Pre-Fork Bullish Momentum Fall, Investors Moving Cautiously.

Pre-Fork Bullish Momentum Fall

The second largest blockchain by total value, Ethereum, appears to have successfully accomplished a generally anticipated software upgrade. Due to the build-up of the upgrade, Ether prices have risen to a six-week high of $350.

“Byzantium” was the first part of a larger upgrade named “Metropolis” and its code was enacted early this morning when block 4,370,000 was reached. Contention was anticipated by developers but implementation ran smoothly. Until a later time, ether’s price has put a serious headwind behind it. The second part of the upgrade, which is anticipated to be “riskier” is anticipated for 2018.

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In the run-up to the upgrade, the ether-US dollar (ETH/USD) exchange rate surged in its value.

Due to the confidence among investors, ether prices rose from $298 to $345 on October 13th. However, the record rally of bitcoin around the same time could have pulled the price of Ether higher as well.

In spite of the smooth application of the upgrade, ether prices are struggling to break $350. The evidence is starting to show that Byzantium didn’t attract new market interest. The fall of bullish momentum reveals the market may have priced-in the exercise.

Additionally, the “bulls” may be cautiously waiting this one out, in hopes of seeing a little more stability with the upgraded software.

Nevertheless, the cryptocurrency week-on-week is up 13% and month-on-month up 30%. The current price action analysis supports an upside in ether and is currently trading at $342, up 5.5% in the last day.

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