Prominent Cryptocurrency Analyst Says The Constantinople Upgrade Will Ignite A Bullish Rally

Ethereum Frozen

Over the last 12 months, the cryptocurrency market has been stuck in a descending channel. The price of all cryptocurrencies starting with BTC have fallen significantly against the USD. In fact, Ethereum has suffered more than many other cryptocurrencies in the market falling by 92% since the beginning of the year. During the last few days, it was able to recover from $81 to $150. Even if the cryptocurrency has been through a lot these past few months, the future is bright according to Alex Krüger.

Ethereum (ETH) Has A Bright Future

Alex Kruger, a cryptocurrency analyst, said that the Ethereum Constantinople upgrade is going to change the game for Ethereum. This long-awaited upgrade is going to reduce block rewards and decrease the ETH supply creation. From his official Twitter page, he wrote:

“The Ethereum Constantinople fork is going to come on block 7080000 on the 16th of January 2019. Block rewards will be reduced to 2 ETH. Long-term, this is going to be bullish for ETH.”

Ethereum (ETH) Price Today – BTC / USD
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According to him, the bull run ETH experienced recently even when BTC was falling may have been as a result of the Constantinople fork. When the date for the release of Constantinople was determined, the price of ETH spiked briefly but later fell against the USD. He said that the spike in price may also have been related to the call for a cryptocurrency bottom by Ethereum’s co-founder, Joseph Lubin.

He insisted that other network upgrades have been done on Ethereum and each one had a different effect on the price of the coin. So, it is difficult to predict what will happen in the future when the next upgrade drops. According to Krüger, after the Constantinople fork, Ethereum miners who pay more than $0.075 per unit for electricity will be operating at a loss if the price of ETH stays around $155. Small-scale miners will be operating at a loss but there will still be those miners will not care about profit and would keep up with the market even when this happens.

Over the last few days, one of the hot topics in the Ethereum community has been Lubin’s statement about a cryptocurrency bottom. Lubin said that the bear market has lasted for too long and that it is time for a recovery to kick in. Many critics put Lubin under fire following reports that his blockchain startup, ConsenSys, is going to lay off around 50% to 60% of its staff.

Ethereum (ETH) Price Analysis

This morning, Ethereum (ETH) was trading around $142 with a market capitalization of $14.79 billion. Even if it has been able to trade higher by 75% since it bottomed out, it is still down by 90% from its all-time-high. Right now, ETH is trading at $128.84. This shows that it is up by 0.13% against the USD and up by 0.39% against BTC. The trading volume over a 24 hour period is $2,993,389,283 and the market capitalization is $13,401,773,174. The next few days of trading will determine if the price action will change or not. For now, however, ETH is attempting a recovery.


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