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.

ETH/USD, 1-hour chart

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