As confidence returns to the cryptocurrency market, investors saw fit to drive the Ethereum to USD exchange rate back above $300.00. It rose as high as $306.00 for the first time in two weeks.
While there was no silver bullet of Ethereum news, the overall ETH price prediction is starting to look rosy again. Markets have absorbed the shock of China’s ban on cryptocurrency exchanges and appear ready to move on. So what are they moving on to?
Well, the Byzantium hard fork is one thing.
However, we covered that issue extensively in yesterday’s Ethereum price forecast, so perhaps we should cover some other ground. Use-cases, for example.
Few investors are aware that one of Japan’s largest telecoms, KDDI Corporation, is developing smart contracts to run on Ethereum’s platform. It shouldn’t be that much of a surprise, though, because KDDI is one of the corporate giants that joined the Ethereum Enterprise Alliance (EEA).
For those that are unfamiliar with the EEA, it is a consortium of global brands that are working to make Ethereum useful for commercial purposes. This includes adapting blockchain for applications in emerging fields like the Internet of Things and artificial intelligence.
The company will work in “cooperation with other members of the EEA to create a robust next generation service platform based on the combined “AI x IoT x Blockchain” technology.” (Source: “KDDI and Couger Lead Japan to Initiate “Smart Contract” Proof of Concept Projects Utilizing Enterprise Ethereum,” Business Wire, September 27, 2017.)
In other words, there is an extremely powerful organization working day and night towards use-cases. KDDI will be the first major company to use smart contracts, but judging by EEA membership, it won’t be the last.
In the near term, we expect ETH prices to regain their former level at $400.00. Over the medium term, however, we see it extending gains much further, first to our official Ethereum price forecast of $1,000 by early 2018, and then beyond.
That said, you should strap on your seatbelts, dear reader because it won’t be a smooth ride to either of those peaks.
Also Read: Hold on to Ethereum for the Long Term