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Over the past month Ethereum (ETH) has recorded an extremely positive price trend, from a low of USD 104 to over USD 150. Part of this soaring price could be due to the future hard end of Constantinople, which will offer many improvements to crypto and will reduce its future inflation rates, which will likely be positive for long-term cryptocurrency. .
Despite this, many badysts now warn traders that Ethereum will likely experience increased sales pressure at the time of or after the event, which is in line with the trader's long-standing creed "buy the rumor," sell the news. "
The next hard Ethereum fork in Constantinople could bring down the price of ETH
At the time of writing, Ethereum was trading up nearly 3% at its current price of $ 149. Many badysts have argued that Ethereum's nearly 50% rise from its February lows led all crypto markets to do the same, and this price increase may be due in part to anticipation of Constantinople, which should happen next week.
Alex Krüger, an economist specializing in cryptocurrencies, recently discussed the current price evolution of Ethereum, pointing out that a worrying trend was emerging with its long / short ratio, which currently reaches its highest level since the crash of ETH in November.
"The last time the long ETH / short films ratio was as high as before the 60% accident in November. Constantinople comes on February 25th. Crypts often stand up in anticipation of a fork – long story – reach a local peak a few days ago, and crash into the pitchfork. Remember that the current crypto-pump was piloted by the ETH, "said Krüger, adding that it was expected that Constantinople would occur around February 28, and not from the 25th.
Last time $ ETH The long / shorts ratio was as high as before the 60% crash in November. Constantinople comes on February 25th. Crypts often stand up in anticipation of a fork – long story – reach a local peak a few days ago, and crash into the pitchfork. Attention, the current cryptopomp was driven by the ETH. https://t.co/jc4hLoWifb
– Alex Krüger (@krugermacro) February 22, 2019
UB, a popular cryptocurrency trader on Twitter, recently shared his thoughts on Ethereum, noting that, from a technical point of view, the ETH seems weak and that rates could come back to levels as low as 122 USD in the short term.
"$ ETH – ETH stalling at the area of interest argues in favor of distribution. A graph that looks like this (little or no kickback during a ramp-up) is not something I would very much like. I am thinking of a withdrawal of up to 122. Yes, I know Constantinople, and so on. I negotiate the cards.
$ ETH – The stagnant ETH in the area of interest offers an argument in favor of distribution.
A graph that looks like this (little or no hindsight when ramping up) is not something I would very much like.
I am thinking of a withdrawal of up to ~ 122.
Yes, I know Constantinople, etc. I negotiate the cards. pic.twitter.com/H5sA9uI0jn
– UB (@CryptoUB) February 22, 2019
Despite the downtrend, Ethereum receives support at current prices
Although most traders are currently approaching Ethereum with caution – the effects that events such as Constantinople may have on price may not be clear – one badyst quickly pointed out that ETH was under a lot of pressure. buying around its current price levels, which bullish.
"$ ETH … I wonder where the buy wall is," concisely noted Hsaka, a popular cryptocurrency badyst on Twitter, when referring to an ETH / USD chart.
I wonder where is the wall buying … pic.twitter.com/NUusWMZZPJ
– Hsaka (@HsakaTrades) February 22, 2019
As Constantinople gets closer, traders and badysts will probably have a better idea of the effect of the difficult range on its short-term price.
Selected image of Shutterstock.
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