Connect with us


Ethereum at $1000, Other End-Of-Year Predictions Made by Well-Known Investor



The Chinese Ministry of Industry has recently released rankings for 14 of its cryptocurrency projects. In it, EOS topped the list, followed by TRON and Ethereum.

These positive news come at a very interesting time for cryptocurrencies. Ethereum, in particular, is readying for the release of Ethereum 2.0, a proposed hard fork, that BeInCrypto has previously reported on. In a recent poll, however, when the co-founder asked the question of “would it ever be appropriate to conduct a hard fork to revert chain activity after a serious hack”, the response was a resounding “No”, with 63% of voters disagreeing with a hard fork under any circumstances.

Ethereum experienced a hard fork in 2016 after a DAO hack, which caused it to split into two chains, giving birth to Ethereum Classic (ETC).

Both ETC and ETH, however, have been steadily increasing in 2019.

For the future, some interesting predictions were given by William Mougayar (@wmougayar), a well-known author and investor.

Since ETH, ETC, and EOS have recently made headlines, let’s look at the predictions for all three and decide how likely they are to be validated.


Looking at the Ethereum chart, an increase of roughly 450% from the current price would be required for a target of $1000 to be hit.

This movement would be similar to that of September-January 2017 when the price increased from $250 to $1400.

However, that upward move transpired over 112 days, while there are only 59 days left until January 1st.

Therefore, an increase at around twice the pace of that in 2017 would have to occur for the prediction to be validated.

A broad outline of the price movement would be that the current 2019 movement was the first wave of a five-wave Elliott formation.

The second wave ended with the $153 low on September 24 and the third wave began afterward. This, however, means that the third wave should be about two times quicker than the first one, moving above the $800 resistance area without trouble.

In my opinion, a more natural movement would be for the third wave to transpire at a slower rate, thus reaching the target sometime after the new year.

A closer look at the price movement suggests that this upward move will eventually occur.

There is bullish divergence developing in both the RSI and MACD.

Also, the price created a double bottom near $160, which is a bullish reversal pattern.

Ethereum Classic

For the prediction of $50 to be hit an increase of roughly 940% in 59 days would be required.

Looking at the previous price movement, one such increase occurred between March/May 2017, when the price went from $1.8 to $23 in a span of 66 days.

The price is currently approaching the end of a descending wedge, combined with a bullish divergence in both the RSI and the MACD.

Therefore, while a breakout is likely, the $50 target seems overly optimistic. Additionally, it would represent an all-time high, slightly higher than the current one of $47, reached on January 14, 2018.


For the prediction of $7 to be hit, an increase of 110% would be required. Unlike the previous two coins, this would only represent a retracement relative to the June high, which in the case of EOS was $8.55.

Also, the $7 target falls right at a previous resistance area, the 0.786 fib level of the entire drop.

Looking closer at the price movement, there is a bullish divergence developing in the RSI & MACD.

If it is sufficient in causing the price to break out above the descending resistance line, the $7 prediction is likely to be validated.


Ranking the predictions on how likely they are to be hit, EOS is first, followed by ETC and ETH. While based solely on the current price movement, neither ETH nor ETC seem to be likely to validate the predictions. However, in the case of ETC, we have precedent on a rapid movement that would support the prediction, while on the case of ETH we do not.

Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.

News Source

Click to comment


Ethereum (ETH) Stuck In Range While Bitcoin Is Sliding



  • Ethereum price failed to continue above $190 and declined below $188 against the US Dollar.
  • The price is currently correcting higher, but it is likely to face resistance near $187-$188.
  • There is a connecting bearish trend line forming with resistance near $187 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin is trading with a bearish angle below the $8,950 and $9,000 resistance levels.

Ethereum price is trading in a broad range versus the US Dollar, while bitcoin is struggling. ETH price might revisit the $182 range support area in the near term.

Ethereum Price Analysis

Yesterday, there was a decent increase in Ethereum above the $188 resistance against the US Dollar. ETH even surpassed the $190 resistance area and the 100 hourly simple moving average.

However, the price struggled to gain strength above $190 and formed a high near the $192 level. Later, there was a downward move below the $188 support area and the 100 hourly simple moving average.

Moreover, the price traded below the 50% Fib retracement level of the upward move from the $180 swing low to $192 high. The bulls even failed to defend the $185 support and the price tested the $183 area.

Ethereum is currently correcting higher and trading near the $186 level. Additionally, it is trading near the 23.6% Fib retracement level of the recent decline from the $192 high to $184 swing low.

On the upside, an immediate resistance is near the $187 level. More importantly, there is a connecting bearish trend line forming with resistance near $187 on the hourly chart of ETH/USD, coinciding with the 100 hourly SMA.

If there is an upside break above the trend line and the 100 hourly SMA, the price could test the $188 resistance area. Any further gains may perhaps push the price towards the $192 swing high in the near term.

Conversely, the price could decline further if it fails to clear the $188 resistance. An immediate support is near the $184 level. The main supports are near the $182 and $180 levels, below which the bears are likely to gain strength.

Ethereum Price

Ethereum Price

Looking at the chart, Ethereum price seems to be trading in a broad range between $180 and $190. A successful close on the either side could trigger the next move. As long as there is no daily close below $180, there are chances of a fresh increase towards $200 and $205.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is about to move into the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently rising and it is likely to clear the 50 level.

Major Support Level – $182

Major Resistance Level – $188

News Source

Continue Reading


Analyst: Ethereum Still on Track for Move to $260 as Network Activity Spikes



Ethereum has been closely tracking Bitcoin’s price action over the past several days and weeks, and this correlation has persisted when ETH dropped overnight as BTC was met with significant selling pressure within the lower-$9,000 region, which subsequently sent it reeling down to $8,700.

Bitcoin’s current bearishness has caused Ethereum to show similarly bearish signs, although one analyst is still holding strong that ETH is on track to surge as high as $260 in the near-term.

Ethereum Fails to Break Above $190 as Crypto Markets Face Increasing Selling Pressure

At the time of writing, Ethereum is trading down nominally at its current price of $187, which marks a slight retrace from its daily highs of over $190 that were set yesterday alongside Bitcoin’s surge to $9,300 – which proved to be short-lived as BTC has since retraced to $8,700.

Despite showing signs of some bearishness on a short time frame, it is imperative to note that Ethereum has climbed significantly from its one-month lows of under $160 that were set in late-October concurrently with Bitcoin’s drop to lows of $7,300.

ETH rapidly surged shortly after setting these lows, with its gains being fueled by BTC’s meteoric rally that sent it as high as $10,600 before it retraced back into the $9,000 region.

One bullish factor that could provide Ethereum’s bulls with some ammunition in the mid-term is the fact that the cryptocurrency’s network activity has been incredibly strong as of late, with its total daily gas used hitting an all-time-high this past September.

“Yesterday, the Ethereum network processed the most activity in its history,” one popular figure within the Ethereum community noted in a tweet from September.

Will ETH Target $260 Next?

As for where this underlying fundamental bullishness could send ETH’s price, one popular cryptocurrency analyst believes that Ethereum is currently on track to visit $260 next.

Josh Olszewicz, a well-respected analyst on Twitter, explained that ETH will be “good to go” towards this price target once it breaks above the resistance it currently faces between $188 and $198.

“1D $ETH: 404: volume not found. e2e continues to grind towards inevitability. should b g2g past res of 188-198. hf scheduled dec 4th,” he explained while referencing the chart seen below.

In the near-term, it is probable that Ethereum’s price action will largely be guided by that of Bitcoin, but assuming that BTC finds some stability or even some tempered upwards momentum, then investors may watch ETH post significant gains.

News Source

Continue Reading


Dan Conway Shares His Cryptocurrency Success Story, Made $13 Million in Ethereum Profits



  • Dan Conway wrote a blog about his journey with cryptocurrency, including his success and failure.
  • Ethereum is presently worth $190.21 each, rising by over 2% in the last 24 hours.

The cryptocurrency industry, even though it has been around the last decade, is still broadly misunderstood by the public. However, Dan Conway decided to tell everyone exactly how he went from a corporate worker to a millionaire via Ethereum. The blog post is presently featured through The Hustle, describing first his money transfer to Gemini Trust Company, LLC in New York City.

