Ethereum Constantinople hard fork is just about here and ETH has risen 9% as the market sees green. However, this system upgrade that is focused on speed, low cost, and efficiency, according to Weiss Ratings is a classic case of “buy the rumor, sell the news.”
Ethereum Jumps 9% Amidst Green Market
Ethereum’s hard fork, Constantinople is just a day away and the 3rd largest cryptocurrency is finally seeing a surge in price. As the market turns green and registers gains between 2 to 5 percent, Ethereum is up by 9 percent in the past 24-hours.
However, according to Weiss Ratings, this won’t help Ethereum in gaining back its momentum as this is just a case of “buy the rumor and sell the news.
“ETH’s Constantinople hard fork and network upgrade is due this Wednesday. Sadly, this won’t help ETH reclaim its lost glory. This is the classic case of “buy the rumor, sell the news”.”
Some do agree with this as one Twitter user commented, “100% true. Ethereum strategy: launch first without stability, promise the future. Repeat.” While another one stated, “Right, doesn’t sound too impressive…”
However, many are optimistic as one enthusiast says “I think it’s awesome that Ethereum itself continues to evolve.”
Realizing the Full Potential
Constantinople, the name of the Ethereum’s hard fork upgrade coming on January 16th is a multi-step journey that will implement protocols such as Proof of Stake. The system upgrade will be implemented at block 7,080,000.
This hard fork won’t be seeing any currency split as happened at the time of Ethereum Classic as Ethereum Community at large supports Constantinople. A brief review of the 5 Ethereum Improvement Proposals (EIPs) include,