Ethereum Price Forecast – ETH Up More Than 5% on EEA Strength
Despite a rollercoaster of Ethereum news, ETH prices increased 5.06% in the last 24 hours. The surge brought Ethereum’s week-long performance back into the green, setting it up for another dramatic push to the upside, and restoring some sanity to the market.
Trading volumes came in at a robust $606.1 million, according to data from CoinMarketCap.
Approximately 12.6% of that activity came from a U.S. exchange called Bitfinex, while 11.5% came from Korea’s largest altcoin exchange—Bithumb.
The remainder of Ethereum’s support is widely distributed, including ETH/BTC exchanges like Poloniex and ETH/EUR exchanges like Kraken. (Kraken is also the U.S. exchange where you can trade fiat currency for Ripple.)
One of the main catalysts is the Ethereum Enterprise Alliance (EEA).
For those who’ve never heard of the EEA, it is a consortium of Fortune 500 corporations, startups, academics, and blockchain experts. There are 200 firms committed to it, including 48 new participants, one of which is Hewlett Packard Enterprise Co (NYSE:HPE).
Judging by this embarrassment of riches, we can safely assume that the project is alive and kicking.
There was a moment of doubt last week, when JPMorgan Chase & Co.(NYSE:JPM) CEO Jamie Dimon said that Bitcoin is a “fraud” and that “if you’re stupid enough to buy [Bitcoin], you’ll pay the price for it one day.” (Source: “Jamie Dimon says if you’re ‘stupid’ enough to buy bitcoin, you’ll pay the price one day,” CNBC, October 13, 2017.)
But Dimon didn’t stop at that. He also threatened to fire any of his employees that traded Bitcoin. Not because it was against company policy, but because he believed it reveals them as “stupid.”
For all his bluster, Dimon forgot to mention two important facts:
- His bank is also in the EEA.
- His bank is releasing its own blockchain.
Thankfully, investors didn’t take the bait. They returned the Ethereum to USD exchange rate to $313.21, while simultaneously dropping the Ethereum to Bitcoin rate 3.67% to 0.05483180.
Analyst Take:
We are confident in our $1,000 Ethereum price forecast, particularly because of how quickly prices stabilized. That said, the currency still needs to break the $400.00 level before the end of November.
