ETH prices held steady on Friday morning, which is a miracle considering how quickly prices fell earlier in the week. There was a steep crash on Tuesday and Wednesday, followed a small bump on Thursday, concluded by a pause on Friday.
The Ethereum to USD exchange rate was around $309.14 when this article went to press, while the Ethereum to Bitcoin rate was 1.33% lower at 0.05352000 BTC.
Some investors are concerned about the currency’s stability in the aftermath of the Byzantium hard fork. They are worried that ETH prices might crumble as the code starts to crack, but I would encourage them to take a wider perspective.
Ethereum has faced these fears before. Its first hard fork was a disaster. Since then, there were three forks that went smoothly, not counting the one that just passed. Even if there were some hiccups, this week was a light breeze compared to the hurricane-force headwinds of last year.
The difference in scale is also evident in ETH prices.
For instance, in the last month, Ethereum swung from a low of $255.03 to a high of $349.35, before falling to its current level. Those swings might seem dramatic if it weren’t for the fact that ETH began the year at $7.98.
In other words, during its darkest days this month, Ethereum was still up 3,096% from the start of the year. How’s that for perspective?
If this teaches us anything, it’s to not pay too much attention to fleeting Ethereum news. The cryptocurrency market is still young and investors will panic at the drop of a hat. However, ETH is still on track to reach $400.00, which is 29% above currenct levels, and long-term signals still indicate a $1,000 Ethereum price forecast for 2018.