Cryptocurrency Ethereum by Friday, October 12, attempts correction after the sharp decline the day before. Key trades are about $197,16 (+3,21%), according to Dmitry Gurkovsky, senior analyst at RoboForex.
At the beginning of the week we could see consolidation in the “triangle” on Ethereum expected out of it. Mid-week the market formed a rapid pulse reduce. Downside momentum has reached the support line and forms a pullback. The main purpose of the correction of the last pulse drop may be the level of 50.0% Fibonacci scale ($205,00). As the main goal of reducing should be considered significant at least $166,85, but it will only be possible after overcoming the local level of support at $184,38.
Fundamental news related to Ethereum, a sufficient amount of. So, October 14 with a delay of 5 days to be held hardwork Constantinople. The delay was due to the identified network vulnerability. The delay is taken, so that developers have time to fix the problem. This pause should be seen as an opportunity to search for new “thin” places in the hard forks. The developers thus got some time to test the network, which should positively affect its future work.
Hardwork Constantinople is the step of updating the whole Ethereum. It should improve speed performance, improve scalability of the platform and the level of remuneration for mining cryptocurrency. Testing hard forks is the network Ropsten, where the security level is specially lowered to development could not fully test the update.
Among other news of the fundamental nature of worth noting information about adding Coinbase cryptocurrency exchange token OX (ZRX) in the trading platform. It occurs here for the first time: to trading allowed token running on Ethereum and having a standard ERC-20. Currently, the exchange is accepting applications, the trade token should be available today, October 12.
Forecasts financial markets are private opinion of their authors. The current analysis is not a guide to trade. RoboForex is not responsible for the results that can occur when using trade recommendations submitted reviews.