Ethereum’s Istanbul hard fork was estimated to occur around 4th December 2019. However, the expected block height did not reach on this estimated time. The hard fork is delayed and expected to be around Dec 8, 2019. This reason for this delay is termed the decrease in daily trading volume. However, this delay seems to have a positive effect on the Ethereum price as ETH is trading with a surge of 2.12% as of writing.
ETH Price Analysis:
Ethereum is currently trading at $149.18 USD with a 2.18% surge. The current market cap is $16,233,382,478 USD while 24hr trading volume is $6,515,361,720 USD. However, the ETH price against BTC is still negative with a 0.12% downtrend trading at 0.02000568 BTC.
Looking at the one-day chart of ETH, the surge seems constant since the wee hours of Dec 6, 2019. Dec 5 evening saw a steep surge of around 2.55% wherein the ETH price reached $150.67 USD.
ETH Technical Analysis:
MACD – The Indicator currently is rising towards the bullish zone by a negligible amount. However, the bearish zone is more likely to occur.
RSI – RSI of ETH/USD is below the 40 level, declining further. The ETH price might plunge.