Ethereum market update: ETH drifting lower on the way to Constantinople and St. Petersburg
|- ETH/USD is getting ready for two major updates.
- The price is moving lower in sync with the rest of the market.
We are less than 24 hours away from two major updates to be implemented on Ethereum network. Known as Constantinople and St. Petersburg, these updates are often classified as hard forks as they contain new rules incompatible with the previous versions.
Both upgrades will take place at block number 7,280,000 and will require users to update their software to continue working within the network.
Despite all the fuss around the updates, most users won't notice any changes, as they are focused mainly on mining algorithms, according to independent Ethereum developer Lane Rettig. He called Constantinople primarily a “maintenance and optimization upgrade,” back in September, speaking in the interview with CoinDesk.
Meanwhile, ETH/USD is changing hands at $137.75, down 1% since this time on Wednesday. The second largest cryptocurrency has lost 6% of its value in recent seven days ahead of the forks.
However, experts believe that successful updates will create necessary conditions for a strong rebound with the first Aim at $140.00 Followed by %150.00.
On the downside, ETH needs to stay above $130.00 to retain a positive tone in the short0term.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.