The Ethereum price struggles to recover the threshold of over $ 300 despite the successful execution of the long-awaited Byzantium hard-fork. Cryptomoneda strived to recover beyond the 300-dollar mark.
In September, before China's national currency ban (ICO) and cripto trading, the price of Ether fell close to the $ 400 threshold, as interest in the Ethereum network began to grow rapidly in China, Japan and South Korea.
Since then, the ETH has fallen from about $ 390 to $ 280, as the crypto market has undergone several major corrections over the past week. The Ripple, Litecoin, Bitcoin Cash and Bitcoin prices have also declined in recent days as the sovereign currency price dropped from $ 6,199 to $ 5,860.
Hard Byzantium Fork and optimism around Ethereum development
As with previous price rallies and their growth, the successful execution of the Byzantium hard-fork was expected to have a positive impact on the price trend of ETH in the short and medium term.
Vitalik Buter, co-founder of Ethereum, continued to emphasize that the fork was a success, and the Ethereum network was stable earlier this month.
Analysts also expected the price of Ether to rise, given the advances made by Enterprise Ethereum Alliance (EEA). Some of the world's leading financial institutions, such as Sberbank, the largest state-owned bank in Russia, joined the EEA to develop applications around the Ethereum network.
Last week, the US trading market of Ethereum took over South Korea to become the largest Ethereum exchange market, with 33% of its market share. South Korea was the main Ethereum market in 2017, registering a growing demand from the financial community for Ethereum.
But interest in Ethereum has declined in South Korea due to the appearance of other cryptos such as Zcash and Qtum. Investors and traders have begun to look for a diversified portfolio of assets, besides Bitcoin and Ether, as the main cryptomonades.
In the medium term, the success of Byzantium's hard fork and the rapid adoption of the Ethereum network will allow the digital currency to return to the previous threshold in September and recover in value.
