Will Ethereum Be Able To Increase By 250% By December 2019? Price Analysis
The price of second famous cryptocurrency - Ethereum - has always been a hot topic in the crypto world, therefore let us look at future prospects of its price and the potential to fly up by 250% by the end of the year.
Constantinople & St. Petersburg
The Ethereum network had two major “maintenance and optimization upgrade” upgrades in February 2019, the blockchain was divided into Constantinople and St. Petersburg. The former is a so-called preparation of changing the structure of the blockchain, it allows a high number of TPS with low energy consumption. Moreover, it encourages savings with the help of increasing the value of token in circulation.
While St. Petersburg was meant to delete the Ethereum Improvement Proposal (EIP) 1283 - a former Ethereum upgrade. During 2017-2018 the main weakness of Ethereum was handling only 20-25 transactions per second. Due to these upgrades, it is slowly vanishing giving hope for the coin to get higher in price and productivity.
A 250% Increase is Real or Not
If we talk about a 250% increase, we should understand that the coin has to reach the $500 level, which was in July 2018.
[caption id="attachment_30975" align="alignnone" width="600"] Source: Invest In Blockchain
To reach such a high price the bull market will have to overcome several resistances, which makes such an increase unlikely to happen.
[caption id="attachment_30976" align="alignnone" width="634"] Source: Invest In Blockchain
As we can see from above, the market will come across bearish .618 and .886 Fibonacci Retracement levels at $170 and $208. These two short-term bearish retracements are enumerated from the highest price in November and the lowest price in December.
Furthermore, the crypto market will meet resistance at bearish .382 and .5 Fibonacci Retracement levels (red color) priced at $247 and $298. These digits were measured from the July 2018 high to the December 2018 low.
The market will definitely have to overcome resistance around $350 level, and then go higher at $357, $349, $400, $420, and $465. From today’s bearish market, it is clear that Ethereum is not able to have a 250% increase.
Ethereum Price Now
According to the CoinMarketCap, Ethereum takes the second place in the list of Top 100 cryptocurrencies with the market capitalization of more than $14 billion. In a 1-month period, the coin did not show any significant fall or increase in price. The price at the time of writing accounts for $139.
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