The price of ETH has gone up around 20% in the last 48 hours and the cryptocurrency space is spilled on whether it will continue to climb or pull back.
This current run has taken ETH to prices not seen in more than 8 months. And some are thinking Ethereum will bust through all resistance marks on its way to all-time highs. However, some think a pullback should be expected.
It has been suggested that a lot of money from Tether flowed into ETH recently and that price push might not sustain. Weiss Rating says Ethereum should be expected to climb towards $300 but warns that the digital asset is overbought.
#Ethereum price surged significantly towards $270 versus the US Dollar and jumped sharply vs #bitcoin. #ETH is in a major bull run and it seems like the price might even hit $300. Careful, though – it is very overbought. #BTC
— Weiss Ratings (@WeissRatings) May 16, 2019
Recently at the 2019 Ethereal Summit, billionaire investor, Mike Novogratz spoke glowingly of Ethereum, saying it could change the world even though there might be some bumps in the road.
“There’s good news and bad news. The good news is that Ethereum is way ahead. Ethereum, by a long shot, has the most people in the room. Bitcoin is really establishing itself as a store of value. The debate is over. We won. I see the on-ramps for institutions who now believe its a store of value who are coming in Bitcoin is going to stay for a while because that’s where the institutions are going to start.”
Novogratz has been a cryptocurrency cheerleader for a while and is expected to provide bullish remarks. But it came a little like a shock to many BTC fans that Novogratz said Ethereum was “way ahead” of Bitcoin.
If Ethereum and Web3 are as world-changing as Novogratz thinks, the real price pumps will come from the progress made by developers rather than the purchases made by speculators.