Ethereum (ETH) Long Positions Skyrocket as Constantinople Gets Nearer

ethereum hard fork february 2019

Ethereum (ETH) Long Positions Skyrocket as Constantinople Nears, But Analysts Expect Post-Fork Plummet

Over the previous month Ethereum (ETH) has actually seen some extremely positive price action, rising from lows of $104 to highs of over $150. Part of this price surge might be due to its upcoming Constantinople hard fork, which will offer the crypto several improvements and will lower its future inflation rates, which will likely be favorable for the cryptocurrency in the long-term.

Despite this, lots of analysts are now cautioning traders that Ethereum will likely see increased offering pressure at the time of, or after, the occasion, which is in-line with the old-skool trader credo of “purchase the rumour, sell the news.”

Ethereum’s Upcoming Constantinople Hard Fork May Lead ETH’s Price to Plunge

Ethereum’s Upcoming Constantinople Hard Fork May Lead ETH’s Price to PlungeAt the time of writing, Ethereum is trading up almost 3% at its current price of $149. Numerous analysts have actually declared that Ethereum’s almost 50% surge from its February lows has actually led the whole crypto markets to follow suit, and this price surge might be, in part, due to anticipation for Constantinople, which is estimated to occur sometime next week.

Alex Krüger, an economic expert who focuses mostly on cryptocurrencies, recently discussed Ethereum’s present price action, noting that a troubling trend is unfolding with its long to short ratio, which is presently at its highest level given that previous November crash.

“Last time $ETH longs/shorts ratio was this high was before the November 60% crash. Constantinople comes Feb/25. Cryptos often raise in anticipation of a fork -long the narrative- reach a local top days before, and crash into the fork. Mind the current crypto pump was ETH driven,” Krüger explained, further adding that Constantinople is widely expected to occur around February 28th, not the 25th.

ethereum hard fork : constantinopleUB, a popular cryptocurrency trader on Twitter, just recently shared his ideas on Ethereum, noting that from a technical perspective ETH looks weak, and may see a pullback to levels as low as $122 in the near-term.

“$ETH – ETH stalling at the Area of Interest makes an argument for distribution. A chart that looks like this (little to no pullback on a run up) isn’t something I would long. I’m looking at a pullback as far as ~122. Yes I know Constantinople etc etc. I trade the charts.”

Despite Bearishness, Ethereum Does Have Buying Support Around Current Prices

Although most traders are presently approaching Ethereum with caution, as the impact that occasions like Constantinople can have on price can be uncertain, one expert is quick to mention that ETH does have a lot of buying pressure around its existing price levels, which might be bullish.

“$ETH… Wonder where the buy wall is,” Hsaka, a popular cryptocurrency analyst on Twitter, concisely noted while referencing an ETH / USD chart.

As Constantinople draws nearer, traders and experts will likely get higher insight regarding what result the hard fork will have on its price in the near-term.

Featured image from Shutterstock.

The post-Ethereum (ETH) Long Positions Skyrocket as Constantinople Nears, But Analysts Expect Post-Fork Plummet appeared first on NewsBTC.

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