Well Ethereum got a pretty nice update here recently and honestly I thought myself this would at least jump the price a bit. However it has done the complete opposite and the price has gone from about $305 on average to what we see today right now at $277. So whats the deal with Ethereum and why could the price be playing out this way?
With bitcoin has nothing to do with Ethereum we have seen a massive swap in market cap out of altcoins and into bitcoin. Currently bitcoin sits on a massive 58.5% of the crypto market up from its lows of about 40% this shows a huge move of money back into bitcoin which possible could be fueled by the two upcoming events the news has been mostly covering of Segwit2x and Bitcoin Gold.
While Ethereum has a big update it really got no news headlines instead it was dwarfed by bitcoins two above things happening Bitcoin gold in 2 days October 25th 2017 and Segwit2x some time in November.
Already Known about
Lets be fare everyone knew Ethereums hard fork was incoming and already knew all of the updates that where going to happen. This very well could have sparked a buy in Ethereum and triggered the price jump ahead of the hard fork. Also when people hear hard fork now they almost always expect for their to be free coins involved now due to what happened with bitcoin and bitcoin cash. This did not happen with Ethereums hard fork and perhaps was a let down to some investors.
Possible Breakout To Come
Ethereum while it did have many updates none where really dramatic they where more stepping stones to get to the dramatic stuff. This will all be happening later in such massive updates such as Casper where it will change Ethereum to POS. (The more Ethereum you have in your wallet the more chances you have to be able to mine some yourself) This will create a buy and hold mentality to Ethereum which should drive the price up after this bitcoin craze to somewhere in the $500 range.