Temporarily for a short timespan, since it's merely +25% ranging up from $400, that's almost "nothing for crypto". On the other hand this might only happen because of https://techcrunch.com/2017/11/07/a-major-vulnerability-has-frozen-hundreds-of-millions-of-dollars-of-ethereum/ and the frozen wallets affecting several ICOs.
Developers from affected projects might be able to postphone expenditures until situation got solved, than having to recover company funds by market selling ETH.