The price of Ethereum, the second biggest crypto by market cap in the top ten line, has dropped by over 10 percent. All altcoins are declining following the flagship currency Bitcoin in its bearish trend at the moment.
Ethereum and EOS are both losing the biggest amount of value – ETH minus 10.79 percent. EOS minus 10.45.
However, a core Ethereum developer, who goes by the name @antiprosynth on Twitter, has brought some good news and a hope for a bullish reversal.
Ethereum price may go up if it holds
Looking at two charts, where ETH is trading against USD and against BTC, @antiprosynth states that ETH price has broken the downtrend on both charts and is now retesting the trend line.
Downtrend broken on both pairs. Now retesting trend line.— antiprosynthesis.eth (@antiprosynth) November 22, 2019
While answering a question from a follower in the comment thread, the developer says that if ETH manages to hold from dropping further, the price may start growing.
By my experience, yes :)— antiprosynthesis.eth (@antiprosynth) November 22, 2019
Ethereum’s hard fork Istanbul approaching
As reported by U.Today previously, the announced date of the Istanbul hard fork is December 6, which is about two weeks away from now.
This major upgrade has been delayed a few times but now Ethereum seems determined to implement it in the final days of Q4 this year.
Ethereum and Bitcoin are ‘formidable’ collateral economies
A few days ago, a cryptocurrency influencer Chris Burniske expressed an opinion that Bitcoin and Ethereum have gone beyond being just a medium of exchange and now they represent ‘formidable’ collateral economies.