By Gaurav S. Iyer, IFC Published : September 25, 2017
Despite a mix of bullish and bearish Ethereum news, investors recanted some of their earlier pessimism on ETH, driving prices up 2.57% against the U.S. dollar.
The Ethereum to USD exchange rate now sits at around $288.09.
By cryptocurrency standards, it is only one trading session away from $300.00, which means that we could see it cross a crucial level in a matter of hours. But then what?
Once Ethereum crosses this milestone (again), does it accelerate towards $400.00? Or does it stumble as investors cash in their chips? There’s evidence for both.
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Under normal circumstances, analysts would agree that the crypto market moves in boom-bust cycles that are quick, dramatic, and tilted towards the upside. So, even when prices correct by 10% in one week, investors can rest assured that they will rise 30% in the following month.
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This would suggest a minor retracement after ETH prices cross that level.
Ethereum prices will likely continue their Everest-like ascent after that minor retracement, but it doesn’t hurt to have an ace up your sleeve.
For instance, if Ethereum significantly upgrades its technology in the next month, that would help bolster our 2017 Ethereum price forecast. Luckily, there is one such upgrade on the horizon: it’s called the Byzantium hard fork.
It adds several privacy features to Ethereum and, in doing so, gives investors a solid foundation for a rally. The fork tested last week to general success, and testing will resume on October 17.
Ethereum is at the bleeding edge of technological development; its history is being written in real time. As a result, there is going to be tremendous volatility in its price. But the question you should ask yourself at every turn is: “Does this change my long-term investment thesis?”
If the answer is no, then it makes no sense to give into fear. Remember that selling ETH is what makes the losses real. It’s better to wait for Ethereum to fulfill your long-term thesis, because at least then you’ll have no regrets about a fortune you didn’t make.