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Despite the attempts of ETHUSD bounce back this week from the recent sell-off rallies, the current prices remain well below 7-EMAs owing to the striking event of Constantinople hard fork that is getting deferred in the cryptocurrency gamut.
Such technical events may cause apprehensions among the investor community, the previous hard forks also have destructively burnt the investors’ portfolios, the best instance is that the recent Bitcoin Cash hard fork has split the community and led the BCH price to a massive drop. Likewise, the downtrend of ETH price has continued last week, and as you could observe that the recent bullish sentiments are also struggling for the buying momentum.
On the flip side, the event is likely to cushion the cryptocurrency’s price from the recent bearish streaks as the security flaws are smoothened out during implementation as highly-predicted.
As the investors are still uncertain about the scheduled date for the hard fork event. The price turbulence is quite natural due to this fundamental uncertainty.
Well, overall, the event has created opportunities for both optimists and pessimists of this cryptocurrency, evidently, you could observe the price behavior from the above technical chart. Wherein, the stiff tug of war between bullish & bearish engulfing formations are traced out, while price remains well below 21EMAs despite this week’s upswings, both technical indicators have been indecisive.
But the event is predominantly been perceived as the bullish driving force as the future supply of ETH is likely to be dipped by 33%, the block rewards to reduce the supply of new Ether output, potentially offering the crypto more stable growth in the long-run.
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 92 levels (which is bullish), while hourly USD spot index was at 114 (bullish) while articulating (at 10:41 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
