Ethereum (ETH) Continues Its Downward Trend despite the Launch of Constantinople

Constantinople is the much-anticipated hard fork of the Ethereum network. The hard fork, which is also known as Ethereum 2.0, was announced last year. The Dev team of the blockchain project planned to activate the upgrade last year. Nevertheless, they ran into some issues during the testnet of the upgrade. As a result, they shifted the launch date.

The team later scheduled December last year for the upgrade. But they were still unable to activate it as they needed more time to put a lot of things in order. The launch date was then shifted again to February this year.

Constantinople Finally Launches

The team chose February 28th for the activation of the upgrade. Interestingly, the hard fork was not shifted again, as it is now live and running. A lot of analysts, investors, and traders in the crypto space expected the activation of Constantinople to have a tremendous effect on ether. They expected the value of Ethereum (ETH) to surge significantly after the hard fork.

Nevertheless, this is yet to happen as the reverse is the case. Despite the milestone achieved by the digital currency, it is still struggling below a hurdle level. Ethereum (ETH) is still trading deep in the green after the activation of Constantinople and St. Petersburg hard fork.

Ethereum is the number one smart contract platform in the world. It is also the second largest digital currency in the world by market cap. The digital currency has just cut down the expectation of many. As many expected it to skyrocket after the launch of St. Petersburg hard fork and Constantinople.

Ethereum (ETH) Recent Price Trend

According to the one-hour chart of ether, the digital currency declined from the $162 level to the $135 mark. Whereas the upward trend was seen from the $128 mark to the $135 mark. At the press time, the second largest digital currency in the world faces a strong hurdle at the $140 level. The next major resistance after that level is at the $164 level.

Meanwhile, the $128 level currently serves as strong support for the digital currency. Some analysts predicted increased volatility for Ethereum after the launch of its hard fork. According to the prediction, Ethereum (ETH) will see high levels of upward and downward movements. Nevertheless, Bollinger Bands appears to be close to each other. This suggests a less volatile market for the digital currency.

The Klinger Oscillator indicated that irrespective of the attack of the bears, the bull strongly held the market. The relative strength index also indicated that the buying pressure for Ethereum (ETH) was outweighed by the selling pressure.

At the moment, the bears seem to be in control of the market. This is because the bulls have lost their grip on the market. However, many still believe in the digital currency. They believe the launch of Constantinople and St. Petersburg hard fork will have a significant impact on ether. It might not happen immediately, but it would in the short-term.

Ethereum (ETH) Price Today – ETH / USD

Name Price24H (%)
Ethereum (ETH)
$329.43
4.95%

At the press time, Ethereum (ETH) is changing hands at $136 after a decrease of about two percent over the past twenty-four hours. The current market cap of the digital currency is $14.30 billion and its trading volume over the past twenty-four hours is $3.76 billion.

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