- During yesterday’s Core Devs Meeting, the Muir Glacier hard fork was finalized.
- The activation of the hard fork will take place at block number 9.069.00, presumably on 04 January 2020.
The core developers of Ethereum confirmed the Muir Glacier hard fork yesterday and thus the delay of the Difficulty Bomb by 4 million blocks. At the Ethereum Core Devs Meeting #77, which took place yesterday, the participants stated that there is a common consensus in the Ethereum community about the activation of EIP 2387. This will delay the Ethereums “Iceage” by 4 million blocks, equivalent to about 1.7 years.
The biggest concern in the community was the long delay of 1.7 years, as this could lose an incentive to complete Ethereum 2.0 quickly. Eric Conner, developer of Gnosis, refuted this argument and explained in the Ethereum Magicians chat:
I REALLY DON’T KNOW WHY PEOPLE KEEP ASSOCIATING THIS WITH ETH2 DEVELOPMENT. YES THE ORIGINAL IDEA WAS TO NOT ALLOW STAGNATION BUT THAT’S AN ANCIENT THOUGHT AT THIS POINT. AS PETER HAS ALREADY POINTED OUT, ETH2 IS NOW MOSTLY ENTIRELY INDEPENDENT OF ETH1. […] WE SHOULD REALLY STOP COMBINING THESE TWO IDEAS. A DELAY IN THE DIFFICULTY BOMB IN NO WAY DELAYS ETH2 DEVELOPMENT.
As Hudson Jameson stated at the Core Devs Meeting, the period could also be shortened later in a hard fork if there is a need. For the activation of EIP 2387, however, this question does not represent an obstacle, so the unanimous opinion, as to why the EIP was finalized.
Another objection was that the incentive for the miners to upgrade could be lost if the Difficulty Bomb is further delayed. Tim Beiko explained in ETH Magicans chat that the completion of Ethereum 2.0 fits very well into Muir Glacier’s schedule and that both should occur at about the same time:
WITH REGARDS TO THE FINALITY GADGET, I DOUBT WE’LL SEE IT LIVE ON MAINNET IN <1 YEAR. THIS WOULD COME
The activation of the Muir Glacier hard fork is planned for block number 9.069.00. Due to a difficulty upgrade in a few days, the exact date is not yet exactly predictable. However, as Péter Szilágyi explained during the call, the Muir Glacier hard fork is likely to take place on January 04, 2020.
What is the impact of Ethereum Muir Glacier hard fork?
The Ethereum Improvement Proposal (EIP) for Muir Glacier was published at the end of November with EIP 2384 and later concretized by James Hancock with EIP 2387. The EIP, known as “Muir Glacier”, will further delay the Difficulty Bomb in the Ethereum Network.
The Difficulty Bomb, along with the retargeting algorithm, is responsible for Ethereum achieving a constant block time. The retargeting algorithm ensures that if a block time is greater than 20 seconds, the difficulty level is reduced, and if a block time is less than 10 seconds, the difficulty level is increased. This mechanism leads to an increasing difficulty of ETH to mine, which in turn leads to an increased time expenditure for the extraction of a new block.
This mechanism serves as a deterrent to miners who may choose to continue with the Proof of Work (PoW) even after Ethereum has switched to the Proof of Stake (PoS) with Ethereum 2.0. However, the Difficulty Bomb occurred earlier than expected and became increasingly apparent, with average block times increasing by almost two seconds within a month. In response, Muir Glacier was proposed as an “emergency” hard fork, which is now expected to be activated on January 4th.
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Last Updated on 14 December, 2019
Ethereum Above This Key Level for First Time in 6 Months: Is a Surge Coming?
While Bitcoin (BTC) saw a crazy week in and of itself, gaining 10%, Ethereum outpaced the market leader. The second-largest cryptocurrency by market capitalization gained 20% over the past seven days, pushing to $175 for the first time in weeks.
While some analysts are skeptical that this rally will last, citing the fact that ETH printed a clear swing failure candle at the top of the rally, a top analyst just observed that the cryptocurrency has surmounted two key price levels on the daily chart.
Related Reading: Ethereum’s Price is “Convincingly Bearish”: Here’s What Comes After 20% Week
This suggests that a surge could be supported in the coming weeks.
Ethereum Tops Two Key Price Levels
Brave New Coin’s Josh Olszewicz recently observed that Ethereum’s one-day chart has printed an extremely bullish sign: the price of ETH just crossed above both the 200-day exponential moving average and the Ichimoku Cloud for the first time since July 2019.
NewsBTC’s analysis found that a majority of the time the cryptocurrency found itself trading above the two key resistances that were aforementioned, prices continued to rally higher, sometimes gaining dozens of percent more.10 BTC & 20,000 Free Spins for every player in mBitcasino’s Winter Cryptoland Adventure!
This historical strength would suggest Ethereum has room to rally higher in the coming weeks.
Related Reading: Research Firm: 3 Use Cases Could Send Bitcoin To $1 Trillion
Not Only Positive Sign
Olszewicz isn’t the only Ethereum bull.
