- The upgrade was pushed forward citing potential technical issues.
- Ethereum ignores the Constantinople upgrade delay to add 2% on the day.
Ethereum has remained stable in spite of the news that the highly anticipated Constantinople upgrade has been postponed. While there was a correction from the resistance at the 38.2% Fib retracement level between the last high at $157.14 and the low of $114.76 on Tuesday, Ethereum buyers moved to defend that support around $120.
The upgrade was pushed forward citing potential technical issues. The network says that the decision was made after a consensus agreement among the relevant entities including developer, the community, stakeholders, client developers as well as security researchers. Hudson Jameson made the announcement via a blog post detailing that:
“[SECURITY ALERT] #Constantinople upgrade is temporarily postponed out of caution following a consensus decision by #Ethereum developers, security professionals and other community members.”
The delay according to the blog post has been warranted after problems with the upgrade code of the protocol were spotted. The network has been forced to postpone the hard fork in order to solve the issues.
Read more on Ethereum Constantinople here.
Meanwhile, Ethereum is trading below the hourly both the 50-day and the 100-day Simple Moving Averages (SMA). Although there has been a more than 2% rise on the day, the asset which is valued at $123.9 at the time of press. More resistance can be seen at the 23.6% Fib level. The technical indicators on the chart show ETH buyers are increasing their entries and could eventually push the price above $130.
ETH/USD 1-hour chart
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