Ryan Van Wagenen of Global Private Equity is involved in cutting edge technology with Bitcoin (BTC), Ethereum (ETH), and other cryptocurrency. His first exposure to these altcoins came briefly back in 2011 as he was promoted to Director within GPE and put in coverage of the technology sector. In recent years as GPE has been involved in investments within the blockchain, Van Wagenen has become more involved in cryptocurrency than ever before. One of those that has seen huge growth in the past couple years is Ethereum. Ethereum is quite a new cryptocurrency released in 2015. Although it is considered a distant second to Bitcoin, which is actually nineteen times larger, it has the biggest market capitalization among all the cryptocurrencies. It was designed on a different technology known as blockchain. When you differentiate the two cryptocurrencies, you will find that Bitcoin was designed as a currency that is used just like regular money, whereas Ethereum is a platform & programming language that can be utilized to establish and operate applications.
A lot of things have changed since the introduction of Ethereum in the crypto world. In fact, Ethereum has continued to develop and improve considerably. To many casual observers, the achievements seem small compared to the record-breaking Bitcoin. Nonetheless, financial monitors and crypto enthusiasts know how far Ethereum has come in just a short amount of time.
For the most part, Ethereum has maintained its position behind Bitcoin when it comes to market capitalization. It is considered as the most essential Altcoin. It is also regarded as the basis for most of the achievements within the crypto space.
Ethereum has enjoyed many gains over the years. But despite this, there’s still one benchmark that it was not able to obtain until this year. Such benchmark is obtaining the one-thousand dollar market price milestone.
This cryptocurrency has a remarkable year in 2017. For all purposes and intents, it seemed that it had already shaken off the difficulty and struggle of the DAO hack that happened in the past. As a matter of fact, many professionals had sounded the death knell for this cryptocurrency. After the hack and the conflicts and issues in the network, the schism occurred.
Then, things began to change by 2017. When it comes to Bitcoin, one of the most notable bears on the currency is Harvard economist, Kenneth Rogoff. Kenneth expounded on his views believing that there is a greater likelihood of Bitcoin dropping below $100 than above $100,000. Bold words, but given recent trends downward, many are starting to believe the harshest critics.
With Ether, developers started to race to the market, selling tokens to people in change for funding. Most of such projects were hosted on the network of Ethereum. As a matter of fact, the DAO has become the poster ICO that other projects looked up to. Gradually, the Ethereum price started to rise. It is also important to note that not only did the price rise, but also its market cap.
Ryan Van Wagenen also pointed out that the industry continues to expand and the performance of Ethereum has not to this point disappointed many of its users. To remain up-to-date, it is crucial to have a better understanding of the current trends within Ethereum.
Important Highlights of Ethereum and Price Trends
- The price of Ethereum began a nice upside move. It traded above the last swing of 433.77 dollars against the US dollars.
- The pair has a good chance of accelerating higher and could trade towards the 444-dollar and 460-dollar levels.
- There’s a new main ascending channel that forms support at 428 dollars on the hourly chart of ETH/USD.
There’s an upside move that’s initiated from the 386-dollar swing low in the price of ETH against the US Dollar. The overall price actually traded higher and even broke some essential resistances like 400 dollars and 410 dollars. There’s also a close above the 415-dollar level and the one-hundred simple moving average every hour. Just recently, the price was able to succeed in clearing 76.4 percent Fib retracement level.
More significantly, the price was able to break the last swing high of 433.77 dollars. This provided more opportunities for increased gains. The following resistance on the upside can be near 444 to 445 dollars. The $444 is the 1.236 Fib extension of the last decline. In essence, the price is still an uptrend and it can even break the 445 dollars level for even more gains. However, on the negative part, there are a lot of supports above the 425-dollar level.
When asked for his view on the market and pricing trends, Ryan Van Wagenen also overviewed the negative trend over the past six months and is confident of one thing, volatility. There is no question that Ethereum and really all the cryptocurrency out there are going to continue to see huge runs up and down.
Ryan Van Wagenen Cryptocurrency: Ethereum vs. Bitcoin