What’s Next For Ethereum’s ETH Price: Credible Crypto’s Short Term Chart Analysis
What’s Next For Ethereum Price Now That Constantinople Has Passed
After a number of delays, on February 28th, Ethereum Network successfully updated Constantinople hard fork. It was first scheduled for November in 2018 but was postponed after some defects were discovered on its Ropsten test network. Then the scheduled January release got delayed due to a “reentrancy attack” loophole found in Ethereum Improvement Proposal (EIP) 1283.
However, all is well when end’s well as the Constantinople upgrade on the second largest blockchain as per market cap has been successfully implemented.
Constantinople Successful So Far
This has been the sixth upgrade while the St. Petersburg version was the 7th one, both of which were launched combined together. Though, the changes wouldn’t be noticeable to an average network user the miners who choose to implement it would definitely witness a wide array of changes.
One of the key aspects of this Constantinople upgrade has been the block rewards reduction from three Ether to two. Previously, another hard fork of Ethereum called Byzantium was implemented that introduced a similar change where the block rewards were reduced from five ETH to 3.
Moreover, the two upgrades are expected to improve the overall functionality of the Ethereum network that involves improvement to the scalability of the network and to its efficiency and speed.
The cost of gas will see an improvement as well as while before this hard fork, a user has to pay 5,000 gas to perform storage operations, now after this upgrade, it has come to just 200 gas.
What To Expect From ETH Price
The weeks prior to Constantinople hard fork, Ethereum lead the crypto market rally as it surged more than 10 percent in each of the two pumps occurred in mid-February, despite the hard fork not being a bullish phenomenon. However, currently, Ethereum is trading at $129 with 24-hours loss of 4.56 percent while managing the daily trading volume of $3.7 billion.
Now, according to the crypto trader, Credible Crypto, Eth has been expected to retest the $119-$124 region in the coming days, if price had closed over $134 but sadly not.
“Well we closed below it but right before the close, we got a drop to $127 which was quickly bought up. Here is a long scalp I would be looking to take if we can take back $131 and then re-test it to confirm support.”