Bitcoin And Ethereum Daily Price Forecast – Crypto Market Consolidates Ahead of Constantinople Upgrade

Nothing much has really changed in the cryptocurrency market over the last 24 hours. Bitcoin and all other nine major legacy cryptocurrencies on a flat note as investors turn their face to key event of the month – Ethereum network upgrade widely known as Constantinople hard fork. The network upgrade was previously delayed at the last minute as a major security issue was discovered, however, all issues have been resolved and tested and now the market is gearing up for network upgrade across the globe. Meanwhile, the market is also seeing reduced trading volume today as investors have booked profit on recent positive price rally and now await network upgrade post which another bullish price rally is expected on successful completion of the network upgrade.

ETH Hard Fork Observed As Investors Await Breakout Trigger

Cryptocurrency market deals with assets that are decentralized in nature and hence unlike fiat currencies which are influenced by solid economic data based fundamentals, price action is influenced by headlines and major events. While multiple positive headlines had hit market off-late none ever saw the event mentioned in the article seeing follow through action in the market. As such, the successful completion of the Ethereum network upgrade will be the first news that saw follow through in the real market and is expected to bring forth a fresh wave of positive price action.

As of writing this article, the BTC/USD pair was trading flat at $3832.4 up by 0.06% on the day while the ETH/USD pair was trading at $136.88 down by 0.40% on the day. As investors, traders and miners across the globe eagerly await hard fork, trading activity has begun to lull in all major markets. Meanwhile, after suffering sharp declines for six consecutive months, February 2019 is likely to close positive today with the highest gains and trading volume recorded in the said period. While this scenario can be considered positive for the market, analysts are still not sure whether to call it a reversal as trading activity across the globe suggests that there is still a chance for sharp declines and market is likely to hit 2019 lows owing to clear lack of fundamental support. However, in immediate future, both Bitcoin & Ethereum are likely to trade positive across today’s trading session and close on a positive note for the week.

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