For what seems like the hundredth time in the last month, ETH prices crossed back above $300.00. The random flips between bullish and bearish behavior have stalled the Ethereum price prediction around this level.
It’s tempting to think that yesterday’s uptick came after investors earnestly appraised recent bits of Ethereum news, but that is a dream. All of the top 10 biggest cryptocurrencies were in the green, suggesting that it wasn’t currency-specific forces that pushed ETH above $300.00.
But that doesn’t mean there isn’t a silver lining here. A broad rally like this managed to push the overall crypto market cap to $148.7-billion, nearing the crucial $150.0-billion milestone.
By passing such a high landmark, cryptocurrencies might engender more optimism about its upside potential. After all, the industry’s credibility suffered major damage in recent weeks.
First, there was the tangible effect of China’s ban on cryptocurrency trading. Then came untimely comments from crypto skeptics, many of whom called it a bubble or “fraud” (I’m looking at you, Jamie Dimon).
Both of these issues hurt Ethereum prices briefly, but neither caused any lasting damage.
The Ethereum to USD exchange rate advanced 2.83% to $300.82. While the increase in ETH prices is preferable to the alternative, it’s frustrating that investors pay so little attention to the Byzantium fork. That hard fork is a significant upgrade to Ethereum.
If rationality mattered at all, Byzantium should be the focus of Ethereum news. But it isn’t, because markets are blinded and foolhardy in the short term. However, the beauty of capitalism is that, however painful it may seem at the time, truth almost always surfaces in the long run.
If you agree with the idea that investors will eventually judge Ethereum by the strength of its technology and public support for that technology, then you should agree with our Ethereum price forecast of $1,000.
Also Read: Hold on to Ethereum for the Long Term