Last month the Ethereum brought a good profit, rising from 104 to 150 dollars in a very short time. The formation of the uptrend, the cryptocurrency is most likely due to the upcoming hardforum Constantinople, the activation of which will happen in a week.
However, many analysts warn about the old expression “buy the rumour, sell the news”. In other words, with the approach of the event and the likelihood of draining the Ethereum multiplied.
Dump for Constantinople
At the moment Ethereum is trading at 147 dollars. For the past day, the cryptocurrency has not changed its value. For several days the ETH can not penetrate the resistance area of $ 150, which negatively affects the growth prospects of the coins in the near future.
Economist Alex Kruger noticed a suspicious situation in the ratio of longs and shorts at the ETH/USD.
The last time this ratio of long and short positions were formed in November of 2018, just before the plummeting of the stock market. The Ethereum could dramatically cheaper after Constantinople, as was the case with many other coins during hardforce.
Last time $ETH longs/shorts ratio was this high was November before the 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 driven ETH. https://t.co/jc4hLoWifb
— Alex Krüger (@krugermacro) February 22, 2019
Trader under the name UB waiting for Ethereum to the level of 122 dollars.
A schedule like this, I wouldn’t long trades. Wait for pullback at least to 122 dollars. Yes, I know about Constantinople, but I trade based on charts.
$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. pic.twitter.com/H5sA9uI0jn
— UB (@CryptoUB) February 22, 2019
But in Analytics under the name Hsaka has more optimistic forecast, he is confident that the activation of hard forks will have a positive impact on the price of the asset.
Wonder where the buy wall is… pic.twitter.com/NUusWMZZPJ
— Hsaka (@HsakaTrades) February 22, 2019
Note that Constantinople can really be an unexpected factor in the new predictions of Ethereum. From the point of view of technical analysis an asset also does not look attractive for opening a trading position right now.
What is happening with the exchange rate ETN follows in the ranking of cryptocurrencies.
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