Ethereum's pain is deep, hard fork coming?
- ETH has long way to go before bottoming out.
- Hard fork talks doing rounds.
Ethereum, the crypto that was second largest crypto for a long time and lost its coveted tag to XRP, has a long journey to travel to the bottom of the earth before it can start the process of bottoming out, even as the talks of hard fork coming up has started doing rounds in the crypto circle.
ETH/USD is up about 0.7 percent on day at $124.35, almost near low point of the day after hitting the high of $128 earlier. On the daily chart, as reeported by this author last week (read here), is headed towards double digit, potentially hitting $70-80 marks.
What could trigger a move towards those levels is probably a hard fork coming in the Ethereum, named as Ethereum 1x, a potential tech upgrade to boost the capabilities of the platform aggressively. Although the hard fork is still some time away, in June 2019.
ETH/USD daily chart:
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Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