Dave the Wave, the cryptocurrency trader who in the middle of 2019 called Bitcoin’s decline to $6,400, posted the below chart last week. He noted when the cryptocurrency was at ~$150 that he expects ETH to push towards $200. This move would put ETH above a key falling wedge structure, which would bode well for bulls.
This comes shortly after the prominent trader noted that Ethereum recently bounced off the 0.786 Fibonacci Retracement level of the price action from the 2018 bottom to the 2019 bottom, while the Moving Average Convergence Divergence (MACD) has shown signs of a reversal on a medium-term basis, boding well for bulls.
Although the number of new Ethereum addresses may not seem to related to ETH’s price on the surface, the user’s chart shows that there is a clear correlation between the two metrics, with address count growth seemingly preceding price action.
Due to this historical correlation, the rapid growth seen in this metric could imply that the second-largest cryptocurrency has extreme upside potential ahead of itself, upside that may take it back towards $200 and $300.
A Strong Uptrend Is Forming For Ethereum And It Could Rally To $200
Ethereum gained bullish momentum above the $170 resistance against the US Dollar, and bitcoin jumped above $9K. ETH price is likely to continue higher towards the $195-$200 resistance area.
- ETH price is showing a lot of positive signs above the $165 and $170 levels against the US Dollar.
- The price traded to a new 2020 high close to $180 and it is currently consolidating gains.
- There is a key rising channel forming with support near $172 on the 4-hours chart of ETH/USD (data feed via Kraken).
- Bitcoin is up around 3% and it broke the main $9,000 resistance area.
Ethereum Price Could Test $195-$200
This past week, there were mostly positive moves in Ethereum above $160 against the US Dollar. ETH gained bullish momentum and broke many hurdles near $165 and $170.
Moreover, there was a close above $170 and the 100 simple moving average (4-hours). Finally, the price traded to a new yearly high at $179 and it is currently consolidating gains.
It traded below the 23.6% Fib retracement level of the recent wave from the $165 low to $179 high. The first major support on the downside is near the $172 level. Besides, there is a key rising channel forming with support near $172 on the 4-hours chart of ETH/USD.
The 50% Fib retracement level of the recent wave from the $165 low to $179
On the upside, the first major hurdle for the bulls is near the $180 level. A successful break above the $180 resistance area could set the pace for more gains above $190.
The main resistance above $180 is near the $195 and $200 levels, where sellers are likely to emerge. A clear break above the $200 barrier would suggest an opening for a long term uptrend.
What’s Bearish for ETH?
The first key support is near the $172 level, below which Ethereum price might extend its correction towards the $165 support. The next major support is near the $160 area and the 100 simple moving average (4-hours).
Only if ETH bears succeed in pushing the price below $160 and the 100 simple moving average (4-hours), the price could turn bearish. If not, it is likely to extend gains above the $178, $180 and $185 levels in the near term.
4 hours MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
4 hours RSI – The RSI for ETH/USD is currently well above the 55 level.
Major Support Level – $165
Major Resistance Level – $180Tags:ETHethereumBitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
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Latest News and Top Headline for Ethereum, January 19th, 2020
- Ethereum’s shift to PoS has been slow
- The biggest Ethereum 2.0 testnet gets 22,000 validators
- Shift to Ethereum 2.0 will shake up the network
Ethereum News Today – The benefits of the Proof-of-stake consensus mechanism cannot be overstated. No wonder crypto networks are embracing this protocol. Ethereum, home of the second largest digital asset by market capitalization has since announced a shift from the Proof-of-Work (PoW) to the Proof-of-stake (PoS) protocol. Normally, everything is supposed to been completed by now, but this isn’t the case with Ethereum.
The network’s shift from a PoW model to the PoS network has been very slow. Ethereum’s major upgrade to Ethereum 2.0 hasn’t moved as fast as it should have started for a long time now. A launch date hasn’t been revealed. But it is safe to say that the network is currently moving in that direction. We can agree that it has achieved some level of success in that regard so far.
Ethereum (ETH) Price Today – ETH / USD
The Ethereum 2.0 Testnets Have Been Taken Online for Probing
As a result of the slow process, the testnets for the Ethereum 2.0 upgrade have been taken online for probing by interested parties.
The Ethereum 2.0 testnet reportedly saw an enormous number of participants according to Prestan van Loon. Loon is a developer at Prysmatic. According to him, the network saw 100% participation from 22,000 active validators. Loon also revealed that because there’re 22,000 validating keys, it is difficult to know who is in control of the keys as well as who is observing. He also believes that there are at least “5 to 10 individual operators.”
The Change in Protocol will Thoroughly Shake the Network
At the testnet level, Ethereum 2.0 team has opened the doors to hackers to try to exploit the network for weaknesses. This is to test the strength of the latest upgrade. The change to Ethereum 2.0 will thoroughly shake the network. Experts agree that the shift would have a serious impact on the network’s gaming, financial, and trading ecosystems. The result of this could be a situation where the number of Ethereum 2.0 upgrade supporters becomes low at the start. However, the Ethereum 2.0 upgrade will operate on a PoS model so the outcome might be better than what many expect.