Why Analysts Forecast Bullish Ethereum (ETH) Price Surge Before the Constantinople Hard Fork
After weeks in which virtual currencies were falling and reaching new lows in more than a year, it seems that analysts are changing opinion about Ethereum (ETH). Since it reached a bottom a few weeks ago, close to $82, Ethereum almost doubled its price and it remains bullish for the future.
Why did the sentiment change for Ethereum? The upcoming Constantinople hard fork seems to be playing an important role in influencing Ethereum’s prices. This hard fork is expected to take place on January 16 and it will be reducing block rewards for miners from 3 ETH down to 2 ETH. This will have a positive effect on the price of ETH since there will be less selling pressure in an asset that had several natural sellers during 2018.
It is important to remember that Ethereum had two difficult months in November and December. It dropped from $220 down to $82 and it lost its position as the second largest virtual currency in the market.
The cryptocurrency analyst Alex Krüger said that the next resistance is close to $175. This price is currently 12% from where we currently are.
Can't forecast levels. First R is 175 area. I'd be vhappy if can exit what I added today around there.
— Alex Krüger (@krugermacro) January 4, 2019
The Crypto Dog, a recognized analyst on Twitter with more than 100k followers, shared his bullish opinion about Ethereum. He wrote that the hard fork would push Ethereum’s price much higher than what it currently is. However, he recognized that an entry at these levels, for him, is hard to justify.
— The Crypto Dog📈 (@TheCryptoDog) January 4, 2019
In a recent YouTube video, the analyst Crypto Bobby said that he is bullish on Ethereum for the short term. The virtual currency is receiving a lot of attention before its hard fork and this is pushing prices up.
It is important to mark that generally, before a hard fork, prices of the virtual currency tend to grow. People are generally excited about the new upgrades or, in some cases, about the new coins that they will receive if there is a chain split.
At the moment, Ethereum is the second largest digital currency in the market. It has a price of $157 and a market capitalization of $16.41 billion. XRP has lagged behind with a market capitalization of $14.55 billion when some weeks ago, XRP surpassed Ethereum by more than $2 billion.