Ethereum, like most major cryptocurrencies, has seen increased levels of volatility over the past week, but has failed to make any long-lasting uphills moves that resulted in preserved higher high-pitcheds. Advisers now expect ETH to increased levels of volatility as its Constantinople hard fork approaches later this week.
Although this hard fork event is widely seen as being optimistic in the long-term, reporters believe that Ethereum is currently expressing increased levels of technological weakness, which could convey farther damages are in store for the cryptocurrency in the near-future.
Ethereum( ETH) Currently Looks Technically Weak to Psychoanalysts
At the time of writing, Ethereum is trading down virtually 3% at its current price of $137. This past weekend, ETH surged to increases of $165 before hurriedly being rejected and coming to lows of $135, from which is has only climbed slightly.
Ethereum’s inability to post any reasonable convalescence after throwing to $135 has led psychoanalysts to view the cryptocurrency as technically bearish.
Hsaka, a popular cryptocurrency seller on Twitter, recently discussed ETH’s price action , observes that it will likely retest its collection lows around $130 in the near-future, which are becoming increasingly weak.
“$ ETH Update … Good old-fashioned reaction without any to be pursued … Mid straddle patronage still has acted as an area of goes, but didn’t witness any to be pursued … Gazes like this is about to test the scope lows again.”
$ ETH Update
Good old reaction without any follow through.
Mid range support also has performed as a zone of goes, but didn’t witness any follow through.
Looks like this is about to test the assortment lows again pic.twitter.com/ VgUNu9H 7cf
— Hsaka (@ HsakaTrades) February 26, 2019
Constantinople Hard Fork Likely to Precede to Greater ETH Volatility
Although Ethereum is gaping technically strong to specialists soon, its upcoming Constantinople hard fork- which is set to occur on or around February 28 th- is likely to lead to increased levels of volatility.
Chonis Trading, another popular cryptocurrency analyst on Twitter, spoke about the potential effects of this hard fork , noting that although ETH’s price is currently containing above its lower Bollinger Band, the imminent hard fork will likely lead to increased volatility.
“$ ETH- maintaining lower BB closing candle brace on a very tight 1hr map. Still wide-eyed on higher time frames. With the #Constantinople forking’ currently’ scheduled for this week I will be watching #ethereum reaction to this news driven event.”
$ ETH– maintaining lower BB closing candle assistance on a very tight 1hr map. Still broad on higher time frames. With the #Constantinople crotch “currently” scheduled for this week I will be watching #ethereum reaction to this news driven event.. #100xleverage #bybit pic.twitter.com/ Ha3RsL3QOY
— Chonis Trading (@ BigChonis) February 26, 2019
A few days ago, Alex Kruger, an economist who focuses primarily on cryptocurrencies , have also pointed out that cryptocurrencies commonly disintegrate into notable forking events.
“Last time$ ETH longs/ short-spokens ratio was this high was before the November 60% clang. Constantinople comes Feb/ 25. Cryptos often fosters in anticipation of a forking -long the narrative- reach a neighbourhood top eras before, and accident into the forking. Mind the present crypto spout was ETH driven.”
Last time $ ETH longs/ suddenlies ratio was this high was before the November 60% sound. Constantinople comes Feb/ 25. Cryptos often heightens in anticipation of a crotch -long the narrative- reach a neighbourhood top days before, and hurtle into the crotch. Mind the present crypto pump was ETH driven. https :// t.co/ jc4hLoWifb
— Alex Kruger (@ krugermacro) February 22, 2019
Despite this, it remains unclear as to whether or not Ethereum’s recent lowering constituted an “pre-hard fork” crash, or if farther losings are in store for the cryptocurrency.
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