Daily Ethereum Price Forecast – ETH Rises 4% on Byzantium Rollout
It’s official: the Ethereum update is now live.
Developers have successfully implemented the Ethereum improvement protocols (EIPs) known collectively as Byzantium. Which is a wonky piece of Ethereum news, to be sure, but one with an incredibly important investment takeaway:
Byzantium will help Ethereum scale more successfully. Scaling more successfully means an explosion in ETH price forecast.
As a result of the fork, the Ethereum to USD exchange rate rose 4.51% in the last 24 hours. It reached $339.35 by the time this article went to press, while also rising 1.11% against Bitcoin.
The rollout of Byzantium wasn’t flawless by any stretch of the imagination. There were plenty of unnerving moments, including the discovery of software bugs just days before the deadline.
At one point, it seemed like the update itself would be postponed until coders could find a solution. But through some clever patchwork, Ethereum developers got the update ready in time.
Though the results are still tentative, it seems like Ethereum is out of the woods. In fact, one of its main clients, Parity Technologies, is already celebrating.
Ethereum founder Vitalik Buterin also seems pretty happy with the rollout. And considering that ETH is his brainchild, it’s fair to say his reaction is a proxy for the “all clear” sign.
Analyst Take:
Although there is significant chatter about the fork on Reddit, the general investing public will only digest the news today or tomorrow. Hence, we expect at least one more wave of gains before ETH prices cool off. Beyond this week, we expect ETH to continue its ascent to our $1,000 Ethereum price forecast for 2018.
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