Business Insider confirmed, moments ago, that the Bitcoin fork is a fact: “There seems to be some technical issues that might be slowing it down, but yes, the fork has happened.” With that, Bitcoin holders can exchange their old coins to the new version which is called Bitcoin cash. “Bitcoin cash is built on the same blockchain network as bitcoin, but the new software increases the size of the “blocks” that make up the network to allow it to process more information. Investors who have their bitcoin on exchanges or wallets that support the new currency will soon see their holdings double, with one unit in bitcoin cash added for every bitcoin. But that doesn’t mean the value of investors’ holdings will double.”
Why the Ethereum price will rise
Ethereum is reacting very well on what today’s Bitcoin fork. Ethereum started to rise right after Bitcoin’s fork was a fact. That price increase is important, not only because of its timing but, more so, because of the breakout on the chart.
A breakout is an event in price analysis which indicates that a downtrend changes into an uptrend. That is exactly what is happening in Ethereum right now. A breakout should be followed by a confirmation. Now that is exactly what happened, and today’s price increase is the ultimate confirmation that the breakout is for real.
We wrote two weeks ago: Ethereum Price Rising, Why It Must Continue To Rise From Here.
Moreover, we also indicated that the Ethereum Price Remains Firm Around $225.
Not only has Ethereum respected the $225 price level, also is it starting to rise from here. All this means that even higher prices are coming, very soon!
The 3 month Ethereum price chart shows the breakout and confirmation soon after (green circle).
The 6 month chart shows the same breakout and confirmation. Both timeframes signal the same message!