Ethereum prices are on a tear today, rising more than 12% on a broad-based rally in cryptocurrencies. The Ethereum to USD exchange rate is currently at around $341.47.
What’s truly remarkable is that the speed of Ethereum’s recovery is stunning. ETH prices were trading at $206.00 only last month. Earlier in the summer, they were at $143.00.
In between those troughs, there was a brief moment when Ethereum skyrocketed and flirted with the $400.00 price level. But then China pulled out the rug by banning ICOs and cryptocurrency trading. ETH never managed to cross that important price level.
However, the pace of this week’s gains put Ethereum on track to reach $400.00 in a matter of days. We could see this timeline stretched out by intermittent corrections, but the overall trend is secure, barring any devastating Ethereum news, of course.
A complication with the upcoming fork could, for instance, revive comparisons to the disastrous fork that took place last year. Never mind that Ethereum had three other forks that were incredibly successful. Investors might focus on the one that didn’t pan out.
Public opinion is fickle that way.
Two days ago, we wrote that the fork was going swimmingly. But now we are slightly concerned about an Ethereum miner that hasn’t fully accepted the fork. If that entity, known as Parity Technologies, kicks up trouble, then Ethereum prices could stumble.
But that is a big “if.”
As it stands, ETH prices are riding a major wave of support. And the base of that support is also widely distributed across geographies, limiting the amount of political risk that investors need to price in.
Daily Ethereum Chart:
We believe that this rally will finally push ETH prices above $400.00, and in doing so, pave the way for our $1,000 Ethereum price forecast.