- ETH/USD is in deep retreat after Sunday’s gains.
- There is a volatility risk due to upcoming network update.
Ethereum is changing hands at $139.93, down 14% from the recent peak reached at $167.76. The second largest cryptocurrency with the market value of $14.7B is moving in sync with Bitcoin and other major alt coins that have experienced a sharp sell-off after a steady rise on Sunday.
The market has taught us another lesson of volatility as a long-awaited bullish breakthrough proved to be a false start that caused a lot of pain to short-term speculators that placed their bullish bets above $151.00 handle in ETH/USD.
At this stage, ETH/USD is supported by $132.0 (SMA100, 4-hour), followed by psychological $130.00. A sustainable move lower will unleash the bearish potential of the coin with the next aim as low as $124.50 (DMA50) and $120.90 (SMA200, 4-hour).
Ethereum-focused fundamental news
Meanwhile, Ethereum network is getting closer to a big day of Constantinople update. The event is scheduled on February 28; however, following numerous delays, the community can hardly be sure that it will eventually take place. Anyway, Ethereum might be volatile ahead of the fork.
In a separate development, Ethereum Foundation researcher Vlad Zamfir took the position of a lead consensus protocol architect in a blockchain protocol research and development company CasperLabs.
“I’m excited that CasperLabs has taken an interest in implementing a scalable blockchain protocol from the CBC Casper family of protocols, and hope that their efforts are both independently successful and put pressure on other projects (like Ethereum) to adopt the technology. I am very grateful for CasperLabs’ support of my research and look forward to working with them to see it become a reality,” he wrote in a Medium blog post, commenting on the announcement.
ETH/USD, 1D chart
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