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Impending ETH Fork is Postponed – A New Date Will Be Announced This Friday

Published

DMC 16th January 2019 DAVID HANNIGAN

The last 24 hours in crypto

A quiet start to the day sees market leaders consolidating around $3,650 and $128.50 respectively. Today was supposed to be ‘Constantinople Fork Day’, which for
Ethereum (ETH) has meant some choppy trading inside a $125-$130 range. Also on the agenda was an important vote in the UK parliament on the current Brexit saga – the Conservative government proposal was defeated as expected. I mention this only as attention may have been diverted to the currency markets for the day. The Great British Pound has at times resembled one of our beloved cryptocurrencies in terms of intra-day volatility! In other news, a new ETF application has been submitted to the US SEC for approval. New York-based investment management firm Wilshire Phoenix is seeking approval for a
Bitcoin(BTC) ETF that also has holdings of US dollars and US Treasury Bills. While the introduction of a FIAT component might raise some eyebrows among the crypto purists, the idea is to reduce the volatility of the holding and thus make it more attractive to the SEC and investors alike. No word yet on the asset allocation within the ETF.

Technical Analysis

Just as I was about to bemoan a quiet day and thus ponder over which chart to show, ETH decides to drop from $125 down to $117.05 as the impending fork is postponed due to a security vulnerability. A new fork date will be announced this Friday. Personally, I think it’s positive that the procedures in place picked up the vulnerability. A postponement of the fork for the required development should not detract from the overall project. From a price standpoint, the chart below shows the late day drop, but ETH still trades well ahead of the major support window of $11.50-$112.35. However several sharp rejections of the $130 area are of concern regardless of the fork postponement.

Disclaimer: All opinions expressed by Jim Preissler are solely his opinions and do not reflect the opinions of Forbes, Forbes CryptoMarkets, their parent company or affiliates. [Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.] With additional commentary & technical analysis by David Hannigan.

source: forbes.com