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Metronome (MET) Keeps Faith in Ethereum Classic (ETC) Network Even After a 51% Attack

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Greed and capitalism have had a long and co-dependent relationship. However, human greed knows no bounds and people are always scheming to profit, regardless of the legality of the operation. From Ponzi schemes to outright theft, no industry is isolated from them, January 5th was just another reminder of this fact.

At the start of the year, the ETC network was a victim of a 51% attack. The miscreants were able to rent enough of the hash power to exert control over the network. There is every indication that the plan was to then spend the ETC while also selling them to a different exchange. Unsurprisingly this concerned many who had their MET tokens on such networks. In a post, outlining their plan of action, the Metronome team were found to be rather confident of the work they had put in and stated“The team has put in considerable effort in developing/auditing these contracts for deployment on Ethereum Classic and the Validator Network that will secure the transactions between chains.”

Further expanding on this they said“After careful consideration and feedback from community members, the team has decided to continue with its planned Q1 deployment of Metronome contracts on the Ethereum Classic network.”

Thus, the planned Q1 deployment on the network seems to be going ahead as planned.

Even though the notification made clear the vote of confidence, the team is clearly aware of the concern the deployment is likely to arouse within the community. Thus there was a further clarification on this, as the write-up went on to say that the developers were monitoring the situation keenly and that“Ethereum Classic’s resilience in both market-cap and ability to maintain its hash rate post-attack” has assuaged any misgivings they might have had. “The additional security in continued institutional incentive to stabilise the network has helped alleviate some of the team’s concerns,” they added.

Still, adding a word of caution, the note ended by advising token holders to be aware and on the lookout for anything that seems out of the ordinary.“Should any owner find any network with deployed Metronome contracts misaligned with their security needs and risk tolerances, then they should not store their MET on that chain,”

the team clearly explained the individual responsibility in ensuring their cryptos security.

Detailing their safety first approach, the post offers other useful hints. Advising that since all attackers are usually driven by the economic incentive, the attacks are likely to be focused on the underlying token itself and that such 51 percent attacks are usually targeted towards exchanges. The team also mentioned that post-deployment MET token holders can move their coins as they see fit, and that chain portability is of utmost priority.

The Metronome teams faith in the underlying technology is a sign of changing things. While such hacks are an unfortunate part of the business, the industry itself needs to work hard at earning and retaining such trust.

Source.bitcoinexchangeguide

Ethereum

Ethereum Price (ETH) At Potentially Major Turning Point

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  • ETH price started a decent recovery after it tested the $180 support area against the US Dollar.
  • The price is currently struggling to break a major resistance area near the $195 level.
  • There is a key contracting triangle forming with resistance near $194 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair remains at a risk of a fresh decline until it breaks the $194 and $195 resistance levels.

Ethereum price is facing a couple of important resistances versus the US Dollar and bitcoin. ETH could start another bearish wave if its breaks the $186 support level.

Ethereum Price Analysis

Recently, ETH price declined sharply below the $195 and $190 support levels against the US Dollar. Moreover, the price traded below the $184 support and tested the $180 support. Finally, the bulls managed to protect further losses and the price recently started an upside correction above the $185 level. There was a break above the 50% Fib retracement level of the last key decline from the $204 swing high to $180 low.

Additionally, Ethereum managed to climb above the $190 resistance and 100 hourly simple moving average. However, the previous major support near $195 acted as a strong resistance and prevented further upsides. It seems like the 61.8% Fib retracement level of the last key decline from the $204 swing high to $180 low also acted as a major resistance for the bulls.

At the moment, the price is correcting lower towards the $190 support. More importantly, there is a key contracting triangle forming with resistance near $194 on the hourly chart of ETH/USD. Therefore, the price seems to be preparing for the next break either above the $195 resistance or below the $188 level. On the upside, a clear break above the $195 resistance could push Ether higher in the coming sessions towards $200.

Conversely, if there is a downside break below the $188 and $185 supports, the price is likely to resume its decline. The next major support is near the $180 level. If there are additional losses, the price is likely to aim the $170 support area in the near term.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is clearly trading near a major resistance at $195. It could climb above $195 and rise sharply towards the $200 and $202 resistance levels. On the other hand, the bulls might continue to struggle and there might be another drop towards the $180 level or lower.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently sliding towards the 50 level.

