Ethereum price crossed below 300 USD during the last 24 hours. At the current level, Ethereum price would have dropped by almost 14% this week, mainly after the Byzantium fork.
As said previously, this Ethereum price correction is healthy and was expected. Our outlook remains positive for Ethereum though as long as the intrinsic value is there. No one can deny that Ethereum has intrinsic value.
Blockchain technology is the future. It is set to revolutionize sectors ranging from finance to healthcare, legal industry and many more. Ethereum’s smart contracts were a major trigger for Fortune 500 companies’ interest in Blockchain after an initial rejection of everything distributed ledger. And this interest hasn’t and will not stop anytime soon.
Two days ago, Russia’s largest bank joined the Ethereum Enterprise Alliance. A month Ago, Vitalik Buterin and VEB, another Russian bank, closed a deal to create Ethereum Russia. Interesting considering some of the recent pressure on Ethereum price was due to negative comments from Russia.
This is why smart investors ignore the noise and rumors in the media and focus on two things: The price action and actual actions that directly impact the fundamentals of what they choose to invest in.
When our sister site Investinghaven.com shared the 1000 USD Ethereum price forecast earlier this year, they mentioned that for Ethereum to be and to remain Bullish, usage will be key and mass adoption will trigger the most upside in price.
We are seeing a good example of this happening today with Bitcoin : The price has crossed above 6000 USD as a hard fork seems less likely and new suits of investment product are starting to become available for mainstream investors. The best exemple is LedgerX soft launch and the Boom is Bitcoin derivatices trades that followed.
Note that we had covered at Ethereumprice.today back in July how this LedgerX move is a notable event for Cryptocurrencies’ mass adoption. We still believe the logical next move is to offer Ethereum derivatives for the American market next. when that happens, it will open the door to even more mainstream demand for Ethereum therefore increasing the price to levels not seen before. Obviously, Security and stability of the Cryptocurrency and the code is always a factor.
So as Ethereum crosses below the 300 USD support level, investors should keep focused on the competitive edge Ethereum has especially after Byzantium so they don’t get easily shaken out. Cryptocurrencies in general are known to be very volatile and to have sharp retraces. The next support levels are 280 USD and 250 USD.
Investors should also remember the following:
When forecasting the future value of an asset or an investment in general, assessing the existing and projected demand is key. This is one of the pillars of the Ethereum price forecast.