Yesterday, AZCoin News reported that Ethereum successfully completed Istanbul hard fork, an event that some investors have hoped to be a potential price catalyst.
Several popular exchanges have announced official support for network upgrades such as Binance, Coinbase, Kraken, Poloniex, etc. Overall, hard fork has been widely accepted by the community and no major negative events have been reported.
However, Istanbul hard fork did not have any effect on the Ethereum’s short-term price action. It seems that investors are not too infatuated with this hard fork as it coincides with the downtrend of ETH because the seller is still in control.
The fact that ETH price did not have any reaction after the successful hard fork made some community members confused and surprised.
i really don’t understand ethereum doesn’t go up today before launcing ethereum 2.0 #ethereum
— roos (@roos95768942) December 7, 2019
At the time of writing, Ethereum is trading up more than 1% at the current price of $ 150, marking a slight increase from the recent low of $ 146 which has been tested many times over the past week.
Daily Ethereum price. Source: Tradingview
Currently, Ethereum has faced some resistance at $ 152, which appears to be strong resistance for crypto. It is important to note that ETH generated some upward momentum today as Bitcoin began to progress towards the short-term resistance level of $ 8,000.
Ethereum has been constrained in sideways trading since it plummeted to a low of $ 135 at the end of November, which appears to be an extremely strong support level for the cryptocurrency.
Teddy, a popular analyst on Twitter, talked about this delayed hard fork:
“After 950 delays, Ethereum finally completed its hard fork – Istanbul”.
After 950 delays #Ethereum finally completed its hard fork – Istanbul⛓️
Make @VitalikButerin relevant again!$ETH https://t.co/oEqxZoPx5k
— TEDDY ⛓️? (@teddycleps) December 8, 2019
It is important to note that Ethereum has been trapped under a sharply decreased resistance level for two years and it is currently showing some signs of surpassing this level. Teddy also noted that this resistance is causing trouble for the future price action of ETH.
Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
Read more:
- Istanbul Hard Fork Leads Ethereum Network Have More Than 38,000 New Addresses
- The Decision To Increase Inflation And Delay Difficulty Bomb Of Ethereum Devs