Ethereum Price Prediction April 10th
Ethereum Price Prediction April 10th. Ethereum Price Prediction April 7th Ethereum bounced off lows at .0177 vs Bitcoin and is in a 1 day downtrend and is currently looking to stabilize after peaking at .0177. I think Ethereum should move higher over the next few days to .023. Taking a look at the chart below we see Stochastic RSI is at 0 and should flatten over the next couple of days. The CCI is at -172 in a downtrend and looks like a bottom has been reached. Volume is down (looking at a the last few weeks) and everything seems a bit too frothy for me. Long-term I think ETH has a chance at beating BTC, but I think we need to see some real actual use of dapps before we get there. Network difficulty is going through the roof again. Shorts getting rekted due to bounce that will be very swift and hard. The rally was based on fundamentals and what that means is that we are way undervalued right now. The equilibrium last month proved that there are sufficient buyers to handle any “dumps”. Right now we’re simply seeing some traders play their stupid TA game believing they can time the market better than anyone else while they should go long and accumulate at this point.
I don’t think this is the bottom. Here is some piece of info: 35K ether are mined everyday. 10 days of mining is roughly 350k ethers. Compared to the order book of Polo, if dumped instantly, it’ll bring the price to 0.005. No jokes.
The same can be said about bitcoin if you compare it to a single exchange. But bitcoin has got multiple big exchanges (bitfinex, coinbase, bitstamp, chinese exchanges, russian, localbitcoin, GBTC etc…). Ethereum has got only Polo, kraken and to some extent bitfinex.
In essence: Ethereum is inflating very fast to support any price above $2 or $3.
Bitcoin is struggling with $1.5million inflation. I can hardly see how ethereum can keep up with a daily inflation of 0.4million or 0.5million.
ETH has been pre-mined. ETH mining is not heavily-concentrated in regions with cheap/gov-subsidized electricity. ETH is inflating at a non-trivial rate. Vitalik has clearly stated that ETH is not a good store of value, so miners will flee to safety (sell for BTC). If you factor in the capital costs of mining equipment (which depreciates exponentially and will be obsolete if/when PoS happens), miners are basically operating at a loss from the get-go.
The only hope that miners have if they HODL is that their ETH will magically be worth more in a year’s time based on technology that hasn’t been built yet, and Vitalik has openly-admitted is not a sure bet.
I’m sure there’s a decent contingent of miners that are HODL (maybe their parents pay the electricity tab and bought their graphics cards?), but that doesn’t mean they’re doing the smart thing.