- Investors are changing their sentiments positively towards Ethereum ahead of the upgrade.
- It is only a matter of time before it steps above $140 and corrects towards $150.
Ethereum has shown substantial gains on Monday. The cryptocurrency market is also in the green with gains of more than $5 billion. At the time of press, Ethereum is up 9.6% in the last 24 hours while trading at $139. The cryptocurrency live rates on FXStreet show that ETH/USD has corrected higher 3.93% on Monday 18.
The daily trading volume spiked incredibly to hit highs close to $4.9 billion. Its market share also increased significantly to the current $14 billion. At present, Ethereum is comfortably sitting in the second position on the market after it displaced Ripple (XRP) last week.
The ballistic rise is probably driven by the hard fork upgrade that has been slated to take place later this month. The Constantinople upgrade was delayed after vulnerabilities were detected mid-January. However, the developers are certain that this time, the process will go as planned.
It is approximated that the upgrade will take place at block number 7,280,000 where Constantinople upgrade is supposed to introduce various proposed network upgrades as well as the removal of buggy EIP using Petersberg. Investors seem to be changing their sentiments positively towards Ethereum ahead of the upgrade. The support has had ETH/USD focus on $150.
Elsewhere, Thomas Chippas, the boss at ErisX has recently brought attention back to the Ethereum futures after he wrote to the United States Commodity Futures Trading Commission (CFTC). He told the regulator that Ethereum futures are vital for the crypto market growth. A section of the letter says:
“ErisX believes that the introduction of a regulated futures contract on Ether would have a positive impact on the growth and maturation of the market for Ether, as well as the Ethereum Network more broadly.”
Ethereum technical levels remain strongly positive and it is only a matter of time before it steps above $140 and corrects towards $150.
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