empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

08.01.201908:33 Forex Analysis & Reviews: Ethereum analysis for 08/01/2019

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Ethereum developers are working at full speed to introduce a system update soon. The update named "Constantinople" will introduce changes important for programmers and miners. As announced by the developers, the change is to be implemented on January 16. Skeptics, however, cool the mood and pay attention to previous updates, the introduction of which lasted for several weeks.

Users looking for sensationalism already mention the division and creation of a new blockchain, as was the case with the creation of Ethereum Classic. It probably will not happen, but many people sense sensations.

The cryptocurrency hard-fork is a process in which the computers (miners) that support the system must download a new update or start a new blockchain that would function independently of the original one. As announced by Ethereum developers, the planned updates will not bring many changes and are rather optimistic in character. However, one of the updates evokes mixed feelings, because it reduces the reward from the block production from 3 to 2 eth, while delaying the difficulty of mining (difficulty bomb) by 12 months. Despite the negative response from some Ethereum users, the developers hope that the changes will be accepted.

Let's now take a look at the Ethereum technical picture at the H4 time frame. The market has bounced from the local support at the level of 108 and test the swing high at the level of 155.06 and even made a new local high at the level of 156.91. Since then the price has broken below the trend line support (dashed black) and is currently trading below the level of 146.04. The next target for bears is seen at the level of 140.00. The weak and negative momentum supports the short-term bearish outlook.

Exchange Rates 08.01.2019 analysis

Sebastian Seliga
Analytical expert of InstaForex
© 2007-2024

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade



You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off