You might have seen predictions that Ethereum would outperform Bitcoin in 2020. Other analysts share their Ethereum price prediction to say that in 2022 the coin might end up being anywhere from $800 to $900. Still, other 2020 Ethereum price predictions are less positive suggesting a large competitor might overtake the currency altogether. While we can’t say for certain what the future will hold, you might have an insight you feel pretty confident in. If this is the case, putting some money behind your Ethereum prediction on Hedgetrade might be another great way to make money on an app.
As a forecasting platform, Hedgetrade provides opportunities for experienced traders to be rewarded for their trades. At the same time, it allows novice users to learn a thing or two about cryptocurrency. The platform does this by leveraging tools within the platform to make their own Ethereum price predictions. Before we go into detail about how Hedgetrade works, let’s do a quick recap about what Ethereum is and why you might want to make a prediction at all.
Why Make An Ethereum Price Prediction?
After Bitcoin, Ethereum might be one of the most well-known cryptocurrencies available on the market today. Ethereum is another blockchain protocol that allows people all over the world to send and receive funds without a third party. When comparing Bitcoin to Ethereum, Ethereum is also known for being the first blockchain project to leverage smart contract technology. These can be executed by a supercomputer known as the Ethereum Virtual Machine. As more companies continue to adopt this technology, disruption for the world as a whole is inevitable.
This coin has many new use cases and technology potential for 2020. However, the Ethereum network has been known to have issues in scalability. This means if the team is unable to address this, we might not see the expected growth of the cryptocurrency. While this may be a setback, the Ethereum 2.0 update holds promise, further proving predictions are still anyone’s game.
We agree this might sound like a bunch of empty promises right now, so why even bother getting involved. Ethereum is known as a host of innovation. This means learning about the currency and its future prospects might be a great way to kickstart your prediction career.
Use Hedgetrade Tools To Gain Market Insights
Now that you have a high-level understanding of what the Ethereum coin is, you will need to be equipped with the proper information to make an accurate prediction. That is analysis. An analysis is necessary for traders to decide whether it is the time to buy, sell, or hold their crypto. Most traders use three types of analysis in the cryptocurrency industry. These are technical, fundamental, and sentimental analysis.
Technical analysis looks at statistical trends and patterns in history. On Hedgetrade, you can start your technical analysis journey with the charts available on the Analytics tab. The second piece, fundamental analysis, considers the world events that are driving the numbers in the charts. This is done through news articles and has its own feature on Hedgetrade as well. Finally, the sentimental analysis looks at key players and what other traders are doing. This can be found using the Blueprint Market in comparing the other trades that have been made.
To find and use these three tools, we have provided a brief explanation for each below.
Get Ethereum Updates On The Newsfeed
Among some of the most influential factors when it comes to the price of the cryptocurrency are real-world events. This is where the newsfeed comes in. Here you can find the latest articles posted by popular sites like the Bitcoinist, Bitcoin.com, and CoinTelegraph. Since the newsfeed includes so much information, you will have to be careful to locate Ethereum related articles to help inform your market research.
It is important to consider such things as cryptocurrency regulations, sharding and plasma upgrades, hacking attacks, future developments, new product developments, and potential use cases. This means the impending release of new information can suggest future price spikes. This might mean it is time to predict a price increase. Additionally, among the other best places to get future market insights are Cryptonews.com, CoinTelegraph, and Bitcoin Podcast Network. While industry trends can be a great tell as to why the currency is going up or down, it is best to use this in conjunction with chart analysis to predict patterns.
Compare Charts With The Analytics Tool
Next, when making predictions the second tool recommended is the use of charts. Chart analysis can be used to predict the price movement of cryptocurrency. While hundreds of patterns exist, knowing how to read the charts is the first step. In Hedgetrade, you can locate them in the Analytics tab in the left navigation. By clicking this link you will gain access to a series of different charts. If you are a beginner, our Introduction to Chart Analysis article can be a great tool to accompany these charts.
Some of the metrics available for Ethereum include:
- The Fear and Greed Index: A 0 to 100 rating of the fear and greed that exist in the Ethereum market.
- From All-Time High: The percentage difference for Ethereum to hit the highest price on the market.
- The Rank: The current price of ETH compared to prices on previous days.
- Google Trends: Trends in Google searches for “buy Ethereum”.
- Daily Volatility: Technical measure to identify patterns and breakouts.
- Exchange Difference: The daily exchange flow difference between the number of ETH coins bought and sold.
- Hashrate: The processing power of the Ethereum network.
These charts are a great place to start your technical analysis. However, these are far from all of the metrics that go into making a well informed Ethereum price prediction.
