Ethereum [ETH] towers over the bear with a 6.5% increase ahead of Constantinople hard fork
Ethereum [ETH] has been no stranger to reigns of the bear over the past month, dropping below one of its most crucial support lines of $100 recently and being unable to recover. However, with investor sentiment rallying, the coin has grown its value by over 6.5% in the past 24 hours and has successfully shaken off the bear, at least for the time being.
Over news of the network’s Constantinople hard fork coming in January next year, the coin has had a run fueled by positive sentiment, even gaining as much as 10% at the peak of its hike. The coin itself has had a tough week, as it began trading at $111, observing a sharp hike up to the $120. It traded around that mark for a day before beginnings its decline.
Ether began sliding to $117 mark after a drop, and continued its trading there before another drop on December 3 to $113, followed by another drop to $108 on the same day. Still reeling from the bear’s consecutive attacks, the coin recovered to the $111-mark and slowly declined to below it to trade at $108 on December 5.
One of its highly-held support lines at the $100 mark was tested on 6th December, with Ether recovering to trade at around $103 on December 6. On the very same day, the coin went below $100. The price came to rest at around $96 on 6th December, with the coin observing a catastrophic downfall the next day. It dropped well below $90 to a yearly low of $83.
It attempted a recovery to $87 but failed, and tested the $83 level once again before hiking sharply to $95 and trading there.
A further upwards momentum was formed as the coin is trading at $92 currently, with a market cap of $9.5 billion and a trading volume of $2.2 billion. The markets for the coin include the OEX market with ETH/BTC trading pair, which has over 6.8% of the trading volume $159 million, EXX with ETH/USDT pair with 4.7% of trading volume with a volume of $111 million, and OKEx with ETH/USDT pair with 4.5% of trading volume of $105 million.
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