The price of Ethereum (ETH) is skyrocketing. It is amazing how strong it acts, for sure compared to the rest of cryptocurrencies.
Two weeks ago, on Friday May 26th, all cryptocurrencies experienced a crash. InvestingHaven’s research team was among the first ones to conclude that is was a flash crash, and that prices would recover very fast. On Saturday May 27th we wrote Ethereum Price Crash In Perspective outlining the reasons for that conclusion. That was a spot-on call.
Ethereum’s price dipped to $130. Investors brave enough to buy the dip are now looking at almost a threefold increase. Of course, it is almost impossible to buy the exact bottom, it is mostly 10 to 20 percent above the bottom that investors should aim for.
The reasons for this strong rally in Ethereum are fundamental in nature. As explained on the site EthereumPrice.today there are several developments that make Ether strongly bullish:
- Several global currencies are digitized on Ethereum blockchain, notably the Singaporean Dollar, the Chinese Yuan, the Russian Rubble.
- According to a forecast made by Techcrunch all ICOs in July will be on Ethereum.
- Even the Economist calls Ethereum a ‘healthy bubble’ which is quite remarkable given that classic media are the first to call for a nasty bubble.
- Asian countries are buying Ethereum like crazy.
- Investment demand starts kicking in now as well as explained in our $1000 Ethereum price forecast.
From a price perspective Ethereum was the first cryptocurrency to recover after the flash crash two weeks ago, and has not stopped making new highs. Smart investors have noticed this relative strength.
All in all, Ethereum is doing exactly what we thought it would do: go much higher and outperform all other major cryptocurrencies. That is the reason why we calculated in an objective way our $1000 price target which would be achieved before 2020. Arguably that target will be met much ealier.
This is a screenshot taken at the time of writing from the site EthereumPrice.today: