Ethereum, the third largest cryptocurrency could reach $120 in the near future. During the last few days, Ethereum (ETH) experienced an important increase after some positive news spread on the internet.
Back in January 2018, Ethereum was traded around $1,400. In December 2018, Ethereum was traded close to $82. That means that this digital currency dropped more than 90% in just a year. Because of this reason and because there are no signs that the bear market ended, there are still many bearish individuals out there.
In the last few hours, Ethereum has been traded close to $120 according to CoinMarketCap, eventually touching this price a few times. However, the digital asset was not able to cross $120 and remain above this price.
At the moment, there are no specific events driving the price of Ethereum up. The virtual currency was able to grow in the last hours because the whole market moved up as well. In most cases, when Bitcoin moves, altcoins follow the trend. There must be a very specific situation to drive down or up the price of a specific asset.
In the near future, on February 27, Ethereum is going to experience the Constantinople hard fork, that was delayed already two times in the last months. Previously scheduled for January 16, a smart contract security firm detected a few bugs in some of the codes that were going to be upgrading the Ethereum network as a whole.
Thus, a few hours before the hard fork, Ethereum developers decided to suspend the upgrade. It is worth mentioning that a new decentralized Ethereum token exchange, Bitcratic, has gone live, allowing users to trade ERC20 tokens without friction. There are several decentralized exchanges in the market but none of them was able to reach a large number of users as centralized exchanges have.
Thus, Ethereum being traded close to $120 is something that is bullish for the short term. If it remains close to this price and receives support from investors, it might be traded above this level.
At press time, Ethereum has a market cap of $12.34 billion and each coin can be purchased for $117.78.