Ethereum price is at almost 350 USD just two hours before the Byzantium hard fork. After breaking the 325 USD resistance, Ethereum price looks like it’s on its way to test the 400 USD level again. Investors, developers and enthusiasts around the world are all watching what will happen in the next hours.
As shown below, Ethereum price has increased in the last 7 days by 12.96% and 36.48% for the month so far. Ahead of such a major event, this signals investors confidence in the deployment of the upgrade. The million dollar question now is what’s next?
We can foresee two possible scenarios:
Scenario # 1 The classic buy the rumor, sell the news scenario
This is a very likely possibility. When you think that some traders are up by more than 40% since the last major dip, it is hard to rule out profit taking. Should this happen, we will see a correction following the announcement of the successful Ethereum Byzantium fork. After a healthy correction, Ethereum will resume what could be a solid uptrend.
Scenario # 2 Ethereum Price reaches new all-time high
A successful Byzatium deployment could lead to the break of the 400 USD resistance. If the volume is there, we might see Ether reach new all-time high and possibly visiting the 600 USD level. Should there be unforeseen difficulties in the deployment of the hard fork or a successful hacking attempt, we might see the price crash. This latter scenario is very unlikely in our opinion.
If Ethereum price reacts positively to this upgrade that should make it more secure, faster and provide users more anonymity, we might see the price increase in a spectacular way. In fact, we might see something similar to what happened when Litecoin successfully went through the Segwit upgrade earlier this year.
You can read more about the upcoming Ethereum enhacements in the articles below: