The much-awaited hard fork of the Ethereum network, Constantinople was announced, last year. The blockchain development team of Ethereum planned to release the hard fork, also known as Ethereum 2.0, last year. However, due to certain technical constraints, the launch date was pushed in December, before finally being launched on 28th Feb 2019.
The team had informed that the delay was due to certain issues which crept in during the testing phase. Introduction of Constantinople was expected by investors, analysts and traders, to have a positive impact on the Ethereum network. They expected the price of Ethereum to grow significantly after the launch of the hard fork.
However, the expectation seems to fail, at least currently. In fact, the situation of Etherum is worsening even further. Though Constantinople hard fork is nothing less than a milestone for the digital currency, it is struggling below a hurdle level. Nevertheless, Ethereum has kept falling and has been in red for a very long time.
Ethereum is currently the number one smart contract platform in the world. It also happens to be the world’s second largest cryptocurrency in terms of market capitalization, behind only Bitcoin. The falling prices have crushed hopes of a hike in valuation after the hard fork launch.
On the other hand, Bitcoin has just managed to break its losing streak which lasted for six months. The world’s largest cryptocurrency kept losing value for the longest period continuously, after finally putting a stop on negative growth in February. It gained about 11% or $400 from February, make it grow from $3,500 to $3,900. Market experts have suggested that Bitcoin will soon be touching the $4,000 mark, which is extremely important from a large scale perspective.
As per the hourly chart of Ethereum, the cryptocurrency slipped from the $162 level to the $135 mark. On the other hand, an upward trend was seen from $128 to the $135 mark. At the time of writing, the second largest digital currency in the world suffers a strong obstacle at the $140 level. The next major resistance after this will be at the $164 level.
The $128 level, however, serves as strong support for Ethereum network. Some analysts have predicted an increase in volatility for Ethereum after the launch of the Constantinople 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 digital currency.
The bear market has hurt not only Ethereum but almost all other cryptocurrencies. The year of 2018 has been one of the most dreadful years, if not the most dreadful one, for digital currencies. However, the recent positive growth of the Bitcoin network during the last month has given investors some hope.