Ethereum's Price Boom


It has been an exciting day for Ethereum so far, early this morning it moved past its hard resistance price of $700 and has continued to climb. As of writing this article, it is currently sitting around $770/coin on several large exchanges, including the Binance. Ethereum has not traded at prices this high since early March and is expected by most to continue its rally. With this latest move, it is giving validation to some of the claims made by big-name investors who state that this could be a huge year for the Ethereum Network.

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Earlier this week Reddit co-founder, Alexis Ohanian, made a claim that he is looking for Ethereum to reach $15,000 by the end of 2018. For this type of move to be possible Ethereum’s current $65 billion market cap would have to soar to an unprecedented level of $2.5 trillion. A more conservative estimate by deVere Group’s, Nigel Green, calls for the cryptocurrency to reach a level of $2500 by the end of 2018, and a market cap of close to $250 billion. With it having broken its major resistance today and still showing no signs of stopping, Ethereum is beginning to look very bullish.

 

Much of the current rise in the Ethereum price is due to founder, Vitalik Buterin’s announcement that a scaling solution known as “sharding” is starting to be rolled out. Sharding is a process that Ethereum developers have been working on to handle the network’s ability to handle larger numbers of transactions per second. On 4/30 Vitalik release a partial proof of concept called “fork choice rule” on Twitter, which explains how each Ethereum shard would work and communicate with the main Ethereum blockchain. The tweet was accompanied by an image which showed a simulation of 12 Ethereum shards working and communicating.

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Whether it be from investor speculation and market signaling, or from the good news of coming improvements proposed by its creator, Ethereum has begun blazing a new trend upwards. With the next mental level of $800 already in its sights, we expect to see Ethereum continue to rally much closer to $1000 in the next month.