Major Support Level – $185

Major Resistance Level – $195

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Is Ethereum (ETH) Hitting Its First “Mainstream Bear Market”?

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From the market’s top in 2014 to the market’s bottom in 2015, the bitcoin price dropped from near $1,000 USD to $200. That 80 percent decrease preceded the cryptocurrency’s eventual march to $20,000 in late 2017.

In his new comments, Burniske argued that specific bitcoin bear market was “the best risk/reward period for investors to get BTC exposure” and suggested ether may now be in the middle of such a period.

“To objective observers, the network’s momentum was clear despite the bearish price action; those pre-disposed to dislike based on perceived vested interests, were blinded by biases & missed the bus,” Burniske said.

The takeway? The investor thinks ether has clear momentum that is being missed by many others, even as proponents believe in the cryptocurrency as much as ever.

Of course, if Burniske’s projection doesn’t pan out and the ether price remains bearish for years to come, it would be far from the first time a cryptoeconomy analyst got a forecast wrong. But Burniske isn’t known for spewing such chatter willy nilly — he has a conviction that some are missing what’s right in front of them, like many missed bitcoin in 2015. Whether that projection will actually play out remains to be seen, though.

Latest Bullish Run Over For Now?

Burniske’s “1st mainstream bear market” comments come as an attempt to extrapolate where ether is going from where bitcoin once went.

If we look instead at where ether has been the past few months and where it’s at now, then it appears like ether’s recent bullish trajectory is losing steam — at least for the time being.

ETH bottomed near $83 in December 2018, but after a few months passed bullish buy pressure pushed the cryptocurrency on a run up to more than $360 each this summer. As autumn nears, that buy pressure may have cooled off for now.

For example, consider how the ether price closed last week under $200. That’s the first time that dynamic has occurred since May. In other words, bullish investors may be acutely exhausted in the current cryptoeconomy cycle and bearish trends could be in store for the foreseeable future.

Or not. Maybe Bakkt’s coming arrival kicks off another cryptoeconomy run and crypto bulls live to fight another day. No one knows for sure until it’s all behind us.

What Could Ethereum Become?

Ethereum is angling toward becoming the reserve asset in its own “money lego” economy, as Mythos Capital founder Ryan Sean Adams suggested in a recent edition of The Defiant newsletter:

“Ethereum culture shuns price talk. Build, don’t shill is the mantra. While this ethos has served the community in many ways, it’s also caused us to undervalue and misunderstand the asset that makes Ethereum possible.
[…] ETH has utility, but it’s not just a utility coin. ETH will be used for staking, but not just a staking token. Ethereum is an emerging economy. And ETH is the reserve asset of that economy.”

As Adams argued in later tweet, assets used on Ethereum will be a “future revenue source” for Ethereum’s coming proof-of-stake validators. He pointed to the example of Tether, which has now paid more than 1,000 ether over the last month to run its ERC-20 USDT stablecoin on Ethereum.

Those fees will be going to stakers before long. The genesis block of the “Ethereum 2.0” network seems primed to launch in 2020.

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Ethereum (ETH/USD) forecast and analysis on August 22, 2019

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Cryptocurrency Ethereum (ETH/USD) is trading at 193. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates the presence of a bearish trend on Ethereum. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator stripes.

Ethereum (ETH/USD) forecast and analysis on August 22, 2019

As part of the Ethereum rate forecast, a test of level 198 is expected. Where can we expect an attempt to continue the fall of ETH/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 176. The conservative area for sales of Ethereum is located near the upper border of the Bollinger Bands indicator strip at the level of 208.

Ethereum (ETH/USD) forecast and analysis on August 22, 2019

Cancellation of the option to continue the decline in the Ethereum rate will be a breakdown of the upper border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing of quotations of the pair above the area of ​​212. This will indicate a change in the current trend in favor of the bullish for ETH/USD. In case of breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.

Ethereum (ETH/USD) forecast and analysis on August 22, 2019 implies a test level of 198. Further, it is expected to continue falling to the area below the level of 176. The conservative area for selling Ethereum is located area of 208. Canceling the option of falling cryptocurrency will be a breakdown of the level of 212. In this case, we can expect continuation growth.

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