Tanya Abrosimova
Independent Analyst
- The upcoming fork makes traders nervous.
- ETH/USD is capped by DMA100.
Cryptocurrency markets are pretty quiet at the beginning of the year. Experts believe that traders and investors are sitting on the fence ahead of major Ethereum network update. The new protocol release also known as Constantinople upgrade is scheduled on January 16. Basically, Constantinople is also a hard fork. Though, unlike the recent debacle with Bitcoin Cash that led to a messy hard fork, Ethereum community has no discrepancies about the upcoming changes. However, it may still lead to a period of uncertainty and poses some risks for active traders.
“In this upcoming case, the Ethereum upgrade has been widely embraced by the community and until now there have been no major players protesting Constantinople (the name of the upgrade). So most likely it will be a smooth upgrade. This means that the entire network will probably implement the upgrade together and there will be no action required from the end users,” according to Mati Greenspan, a senior market analyst at eToro.
Read more about the upcoming Constantinople ungrade
The fork will take place at block number 7,080,000, which means that all client applications with full node support shall be upgraded by that time and run the new version of the protocol to avoid multiple forks.
ETH/USD is changing hands at $154.92, down the recent high reached at $163.74. The coin is capped by DMA100 currently at $164.62 and it is unlikely to be taken out before the hard work takes place. The local support is created by $150.00 and followed by DMA50 at $120.55
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat (WIF) price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu (BONK), WIF token’s show of strength was not just influenced by Bitcoin (BTC) price reclaiming above $63,000.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
PUPS, WZRD, and PEPE are gaining liquidity through Bitcoin Ordinals. Creator of Bitcoin’s Ordinals protocol is debuting a new fungible token standard to rival BRC-20, Runes.
Ethereum shows firm support at key level as its correlation with US indices increase
Ethereum's price continued a sideways movement on Thursday as the market still awaits a trigger. Ethereum isn't alone in this horizontal trend; several major index funds have also traded sideways.
Mango Market attacker convicted of fraud and market manipulation
Mango Market attacker Avi Eisenberg was convicted by a federal jury on Thursday for "fraudulently obtaining" funds from the Solana-based decentralized exchange (DEX). He could face up to 20 years in prison for his role in the $110 million attack.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.