Cryptocurrencies were mostly lower on Friday after buyers failed to sustain the all-time price highs reached in bitcoin and ether earlier this week.
The upgrade is expected to be implemented in the next few days, although other analysts expect minimal impact on bitcoin’s price.
“Bitcoin’s chart has likely become too noisy to remain a reliable indicator of the crypto market, conceding that role to ether,” Alex Kuptsikevich, an analyst at FxPro, wrote in an email to CoinDesk.
Bitcoin’s realized volatility is slowly drifting back toward a one-year low, according to options data provider Skew.
QCP Capital, a crypto trading firm based in Singapore, stated in a Telegram chat that it holds a neutral position in BTC and a short-vega options position in ETH.
Ether, the world’s second-largest cryptocurrency by market capitalization, could face a pullback toward the $4,000-$4,2000 support zone.
ETH is up about 3% over the past week, compared with a 4% rise in BTC over the same period.
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Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis.
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