Ethereum Price Prediction 2017
Ethereum price predictions 2017 can sometimes feel like shots in the dark. Cryptocurrencies, in general, can make some analysts feel like they’d have a better shot picking the winning March Madness bracket. But when it comes to the Ethereum price forecast, I think that there’s a good chance that ETH will bounce back and reach a healthy $330.00 by year’s end, even with the recent hit that came about due to the bad news regarding China on Ethereum.
You see, the China ICO ban led to a massive decline in ETH prices, with Ethereum to USD roughly equating to $227.00 per coin at its lowest point, which is to be expected. Whenever you have a budding industry suddenly closed off to one of the biggest and richest markets in the world, there’s naturally going to be some blowback.
In the case of the China cryptocurrency exchange news, this wasn’t totally unexpected as China has long had a very protectionist monetary policy centered on keeping wealth contained within the country. Bitcoin, Ethereum, and blockchain technology, in general, are threatening to the country’s aims of keeping wealth within its borders, so some sort of regulation was a long time coming.
But unexpected or not, it did have an impact on Ethereum prices. ETH prices fell to their current state of around $263.00, way down from the highpoint of around $390.00. And Ethereum isn’t the only coin to feel the hurt from the China ICO ban. Bitcoin also fell by about 25%.
And that brings us to the tricky part of the Ethereum price predictions. If you asked any bullish analyst for their Ethereum price forecast during the summer months, any one of them that said it would end 2017 at $330.00 would claim that that value is far, far too low. I include myself on that list.
But the thing is that the cryptocurrency market has so many twists and turns (after all, that’s why there’s so much potential in the coins as speculative investments) that even with all the data in the world on hand, there’s no certainty that a split or hacking or news event won’t derail your prediction one way or the other.
But what’s important to note here is that, no matter what you predicted, Ethereum is still enjoying a fantastic run this year. Alongside BTC and other cryptocurrencies, the coins have all risen in tandem, many of them eclipsing all-time highs and aiming to only rise higher.
In one year alone, the coin went from single digits at times to being worth over $263.00 now. That’s a massive, massive return on investment that makes would-be buyers salivate.
While it’s unlikely that ETH will be able to see that kind of growth over the next year, that by no means precludes it from massive gains of over 50% in 2018.
But what I believe is the safer bet is that for the Ethereum price predictions 2017, we’re going to see a more moderate increase, with ETH prices remaining fairly steady and rising upwards and end up hitting, at best, around $350.00 but more likely at $330.00.
While it’s not record-setting returns, an over-20% gain in a few short months is nothing to scoff at. It may not be the hundreds of percentage points of gains that are already now being codified into legend and myth—”the guy who invested $10,000 in Bitcoin and became a multi-millionaire a few years later”—but it’s still a good pick for those looking for a solid cryptocurrency.
Ethereum vs Bitcoin: What the Ethereum Price Chart Reveals
Perhaps the biggest decision that any buyer will have to make is between the largest two cryptocurrencies: BTC and ETH.
Data courtesy of CoinDesk
While I believe that the Bitcoin price forecast for the next year ultimately outperforms the Ethereum price forecast, I don’t think that should sway investors from buying ETH. In fact, I believe that the Ethereum price predictions 2017—where we’ll expect to see slow and steady growth, news permitting—will ramp up to a strong 2018, where the coin really challenges BTC for top dog.
The reason I’m bullish on Ethereum is that I like its organizational structure. I know people who are true-believers in the power of Bitcoin like to espouse its decentralized nature, but that decentralization comes at a cost. Ethereum tries to maintain the best of both worlds, with a very public creator lobbying for the coin while the program still runs on blockchain tech and maintains that potential inherent in all coins on the market.
Vitalik Buterin, the wunderkind behind ETH, recently went on to claim that Ethereum will be able to match Visa credit cards in terms of scale and applications. (Source: “Ethereum will match Visa in scale in ‘a couple of years’ says founder,” TechCrunch, September 18, 2017.)
And that’s one of the main reasons that I like ETH so much. While the even more decentralized nature of Bitcoin will appeal to cryptocurrency purists, there’s something to be said for having a voice in your corner heralding all your good news and putting on a strong face for your product. Bitcoin lacks that, and I believe that Buterin’s presence alongside his reputation for pushing tech, innovation, and pushing the cryptocurrency market towards a more efficient future is a major boon to my Ethereum price forecast long-term.
Despite a setback like the China ICO ban, ETH is poised to make a strong if not spectacular run for the remainder of 2017, setting itself up for an even more productive 2018.
I would even argue that Ethereum is poised to potentially make a move against BTC as the biggest coin by market cap. Of course, that’s a big “if” and I still give it more of an outside shot at the throne, but it definitely has a puncher’s chance.
With all that in mind, my Ethereum price predictions 2017 are bullish as we approach the end of the year. I believe that even if BTC does have a better 2017 closeout, ETH may be the better long-term investment due to the strength of its tech, its founder, and how there’s still a lot of potential left to be unlocked in ETH.