Until yesterday, Ethereum prices were holding up (better than most) against the raging tide of pessimism. But the dam broke on Tuesday, causing ETH prices to fall 25.17% against the U.S. dollar.
This brought the Ethereum to USD rate down to $831.27.
While novice investors are fleeing the market at this sudden crash, old hands greeted the retracement with open arms.
a�?Having been in this market since the beginning (yes 2014), I have seen many corrections and dip,a�? wrote one Reddit user. a�?Corrections help shake out weak hands and allow for a buy-in opportunity for stronger hands.a�? (Source: a�?This is a healthy correction a�� Newbies need not panic,a�? Reddit, January 16, 2018.)
It is true that the crypto market operates on some twisted tangoa��two steps forward, one step backa��that keeps it moving higher. The one step backwardA�is painful, of course, but it is considered necessary in order to maintain a robust market.
That being said, investors should look beyond the crash. There are a lot of developments occurring at the ground level, many of which Ia��d consider positive Ethereum news.
The Ethereum Enterprise Alliance gets its first executive director. (Source: a�?Enterprise Ethereum Alliance Appoints First Executive Director,a�?A�CoinDesk, January 17, 2018.)
Mark Cuban tweets that his basketball team, the Dallas Mavericks, will begin accepting Ethereum andA�BitcoinA�payments next season.
Ethereum co-founder Vitalik Buterin maps out a proposal to upgrade initial coin offerings. (Source: a�?Ethereum Co-Founder Announces DAICO, a new ICO Fundraising Model,a�?A�CoinSquare, January 15, 2018.)
BitConnectA�is shut down by Texas state authorities, validating concerns voiced by Vitalik Buterin. (Source: a�?BitConnect Shutters Crypto Exchange Site After Regulator Warnings,a�?A�CoinDesk, January 17, 2018.)
A research paper finds that Ethereum optimizes its decentralization better than Bitcoin. (Source: a�?Decentralization in Bitcoin and Ethereum,a�?A�Hacking, Distributed, January 15, 2018.)
The reason I mention these developments is to remind you that todaya��s price movements wona��t predict tomorrowa��s price. Whata��s happening on the ground level is far more important. Keep that in mind whenever youa��re trying to forecast any crypto, Ethereum included.