Ethereum (ETH): Constantinople's hard forks wait

The ETH / USD pair is subject to a further decline, as the price makes another range lock.

All nervously waiting for fork, Constantinople.

Just like other cryptocurrencies, Ethereum (ETH) continues to fall. Over the past five weeks, the price has dropped by 63%. Despite the slight stabilization over the past few days, ETH is still very vulnerable. It moved in the consolidation mode, now we can observe the formation of a range blocking. This behavior suggests the coin is susceptible to a southward breakout.

Nervous waiting for Constantinople

After the Ethereum developers confirmed the information about the Constantinople hard fork, some concerns arose. Last week, the developers reported that the fork will happen in mid-January 2019. A nervous tremor swept through the community in anticipation of a fork. The only thing that made many people happy was the reward for the miners. It is expected to be reduced from 3 ETH to 2 ETH. Given the fact that the price is also falling this year, such cuts are unlikely to help. There is also speculation that if there is a big disagreement, the network might even split in a pinch.

Technical review of the pair ETH / USD

4 hourly chart pair ETH / USD

The 4-hourly chart shows that the stock price has declined in the last four days. This happened after the ETH / USD pair began to fall more intensively. As we have repeatedly noted, this price action follows excessive movements. This tends to show seller depletion, giving time to consolidate prices.

For ETH it will be a negative sign if the coin is held below the $ 100 level. With a further fall, the support level will be the $ 84 level. Drop below her to attract new sellers. The weekly schedule does not look confident, because, as already mentioned, in case of a breakdown of this support, the price E may fall sharply. Support will then be at $ 65, where the last time ETH / USD traded at the beginning of May is 2017. Immediate resistance is at $ 100.

Daily chart pair ETH / USD

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