After Constantinople’s fall, Ethereum price appears set to dip below $100 and possibly return back to the $80s. Will the rescheduled Constantinople upgrade pump ETH again?
Ethereum Price: Market Overview
Let’s rewind back to January 16, yes the long-awaited arrival of Ethereum’s Constantinople upgrade. Up to that point, Ethereum had staged a fantastic rally from $83 to $163 and salivating traders had their eyes set eagerly set on a retest of $200 to $225. Then, as is usual for crypto, a vulnerability was found and the whole rally crumbled from the $150s to $130s to $115 to $106 to…
You get it.
Yesterday Ethereum (ETH) 00 tested $101 and it appears set to drop below $100 as the wider cryptocurrency market has few buyers and just a few sellers left. Barring some strong upside move from Bitcoin or a reinvigoration brought about by Ethereum’s rescheduled Constantinople upgrade on February 27, it seems likely that ETH has a bit further to fall.
As shown by the 4-hour chart, ETH topped out near $110 and the VPVR shows limited demand in the zone below $100. Strong purchasing interest is unlikely to show until $80 – $83 and there is the possibility of a bounce at $95 but this is not a guaranteed support or reversal point.
$110 is likely to function as resistance again and this point also aligns with the overhead arm of the descending channel. The ETH-USD shorts chart is also tightening as bears pile in on each ETH retest to form a new overhead resistance.
ETH-USD Shorts Chart
Generally, the market is shaky and Bitcoin’s uncertainty means any sharp price action could lead to whipsaw movements with Ethereum and other altcoins like Litecoin.