Last year was hard for the entire crypto market, even for the world’s number one altcoin, Ethereum, which experienced a fall of 76% from January 2018 to November 2018. In spite of positive price predictions for 2018, it seems that ETH let down many investors.
But will 2019 be different? In today’s article, we will be analysing several forecasts and predictions and determine which Ethereum price prediction is most likely to come true in 2019.
Will Ethereum Hit the $ 1.000 mark in 2019?
In the past, Ethereum has seen a fulminating rise in price, and many anticipate this could happen once again. Coinswitch’s Ethereum price predictions for 2019 is that the altcoin will reach a price of $1,400 due to the expansion in the project’s developments.
It has been rumored that ETH co-founders Vitalik Buterin and Joseph Lubin are thinking of implementing with other engineers, storage fees for smart contracts. In the next 2 years, it is also planned that Ethereum will switch to a Proof of Stake consensus algorithm. This will lead to no supply inflation as stakers will not need huge rewards seeing as running a validating node will cost almost nothing.
The proposal for implementing PoS has been positively received by the dev community. This could also lead to a rise in ETH prices.
Ethereum is a platform which is highly utilized in domains such as decentralized control, digital asset storage, decentralized exchange, and gambling. The elimination of Ethereum bottlenecks could be the main reason as to why Ether might reach the $1,000 mark.
On the other hand, there are analysts that believe Ethereum will not be able to climb back to the tree digit threshold.
These predictions are based on the fact that Ether has lost a huge percentage of its value. Out of the top three cryptos, ETH has sustained the most considerable losses. Ethereum’s drop in value has also been influenced by the state of the Initial Coin Offering market as there have been many scams, and new tight regulations are being planned.
Tim Enneking, managing director of Digital Capital Management stated that “There are no drivers to push ETH to 40% above its prior all-time high”.
Factors That Could Influence Ethereum’s Price
There are several factors that could determine in which direction ETH’s price could be going:
- Ethereum and smart contract adoption by decentralized applications and ICOs.
- New developments and upgrades being added
- Support from government and financial organizations.
- The crypto market recovering.
Ethereum is still the number one blockchain dApp development. In addition to smart contract deployment, it is also constantly adding decentralized software solutions.
But even though the technology is the most useful in the blockchain space, the project is paying the price for the high number of fake projects that were built on its platform. The majority of Initial Coin Offerings used Ethereum’s protocol in 2017 and 2018. Many existing projects are now selling-off their Ether due to the coin’s price drop.
A factor that could positively influence the price is that Ethereum is backed by fortune 500 companies and is integrated into financial organizations.
Top Ethereum Price predictions
There have been several notable figures from the crypto space that have made their own forecasts regarding ETHs evolution for this year:
The founder of Joe Technologist.com, Joseph Raczynski believes that Ethereum might reach a price of $1200 by the end of 2019.
‘They are one of the most real projects to date. Nearly all large organizations are testing on this platform’, said Raczynski.
Nigel Green, CEO of deVere Group, a leading financial consulting firm, made an optimistic prediction that Ethereum would see a price of $2500 by 2019.
‘This general upswing will be fueled by three mains drivers. First, more and more platforms are using Ethereum as a means of trading. Second, the increased use of smart contracts by Ethereum. And third, the decentralization of cloud computing’, said DeVere.
‘Another key reason for the rally is that there’s a growing awareness of the need and demand for digital, global currencies in a digitalised, globalised world’, Green said. ‘Ethereum can be expected to solidify its position as the second most valuable and used cryptocurrency token in the world.’
The Trading Beasts website made a realistic prediction for Ether, forecasting a price of $908 by the end of 2019, with the average value revolving around $650.
The technology expert of Thomas Crown Art predicts that Ethereum’s price will reach $500 in 2019, though the development team might realize incredible implementations. He also believes that BTC will lose nearly 50% of its crypto market share to ETH in the next 5 years.
‘I maintain that we can expect Ethereum to hit $500 by the end of 2018 and go on an overall upward trajectory throughout 2019.’
‘We can expect Bitcoin to lose 50% of its cryptocurrency market share to Ethereum, within five years.’, McLeod explained.
The head of research at Fundstrat Global Advisors believes that Ethereum will recover in the following year and reach the price of $1,900.
He said that going over the all-time high is improbable: ‘There are no drivers to push ETH to 40% above its prior all-time high’, he added.
Craig Cobb, the founder of TraderCobb.com made a very conservative prediction for ETH, estimating a value of $240 by the end of 2019.
Chris McClure, CMO at cryptocurrency at data provider Svandis, has affirmed that he has faith in the Ethereum project.
‘Whether it’s Sharding, Plasma, or OpenST Mosaic, there are tremendous technological reasons to be bullish on Ethereum and to believe in a speculatively high price moving in 2019.’
‘Ethereum is aggressively oversold and overdue for a rally going into 2019’, said McClure.
Steven Nerayoff, the CEO & Founder of Alchemist, has predicted that Ethereum should double or triple in price by the end of 2019.
Matthew De Silva
Quartz cryptocurrency journalist Matthew De Silva, made his prediction in early September after ETH dropped to $179.
De Silva’s forecast is the grimmest by far, believing that Ethereum is will reach its true value, which is in his opinion, equal to nothing.
For context, here is what I wrote: pic.twitter.com/nTaY7FAuAZ
— Matthew De Silva (@matthewde_silva) September 12, 2018
Predicting the price of ETH or any other cryptocurrency is difficult and only time will tell if even one of these forecasts will come true.