It was just one week ago when we published Ethereum: Which Price Targets Are Next In 2019?. Our bearish price target for Ethereum (ETH) was 220 USD, and it was met today. We said Ethereum would eye our bearish price target of 220 USD first, followed by our bullish price target of 550 USD. Is this forecast still valid? Yes, is the answer. This may seem a too bullish target as it’s a 2-fold increase in 6 to 9 months. But our super strong fundamentals described in our 5 Cryptocurrency Predictions are still valid, as well as our bullish Bitcoin forecast and XRP forecast. So we feel strong that Ethereum will do what we said last week: the bearish price target which was met today would offer a great entry point before doubling.
This is the key take-away with which we concluded last week’s Ethereum price analysis:
So our best guess forecast right now, though with a lower confidence level than the one we made 3 months ago, is that both price targets will be achieved: first 220 USD later this year, followed by 510 USD somewhere in the next 12 to 18 months.
We simply did not expect this to happen that fast.
The lower confidence level was related to the condition we defined: a breakdown below 290 USD which happened already a few days after we wrote our piece. This obviously increased the likelihood of our forecast, we explained this in great detail in last week’s article.
Even though we feel strong that Ethereum will double in the next 6 to 9 months we know for sure that not many crypto investors will get the full benefits of this opportunity.
Why? Because we expect a few months of profit consolidation. The recent rise in crypto was too aggressive, so a stabilization period is likely what will follow next. As per our 50 cryptocurrency investing tips:
Tip # 41: Consolidations are very frustrating for traders and investors. This is the type of situation in which the vast majority of investors show no patience. They then sell with a loss, only to find themselves chasing prices higher after a certain time period.
When it comes to the chart this is what we read into Ethereum’s daily chart: We now see that our downside target of 220 USD got hit, which likely implies some consolidation before we prepare the next upside move to 510 USD late this year or in 2020.
Note that detailed annotated charts make a difference between a well informed and successful crypto investor, and the vast majority of investors with average returns. Following Ethereum news is pointless. It’s all about the ‘art of the chart’.
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