast in 2017 was $400.00. Obviously, that prediction came true. Therefore, we are now turning our attention towards the $1,000 Ethereum price forecast for 2018.

Also Read:

Post Bitcoin Spike: Ethereum Price Prediction for 2018

Hold on to Ethereum for the Long Term