Ethereum’s much-anticipated Istanbul hard fork has come about concurrently with ETH’s ongoing downtrend, and it appears that investors are not too enthused with this latest development, as sellers remain firmly in control of the cryptocurrency.
Ethereum Struggles to Gain Upwards Momentum Despite Istanbul Hard Fork
At the time of writing, Ethereum is trading up over 1% at its current price of $151, which marks a slight climb from its recent lows of $146 that were visited on multiple occasions over the past week.
It is important to note that Ethereum did face some resistance at $152, which appears to be a strong level of resistance for the cryptocurrency. It is important to note that ETH has incurred some upwards momentum today as Bitcoin begins moving towards its near-term resistance level at $8,000.
Ethereum has been caught within a firm bout of sideways trading ever since it faced a massive drop to lows of $135 in late-November, which appears to be an incredibly strong support level for the cryptocurrency.
One event that some investors had been looking towards as a potential bullish catalyst is Ethereum’s Istanbul hard fork, which was successfully implemented today.
Teddy, a popular cryptocurrency analyst on Twitter, spoke about this much delayed hard fork in a recent tweet, saying:
“After 950 delays #Ethereum finally completed its hard fork – Istanbul,” he noted.
After 950 delays #Ethereum finally completed its hard fork – Istanbul
Make @VitalikButerin relevant again! $ETH https://t.co/oEqxZoPx5k