From a fundamentals perspective, Ethereum is probably one of the best cryptos to consider right now. First, it has market dominance in the platforms aspect of the crypto market. While there are many other coins that are angling for Ethereum’s position, it already has an established brand name that gives it an edge over the rest. It is for the same reason that bitcoin has maintained dominance in the market despite having weaker technical capabilities than most other cryptos in the market.
Ethereum’s strong position is also reinforced by the fact that it was recently ranked the top blockchain by China. This gives it an edge over other blockchains in the Chinese market, one of the largest cypto markets in the world. Both Chinese investors as well as app developers are likely to pivot towards Ethereum and this will push it up in the future. That’s because the Chinese government has an influence on how crypto operates in the country, and people in this country are more likely to put their money in cryptos that are in favor with the government. It’s simply a case of trying to protect one’s investment. In the process of doing this, they will drive up the volumes of Ethereum significantly.
On top of that, South Korea is looking to pass legislation to formally legalize ICOs. Once this happens, there could be a resurgence of the ICO craze of 2017, and it could push the value of Ethereum to heights it has not reached in the past. It is ICOs that drove Ethereum from under $10 to a high of over $1300 in 2017. If the same enthusiasm were to reemerge in 2017, Ethereum could see its value shoot up to over $2000.
Another factor that has the potential to drive up the value of Ethereum going forward is the upgrades that they are working on. For instance they are working on solving the scalability issues that have held it back up to this point. Once this is implemented, there will be an explosion of Dapps on the Ethereum blockchain, and push up the value of Ethereum (ETH) by a huge margin.
Even from a technical perspective, one can easily tell that Ethereum has a massive potential to go big. On the weekly charts, it has formed a higher low with the 50-day moving average offering strong support. That’s an indicator that buyers have confidence that Ethereum will hold above $500 despite the market downturn. If Ethereum holds at these price levels and pushes above $800, this could drive in the more bullish momentum and push the price to highs of over $1500.
With all these factors at play, Ethereum could be one of the biggest blockchain projects in 2018. There are so many projects out there that are taunted as the Ethereum killers. However, chances are that Ethereum is here to stay. In fact together with bitcoin and a few others, it could be one of the few that dominate the market in the long-run, once the fundamentally weak project implode.