The code designed to enact ethereum’s next system-wide upgrade, Istanbul, may feature the inclusion of a controversial mining algorithm said to allow for broader participation in its network. Discussed Tuesday during a meeting of project managers working on the world’s second-largest blockchain, Ethereum Improvement Proposal (EIP) 1057, also known as Progressive Proof-of-Work (ProgPoW), has been long debated. […]
Block creation numbers on the ethereum blockchain are back on the rise after a successful roll out of the Constantinople and St. Petersburg hard forks.
Latest Ethereum (ETH) News
Craig Wright has his reasons to doubt Ethereum’s goals. The super computer talks and smart contracts and the ICO launching platform did differentiate ETH as a token and Ethereum as a platform driving its value to spot levels. Backed by dedicated developers–most working pro-bono, projects find this network irresistible despite current limitations.
Scalability is a challenge and will remain so as long as it remains decentralized with no compromise designed to accelerate speed. Through Constantinople, the network is working towards achieving an amicable yet practical solution towards Serenity. At that last stage, like the Voltaire in Cardano, Ethereum will be scalable, have a better VM and most importantly, the throughput would be in millions if not billions.
However, in the path towards this dream, sacrifices must be made. Miners did their part and through EIP 1234, thirding was executed while simultaneously pushing the difficulty bomb for another year. Thirding is a way to reducing ETH inflation, drawing demand during the ice age as the network intrinsically discourage mining in preparation for Casper.
Constantinople was a success and another proposal now is the drastic slashing of GAS fees. Payable in ETH, all transactions within the network is charged. Eric Conner (who is building ETHHub) proposes reduction of GAS fees by 90 percent eliminating the need of auctioning which he says is a source of frustration.
ETH/USD Price Analysis
At the time of press, Ethereum (ETH) prices are stable. Perched at second place with a market cap of $14,430 million, ETH is widening its gap with XRP meaning Constantinople has had an effect on price. This was expected and as mentioned in our last price piece, ETH bulls are in control as long as prices are maintained above $135. Ceilings remain at $170 but unless there is a rally above this mark, risk-averse traders should stay on the sidelines until after our trade conditions are meant. The arena is open for aggressive traders who should fine tune entries in lower time frames with reasonable target at $170.
Trend and Candlestick Arrangement: Short-term Bullish, Bear Breakout Pattern
In the short-term, buyers appear to be in control. However, when we take a snapshot of price action from a top down approach, Ethereum (ETH) bears are in control. Worse still, prices are within a bear breakout pattern with clear resistance at $170. The level is a strong obstacle for bulls and as previous support now resistance, the demand for ETH must be high to force a close above $170 invalidating the possible retest and the bear breakout pattern of mid-Nov 2018. If not and for a second time this year bulls fail to close above $170 and instead prices recoil with an accompanying bear bar, ETH prices could collapse below $150, $100 and last year’s lows of $70.
Volumes: Increasing but Bullish
Recent higher highs may be pumps of a retest phase as mentioned above. We cannot be conclusive until after prices close above $170. All we know is that the volumes of week ending Nov 25—6 million versus 2.1 million, influences our ETH/USD price action. Visibly, participation has been dropping until recently when volumes began rising as prices edged higher. With weekly averages of around 2.1 million, we need a sharp uptick above 6.5 million as ETH prices expand above $170 reversing losses of late Nov 2018.
All charts courtesy of Trading View
This is not investment advice. Do your research.
The post Ethereum Price Analysis: ETH Bliss, $170 The Only Obstacle To $360. appeared first on Ethereum World News.
The long-anticipated upgrade Constantinople has officially activated on the ethereum blockchain. At 19:57 (UTC), the sixth system-wide upgrade to be released since the second largest cryptocurrency by market cap launched in 2015 has successfully been rolled out onto the main network at block number 7,280,000. But, that’s not all. The unusual part about today’s hard […]
The Ethereum community is expectant because finally, after a long and bumpy road, the Dev. team is ready to launch the long-awaited Constantinople Upgrade.
The hard fork is expected to be activated at approximately 19:30 UTC when Ethereum reaches block 7,280,000. At this point, two critical upgrades will be simultaneously activated: Constantinople and St. Petersburg.
Due to the features of these updates, the new block (7280001) will be incompatible with the “old version” of the blockchain. However, unlike what happened with the DAO issue or with the hard fork that gave rise to BCH, this update will be non-contentious, which means that virtually the entire community agrees on the new implementation so it should occur without any problem.
It is important to know that Constantinople was scheduled for release in early 2019, however, after some bugs were discovered in the protocol’s code, developers decided to postpone its release until they fixed the errors, guaranteeing users can test the best possible version of Ethereum.