Read the HedgeTrade Blog For More Industry Information
On our blog, we not only share a lot of up-to-date trends and information about popular cryptocurrencies but we also have done our own research about other great sources for marketing research. This includes 5 books about technical analysis for bitcoin (we know different coins, but similar principles), news aggregator sites, such as Coinjoy, FAWS, and CryptoPanic.
Additionally, you can sign up to receive weekly emails from Hedgetrade that share some of the latest news, trends, charts, and analyst’s predictions. To stay in the loop, visit the Hedgetrade blog and enter your email on the right-hand side prompt.
Learn From Other Traders With The Blueprint Market
On Hedgetrade, you have the opportunity to look at what other traders are predicting. This can be done by selecting “Blueprint Market” on the left side column. Users can see all of the available predictions created by other traders. This is a great opportunity to get an idea of the timelines and beliefs of other traders and decide where you want to put your money. Currently, you can find several ETH/USD pairings in the live blueprints. To determine how accurate the prediction is, you can click on the user’s profile. Here, you can see who the user follows, their previous predictions, and their success rate. This will ensure you are looking at blueprints that were written by an expert (of sorts).
After a little while of purchasing and looking at different blueprints, you might be ready to make some predictions of your own. You might even be equipped with some market knowledge that goes against a trader you follow. If this is the case, you can bet against it. You can do this by paying for the purchase price of the Blueprint and waiting for its expiry date. If you were correct and the prediction was wrong, you get your purchase price back, and (if you are one of the first 7 traders) you can get a share in the stake.
Once you are ready to purchase a blueprint, you can do so using either HEDG or BTC. Once purchased, the details of the blueprint are unlocked and available for viewing on your Purchased Blueprints page. From there, you can wait for the Oracle to resolve the Blueprint on the expiry date.
Consider The Top Coins Feature For Market Cap Comparisons
Another tool that can be found in the left-hand navigation is the “Top Coins” feature. While this might not be the most relevant when making predictions for well-known cryptocurrencies like Ethereum, the tool can’t be overlooked. This is a leaderboard of the most popular cryptocurrencies by market capitalization, price, and the change. Accordingly to some analysts, Ethereum will hold a 25% share of the entire crypto industry by 2020. A larger market cap can suggest a less risky investment that will continue to see incremental growth. On the other hand, a cryptocurrency with a smaller market cap offers the potential for more growth but may offer more risk.
Market capitalization is just one of many metrics to consider. Therefore, any trader should not make a prediction based solely on it.
Create Your Account
To finish the set up, you will then need to head over to your email and click the link on the confirmation that was sent. After uploading or purchasing HEDG tokens and doing your market research you will be ready for the fun part. Yes, that’s right. It will be time to put it in a blueprint.
Put Your Ethereum Prediction Into A BluePrint
When you feel confident in your prediction you can go ahead and create a blueprint on Hedgetrade. You can do this by starting in the left navigation and locating the “Create Blueprint” function. Here you will be presented with a form. In the first box, you will be required to include a nickname. This is for your own use and will not be shown to other traders. From there you will be required to input the exchange you want to make the prediction for. All of which have options for Ethereum predictions. Afterward, you will be able to select your trading pair.
Any of the three exchanges that you can choose from, will allow for trading pairs that include Ethereum (ETH). You can find the following trading pairs:
- USD to Ethereum
- Euro to Ethereum
- Pound Sterling to Ethereum
- Bitcoin to Ethereum
This can be shown to buyers prior to their purchase by clicking the “show trading pairs before purchase” box.
Additionally, you will need to include an:
- Entry price (the predicted value the trading pair price will end up as)
- Exit price (the predicted value the trading pair price will hit after entry)
- Stake (how much you are putting on the line for your prediction)
- Export (the date the blueprint resolves and the time when your entry and exit points will be hit)
Once you are happy with your blueprint, you can hit the green publish button. This will lock your Ethereum prediction into the blockchain. By leveraging blockchain technology, saved predictions can’t be tampered with.
Keep in mind when you publish your prediction, other users that want to copy your prediction can purchase it for 10% of the HEDG tokens that you staked. If your prediction is correct, you can receive the tokens from the sales of your Blueprint.
Make Your Prediction
Now that you have some of the tools to research the prices of Ethereum and know how to execute your prediction on Hedgetrade you are ready to go. With these tips and the dashboard close at hand, you will be well equipped to start trading. This doesn’t just apply to Ethereum either. HedgeTrade also allows you to make predictions on BTC, LTC, HEDG, and EOS.
To get started app.hedgetrade.com/signup is the place to go!