Ethereum price prediction could certainly be very tricky, after the incredible escalation in the value of Bitcoin. At heart, Ethereum mining is rather similar to Bitcoin, and the value of this cryptocurrency has already increased quite considerably, even if it has yet to reach the sort of levels that Bitcoin has touched.

Proof of work

Both Ethereum and Bitcoin use proof of work as a central feature, meaning that some making an Ethereum price prediction have already suggested that the cryptocurrency will reach Bitcoin-like value in the coming years.

While it is a little too early to concur with this summation, there is no doubt that Ethereum has massive potential. It has already made major moves against the dollar, and this is likely to continue in the coming weeks as the cryptocurrency becomes more recognized in the mainstream.

Already, Ethereum is heading towards the psychologically important $1,000 barrier, with the cryptocurrency trading at around $760. It wasn’t that long ago that each Ethereum unit was worth only a few dollars, so we are already seeing an increase in value that is reminiscent of Bitcoin.

This undoubtedly makes Ethereum price prediction a tricky undertaking. It has recently consolidated its position against the dollar, making the cryptocurrency an increasingly steady investment. While the digital system is likely to experience resistance at $800, many believe that its value will eventually far exceed this figure.

Altcoin alternative

One of the issues which complicates Ethereum price prediction is other altcoin solutions entering the market. There is some debate over the potential for scalability with both Bitcoin and Ethereum, and this could impact on the long-term viability of the two cryptocurrency solutions. Bitcoin in particular has struggled with lengthy confirmation times, which are becoming far more prominent considering the scale that Bitcoin transactions have now reached.

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