Precisely to avoid these problems, the St. Petersburg upgrade will disable a part of Constantinople’s code that contained flaws in the security of Smart contracts. Beyond this, the rest of the changes implemented with St. Peterburg should not affect ordinary users.
The Constantinople protocol is an update that serves as preparation for a radical change in the structure of the Ethereum Blockchain. Ethereum 2.0 is seen as a PoS blockchain with second layer developments that will allow an very high number of TPS with low energy consumption (with a few optimizations in the code) and an economic model that stimulates savings by increasing the value of the circulating tokens.
The most significant change that Constantinople brings is the reduction of the block reward from three ETH per block to only two ETH. This reduction continues the vision started with a previous fork, Byzantium, which reduced the reward from 5 ETH to 3.
Similarly, it is expected to increase network efficiency (something that will mainly benefit DApps developers) as well as an optimization in the gas usage required for Smart contracts execution.
For those interested in a real-time follow-up of the fork, the Fork Monitor website will provide them with all the information they need to be up to date.
Expectations Have Not Affected ETH Trading
The Ethereum trading community is not over-hyped about this news. During this week, ETH has been relatively stable, facing strong resistance in the 140 USD zone, according to data from Coinpricewatch
The post Ethereum’s Constantinople Hard Fork Goes Live Today. The Road to ETH 2.0 Begins appeared first on Ethereum World News.
Tomorrow is the big day for ethereum’s sixth (and seventh) backwards-incompatible upgrade since mainnet launch back in 2015. Having faced a number of setbacks already, the highly-anticipated activation of Constantinople may or may not go as planned.
Ether price volatility could spike in the days ahead, courtesy of an upcoming ethereum upgrade scheduled for Thursday.
Geth has locked ethereum’s upcoming Constantinople hard fork into its latest code release.
Latest Ethereum Price
At spot prices, bears are not only stress testing the dApp ecosystem but putting to test the resolve of investors and all market stake holders. Of course, its a fall from grace to grass, that dip from $1,400 to less than $100 has been damaging for investors, developers and businesses. ConsenSys—with more than 1,000 employees and in present in 30 countries is believed to be burning $100 million supporting staff and projects mostly from Joseph Lubin stash—is feeling the sting. Days after calling for resilience, the company announced that they will be laying off 13 percent of its staff.
Aside from that, news has it that even with these low prices, hackers are now targeting unsecured Ethereum wallets and mining rigs. As reported by our team, hackers have been scanning the network for a week now and their main objective is to pick out port 8545—a JSON-RPC interface used by wallets and mining hardware. The interface depends on the user to set up passwords and if left open, then hackers can exploit that opening and siphon funds.
On the development front, the decision by developers to agree and fix a date for Constantinople is something very positive and would go a long way in instilling confidence in the ecosystem preventing project migration to rival networks.
ETH/USD Price Analysis
On a weekly basis, ETH/USD is down 17 percent in the last week and quite stable in the last day and hour. And even as bears dig in, ETH is down in the excess of 85 percent from 2018 peaks and as Fibonacci retracement rules demand, a natural correction is imminent. This is why traders and investors across the board expect prices to bounce back and close above $100 by the end of the week. Once it does, then it is likely that ETH/USD would expand to $130 or higher. If not, falls to $50 or less will be inevitable.
Trend: Bearish, Minor Accumulation
From left to right, the trend is clear. ETH/USD is bearish and oscillating within a tight $17 range with limits at $100 and $83. Unless otherwise there are gains above $100, bears are in control and considering the rate of recent price erosion, we cannot discount the possibility of prices breaking below $83.
Volumes: Increasing, Bullish
As prices range, three bars are a standout: Dec 7, 1900HRs bull bar—321k versus 179k average, Dec 8—2300HRs bull bar—163k versus 134k average and Dec 9—1500HRs bull bar—130k versus 85k average. All these bars confine price action. In real sense, ETH/USD price action is still oscillating within Dec 7 high-low. Therefore, for buyers to be in charge then we must see strong gains above Dec 7 highs at $100 while falls below its lows would trigger a sell off towards $50.
Candlestick Formation: Bear Breakout
Clearly, bears are in charge but at spot prices, prices are in range mode and accumulating. As aforementioned, bears are in control but if bulls gain momentum and thrust prices above $100 then ETH buyers have a chance.
From the above, this is our ETH/USD trade plan:
Buy: $100—Dec 9 Highs
Stops: $85—Dec 8 Lows
Targets: $130, $160
Breaks below $83 invalidates this trade plan.
All charts courtesy of Trading View.
This is not investment Advice. Do your Own Research.
The post Ethereum Price Analysis: ETH/USD Bullish Above $100, Test of Resolve appeared first on Ethereum World News.
Ethereum is moving closer to the activation of the long-in-the-waiting network upgrade known as Constantinople.