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ETH / USD in distress below $ 120.00 dragged down by late Constantinople

  • The fork should take place at block 7.28M, around 27 February.
  • The movements in ETH / USD prices coincide with market sentiments.

ETH / USD is trading marginally under the $ 117.00 handle at the time of writing. The third largest currency with a market value of $ 12.2 billion lost more than 5% on a daily basis following market trends.

It is very likely that Constantinople has delayed downward pressure on the market. While the price of Ethereum has barely moved from the levels of a week ago, the currency had to yield in a $ 120.00 handle during Sunday trading. Bears pushed him to a minimum of $ 113.28, although the profit taking triggered a weak recovery.

"It looks like we're going with the 7.28M block for the #Ethereum Constantinople referee scheduled for February 27th! It will be a single fork on mainnet and a fork post-Constantinople-fixup on the testnets to get them back in line with the functionality of the main network, Péter Szilágyi, a team led by Ethereum wrote on his Twitter.

Technically speaking, the currency must return above $ 120.00 as early as possible to mitigate short-term bearish pressure and have the possibility of a sustained recovery. Once this handle is out of reach, the ETH bulls will set their eyes at $ 123.40 (SMA50, 4 hours). 130.00 psychological now looks like an unattainable altitude, but a move above the level will improve the long-term image.

On the downside, local support was created from the recent minimum of $ 113.28, followed by a critical $ 100.00 handle.

ETH / USD, 4-hour chart

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