It’s been an incredible week for cryptocurrencies. We haven’t seen anything like it since at least the middle of last year. Ethereum is now up 25% from where it was just a few days ago, and Bitcoin is up over $3900 as of press time.
Ethereum’s current price over $145 nears its three month high around $160, which is sure to make some ETH investors a little giddy.
Analysts are reading the tea leaves.
“In case the previous high of $161 price level is breached by the bulls, Ethereum price may have its target at $194 supply zone,” writes Azeez Mustapha at Coinspeaker. “On the other hand, should the bears defend the $161 price level; ETH price will fall towards $134 – $117 price level.”
“The next key support is near the $145.00 level and the 61.8% Fib retracement level of the recent leg from the $139.30 low to $153.78 high,” adds Latika Mehrotra at Blockonomi. “The key pivot level could be $142.00 and the 76.6% Fib retracement level of the same leg.”
You can see some of this new market power working itself out in places like Consensys where Ethereum-based activities are picking up steam.
However, it’s important to note that the Ethereum Constantinople fork is planned for just 10 days from now – so it’s best to start counting down.
Constantinople is due to make changes to Ethereum smart contracts and other aspects of using this cryptocurrency.
The green activity right now would suggest that everything’s fine with Constantinople – but you want to look out for stray reports like this one from Cointelegraph insinuating that perhaps Constantinople’s hard fork could lead to new security issues.
BB reports that a feature called “create2” could open the door to problems after implementation related to the addresses of smart contracts. If addresses can be changed after deployment, experts say, it could be tough to avoid some kinds of creative mischief.
That’s not to say that Constantinople is sure to doom the Ethereum rally – it’s just that this current rally is taking place in a complicated context. If you want to take advantage of ETH prices now, read up and understand what’s likely to happen over the next two months as Constantinople and other events make their mark.
In the meantime, Bitcoin is also up near unanticipated highs around $4000 and there aren’t any hard forks planned for this cryptocurrency. Instead, companies are rolling out Bitcoin ATMs and giving investors many ways to purchase paid in a new Bitcoin market. So that may be a safer play for those who don’t want to do the research around today’s coin rally.
