During the past several weeks, Ethereum (ETH) had seen some serious improvements in its performance in the market, rising by 20% in the course of the past seven days, with the value of ETH fluctuating from 105$ to beyond 150$ in the last month.
Many suggest that the upcoming had fork is one of the main reasons for the frequent rises ETH has been going through in the past few weeks, however, the entire list of top 20 cryptocurrencies showed a spike within the same timeframe.
Long and Short ratios have been at their highest since the November market crash, which in accordance with many analysts, means that ETH is driving the latest price pump in the market, driven by Constantinople fork.
Constantinople Fork Only Days Away, ETH Trading at Over 160$
ETH is still seen in the green with the latest rise of over 9% against the fiat for the day, now trading at the price of 163$, where Ethereum seems to have a great shot at going towards the value of 170$ in the following week.
Constantinople for is set to take place around February 26th to February 28th, after the fork had been delayed two times already.
The fork has the purpose of preparing the network to accept major changes in form of Proof of Stake consensus, and Ethereum’s solution for scaling the network to be able to process up to 1 million transactions in a second, which is why this update is followed by increased attention from investors.
At the same time, it appears that Constantinople fork that is yet to become an active update on the network, has provided the needed push for ETH in the market as the top second cryptocurrency hasn’t seen a more positive market activity since before the crash in November 2018.
Analysts have agreed that ETH may see additional rises towards Constantinople fork with the plunge coming right after the fork officially takes place.