Ethereum, the second largest cryptocurrency by market cap, has started to rally with pundits predicting bullish days ahead. This comes after a week which saw its price fall by as much as 8 per cent.
Ethereum has for the most part been following Bitcoin’s trajectory in January, rising steadily from $126 (£96.17) to $174 (£132.8). Its upwards curve, however, came to an abrupt end on Wednesday.
In the last 24 hours it has dipped by as much as 4 per cent. It was trading at $161 mid-afternoon GMT Friday.
Its turbulent performance has not stopped analysts predicting that a rise to break through the $200 barrier in the coming weeks is realistic.
Crypto analyst Satoshi Flipper explained in a tweet that he thought that after one last pullback Ethereum could start to journey upwards towards a value of $300. A second analyst Calmly agrees that there may be one last pullback before Ethereum starts to significantly rise again.
It did however rally strongly in mid-2018 to achieve a price of around $800.
At its peak in early January 2018 Ethereum was worth over $1,000. Since then it has steadily fallen to its current level of around $160.
Year on year Ethereum is significantly up. In January 2019 it was struggling to reach $120.
Factors that affect the price of Ethereum longer term include the price of cryptocurrency generally and Bitcoin in particular. Others are the robustness of its smart contracts facility and macro events such as US/China trading agreements.