Ethereum price has jumped by over 10 per cent compared to yesterday and is trading at $217 at the time of this writing. The jump in Etherum price has been observed after a forecast by Standpoint Research founder and analyst Ronnie Moas who said that Ethereum price will double in 2017.
The latest price jump is a welcome one considering that Ethereum has been suffering from price decline for quite a few days now. Near the end of July, Ethereum prices declined by $50 from a high of $230 to $180. At the time analysts believed that Bitcoin Cash and Bitcoin are garnering increased attention owing to the August 1 hard fork thereby attention is going away from other cryptocurrencies including Ethereum.
However, the latest price jump just hours ahead of the Bitcoin hard fork today indicates that because of the imminent suspension of trading for Bitcoin post the hard fork, traders are now moving towards other currencies including Ethereum.
Ethereum isn’t the only one that has seen a price surge with LTC, DASH, ETC, among others all seeing increase in prices.
Ethereum price set to double in 2017
Moas who previously forecast doubling of Bitcoin price to $5000 by end of 2018 and $50,000 in the next 10 years has come out with a new forecast wherein he says that Ethereum price will double this year itself to a high of $400.
In a report in July 2017 Moas had claimed that cryptocurrencies will continue to garner increased attention – so much so that they will even be able to steal some shares of other assets like stocks, bonds, fiat currencies and other precious metals in the market. In the report he even mentioned a list of digital currencies and their market caps. Based on the list, the top 20 currencies include Bitcoin, Ethereum, Ripple, Litecoin and NEM.
In a statement to CNBC, Moas said:
“I think investors should take a shot on this and hold for a few years. If you lose a few bucks, at least you took a shot,” he said. “In life, you miss every shot that you do not take. It will probably be more upsetting to watch it (from the sidelines) go up another 1,000 percent.”