Ethereums (Ethers) price will continue to soar throughout 2019 – and a main driver of the continued rally will be this weeks hardfork.
Thats the thinking of tech expert Ian McLeod of Thomas Crown Art, head of the art-tech agency, as Ether continues to ride a month-long rally in its price.
Ethereum has made a bullish move and broke the $125.00 resistance – giving the crypto naysayers anddoom-mongersa robust signal that this digital currency is on the upward trajectory once again, McLeod said. Ethereums rally is part of a wider cryptocurrency rally since the beginning of the year, with other major coins, including Bitcoin and XRP, also securing important gains.
Are the crypto bulls in town? Well, for Ether they are, McLeod reckoned.
Whilst we can expect 2019 to be dominated by a considerably more bullish sentiment than in 2018 across the major digital assets, I think it is likely that Ethereum will be the standout winner this year for several key reasons, he said.
First, the so-called hardforkis set to take place today.The hardforkwill mean Ethereum miner rewards fall from three ether to two and decrease the block time, resulting in a faster network, McLeod said. This is a key part of a major Ethereum upgrade and the markets are excited.
Theres a possibility the date of the hard fork might be pushed back a little time-wise, but traders are managing this into expectations.
Second, oracles. Oracles -data feeds that deliver information into the smart contract fromthirdparties- will inevitably drive adoption of Ethereum smart contracts, McLeod said. This is because smart contractsusingdecision-making on real-world metrics can be expected to find relevant use cases among consumers, firms, andorganizations, amongst others. And, of course, as adoption and utility of Ethereum smart contracts increase, so will Ethereums price.
Thomas Crown Art uses Ethereum smart contracts.
The sentiment data and technical analysis suggests that Ethereums rally, to be fueled further by the hardfork, will continue in the short to medium term, McLeod said. It is likely that this willpositivelyimpacton the rest of the cryptocurrency sector.