The blog describes his professional life first, calling it “desperation,” adding that he hated being a part of the scene. He sought ways to get out of it, and “stumbled upon” Bitcoin in a news article. He’d heard about the cryptocurrency before, but he was focused on “climbing the corporate ladder” at the time and thought Bitcoin wasn’t enough to get involved in. However, the article he read that morning changed his mind.

At the time, Bitcoin was down, and Conway began to think about how the token fell down at the time but wondered what he would make from this asset if it rose again. Conway admitted that he had an “addictive personality,” which had led to alcohol and drug use in the past. However, he saw his present situation as a motivator for getting involved, since he had three children and a mortgage to pay with wife Eileen. The recession years earlier had put his wife’s consulting revenue in a bad place, making money a little tighter.

He continued exploring this option, eventually transitioning from Bitcoin to Ethereum. Ethereum had only launched officially in July 2015, and he admired the blockchain technology that supported these assets. He brought up statements that he read from TechCrunch, stating that blockchain could provide the “stability of an organization but without the hierarchy.” While the concept seemed almost miraculous, there were many practical individuals getting involved.

Soon, Conway ended up with an “obsession” for Ethereum, constantly reading and researching the cryptocurrency asset. Less than a year after this desire began, he transferred the life savings of his family into the Gemini exchange, made popular by the Winklevoss brothers who developed it. The savings gave him 6,993 ETH, costing about $14 each.

Conway’s wife was not on board, but she ultimately agreed when Conway agreed to take the family on several “expensive trips.”

Before long, Conway finally met the volatility of the market that he had heard so much about. In June 2016, the price of Ethereum dropped when a big project was hacked. While the original value of Conway’s investment was worth $100,000, the value went down to $40,000. Still, he didn’t lose confidence in the token, and instead “decided to double down.”

Conway used home equity funds to add to their investment, slowly purchasing Ethereum. By winter, he had borrowed another $200,000 on his home for ETH, owning a total of 26,750 ETH, averaging $11.21 per coin. This investment put him “$300k in the hole.”

The family took their first of the promised trips in February 2017 to Mexico, and their Ethereum jumped by $50,000, putting them “in the black for the first time” since their investment. The price of Ethereum kept going up and was worth $230 each by May 2017. The rise took the $300,000 investment to over $6 million.

Conway would watch ETH rise and fall over weeks and weeks, leaving him “consumed.” If ETH fell, he would become impatient with his children, and he ultimately lost his job of six years during an especially volatile week. He grew fearful of hacks, which wasn’t unjustified. After all, millions of dollars in cryptocurrency were stolen from accounts in 2017, from June to October. During this time, ETH primarily jumped between $200 and $400.

He chose to hold on to these funds when his tokens were worth millions of dollars, which he stated was a good decision at the time. ETH almost doubled in price in December 2017, which is the same month that Bitcoin rose to nearly $20,000. With this jump, Conway’s financial advisor sent him an email, expressing that he “may want to sell.”

After checking a subreddit, Conway decided to weigh his options. Without selling, he stood to lose all of his funds if ETH tanks. As the price rose to $915, he slowly sold 11,000 ETH, valued at $10 million. Immediately after, he sent his wife a text, stating simply, “We are done.”

The market dropped soon after, and ETH went from $1,396 to under $100 from December 2017 to December 2018. Conway stated that he and Eileen paid off their mortgage, took a trip to Africa, and purchased a home in Ireland.

Now, with almost two years since cashing out, Conway says that it is “still surreal” that their bank account is worth so much. He even posted a picture during the blog of his account:

Now, Conway still thinks that cryptocurrency holds “new possibilities” for the future, and he believes that ETH will “pop again,” but he doesn’t recommend that anyone follow his same path. He credits “luck” for this success and says that there are “hundreds” of other investors that have had unlucky results. While he invested carefully, his attention now is on “making the concept of crypto-based decentralization more accessible to the general public.”

Now, his days are “normal,” and he even adds that he still owns and operates a minivan.

While he isn’t consumed by the need to invest in crypto, he states,


Today, at the time of writing, Ethereum is worth $190.21, rising in value by 2.73% in the last 24 hours, while continuing to hold down the #2 spot on CoinMarketCap.

News Source

Continue Reading