Categories: Ethereum

Crypto Analysts are Bullish on Ethereum (ETH) Price in the Short Term

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A few days ago, there were reports of an increase in market cap of Ether. The digital currency surpassed XRP once more as it surged by double digits in 24 hours. Since this occurrence, the crypto asset has risen above Ripple’s go-to asset by a large margin. However, crypto analysts now claim that ETH will continue to run in the future. This is because exchanges such as Binance and OkEX, have continuously professed their support for the Constantinople hard fork.

Ethereum (ETH) Price Today – ETH / USD

What the Constantinople hark fork signifies

For people who do not know, the Constantinople hard fork is a Blockchain upgrade. It will implement 5 improvement protocols in the Blockchain of Ethereum. About four of these improvement protocols are focused on short-term scaling. The remaining on is centered on reducing the issuance of Ether from three ETH to just two ETH per block.

Alex Kruger, a leading crypto analyst, has claimed that after some time, the so-called block reward will be bullish.

The breakout of Ethereum

Kruger claims that Ethereum will experience a breakout soon. This is coming a few days before the planned activation on January 16. This analyst did not explain the prediction in full. However, considering his expression of bullish sentiments on the previous Constantinople, his forecast may likely have something to do with the oncoming hard fork of Ethereum.

He explained in a sub tweet that the next line of resistance for the digital currency would be $175 for Ether, and this is about $20 (13% higher) than the current levels.

More bullish sentiment for Ether

Another analyst in the Crypto Dog also echoed a similar bullish sentiment on the price of Ethereum. This pseudonymous crypto trader sports more than 100000 Twitter followers. In a recent thread, the Crypto Dog wrote saying,

Hard fork shenanigans could certainly push this much, much higher, and $ETH could possibly break up on this push, but to me, an entry here is hard to justify. Just to be clear – I’m not bearish on $ETH right now, the $ETH / $USD chart isn’t exactly showing “weakness.”

Robert “Crypto Bobby” Paone, the growth advisor at Airswap, using a recent Youtube video, claimed that he is bullish on the digital asset in the short term. His reasons were simple; the 0.04 BTC/ETH level would be a crucial line of resistance/support to watch as time passes, especially as the Constantinople is creating hype.

The growth advisor also went on to cite the words of Travis Kling, a found of Ikiggi, crypto hedge fund about his bullish outlook for the digital currency. Kling stated that there is a potential bullish set up for Ethereum presently. The supply of ETH will drop drastically with the implementation of the Constantinople upgrade.

Ethereum Developers Plan to Block ASICs

CoinDesk has reported that Ethereum core developers are planning to block ASICs that run on “ProgPoW” network protocol which could go live in two to four months’ time.

The protocol will be released independently of the Constantinople or any other notable network update. This development has been lauded by ethereum’s developers because they believe that it will push the project closer to activating Serenity as well as the byproducts that accompany it.

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