A 51% attack is an attack on a blockchain orgаnized by a group of miners controlling more than half of its computational power. Now, a way to stop them has been proposed!
A 51% attack can be very harmful for a blockchain as it totally prevents new transactions from gaining confirmations and can stop payments between some or all users. Vitalik Buterin of Ethereum Foundation suggests that this issue may be solved by timeliness detectors.
When time is money
A new concept proposed by Mr. Buterin addresses three challenges since it allows active blockchain clients to come to an agreement over three questions of crucial importance. Namely, they will know:
- whether or not a “sufficiently bad” 51% attack has occurred
- what is the “correct” chain to converge on, and
- which validators are to “blame” for the attack.
This analysis will be conducted through a network of randomly picked attesters. They will check the timestamps of every block and find whether or not it came ‘on time’. So, only blocks arriving ‘on time’ will be re-broadcast to the mainnet with the signatures of attestors.
Also, such concepts of timeliness detectors will eliminate the possibility of imposing censorship on a blockchain. Any part of a blockchain that rejects the ‘fair’ blocks will not be supported by clients:
This is easy: if a block with self-declared time t is timely chain that does not include that block (…) before [deadline] is automatically ruled non-canonical.
Is it good for Ethereum (ETH) 2.0?
Mostly, the community of Ethereum (ETH) researchers appreciated this concept. Some of them even asked whether the proposed techniques would be suitable for initial phases of Ethereum 2.0, the Proof-of-Stake version of the Ethereum protocol that is going to be rolled out in 2020.Must ReadVitalik Buterin on Ethereum 2.0: More Users, More Valuable Software –
Vitalik Buterin says that it is possible and he personally hopes development efforts will move ‘in this direction’.
There’s a “High Probability” Ethereum has Bottomed, Opening the Gates for New Highs
Ethereum (ETH) and the aggregated crypto market is in the process of bouncing following yesterday’s intense selloff, with the current price action being emblematic of a relief rally that could ultimately be a bullish sign, if bulls are able to maintain the momentum.
This relief rally has led Bitcoin to surge towards $9,000, while Ethereum and other major altcoins post gains of 5% or more.
One top trader is now noting that he believes that ETH has posted a long-term bottom, and that it could soon target a swift movement up to fresh 2020 highs.
Ethereum Rallies 6% Following Yesterday’s Bloodbath
At the time of writing, Ethereum is trading up just under 6% at its current price of $237, which marks a notable climb from daily lows of nearly $210 that were set at the bottom of its recent selloff.
Bulls’ ability to post a strong defense of the lower-$200 region is a highly bullish sign, as it shows that they still have some underlying strength despite the weakness shown by ETH over the past few days.
It is important to keep in mind that buyers still have a significant amount of work set out for them if they want to erase its recent losses, as the crypto is trading down from weekly highs of $275, and monthly highs of $290.
Nik Patel, a prominent cryptocurrency trader, spoke about Ethereum in a recent blog post, explaining that its recent downtrend has allowed it to sweep its swing lows twice.
“THIS LEVEL WAS PRIOR RESISTANCE AND HAS CONFLUENCE WITH THE 38.2% FIB RETRACEMENT OF THE ENTIRE SWING UP FROM $116 TO $290, WITH THE PAST 48 HOURS OF PRICE-ACTION HAVING SWEPT THE MOST RECENT SWING-LOW AT $228 TWICE,” HE NOTED WHILE REFERENCING ITS RESISTANCE AT $290.
Image Courtesy of Nik Patel
ETH’s Defense of Support May Signal Long-Term Bottom is In
Patel also believes that the cryptocurrency has formed a long-term bottom that could be followed by significantly further upside, setting a mid-term target of $370.
“THERE IS A HIGH PROBABILITY, I BELIEVE, THAT THIS IS THE LOCAL BOTTOM FOR ETH/USD, REGARDLESS OF WHETHER BTC/USD MOVES ANOTHER FEW PERCENT TO THE DOWNSIDE… OVERALL, I REMAIN VERY BULLISH AND AM EXPECTING THE $370 HIGHS TO BE RETESTED IN THE COMING MONTHS,” HE NOTED.
Unless the crypto losses all of its current momentum and plummets lower in the near-term, it does appear that it could be bound to see significantly further upside in the coming days and weeks.
Featured image from Shutterstock.
EthereumPrice: ETH/USD looks forward to this head-and-shoulders pattern
- Ethereum price finds support at $210 temporarily stopping losses towards $200.
- A possible head-and-shoulders pattern could place ETH/USD back in the path towards $300.
Ethereum bears continue to punch holes in the bullish ‘balloon’ even as the storm gets more violet. Almost half of the gains accrued since the beginning of January have been trimmed. Ethereum price is exchanging hands at $216 after a minor recovery from $210 (weekly low). The second-largest crypto is down 3.318% on the day. The Asian session on Thursday has been characterized by increased selling activities and high volatility levels.
Ethereum price technical update
ETH/USD is trading at $216 at the time of writing. Support has been established at $210 to help shield the crypto from further losses towards $210. However, in the event the short term support gives in, Ethereum price is likely to find support at the confluence formed by the 50% Fibonacci retracement level taken between the last drop from $288 to $116 around $200 and the 50-day SMA.
Possibility of a head-and-shoulders pattern reversal
If Ethereum price continues to take a breather above $210, there is a chance that a head-and-shoulders pattern will complete its formation. A bullish reversal from the head and shoulders pattern is likely to send ETH/USD in a trajectory eyeing $300 once again.
Meanwhile, the downward momentum continues to carry more weight, especially with the RSI almost sinking into the oversold region. The momentum indicator also shows that ETH/USD downside is likely to last longer through the coming sessions.
ETH/USD daily chart
Ethereum Price Analysis: ETH/USD 1-Hour chart recovery halts at key Fibonacci level
- Ethereum has bounced back on Thursday after a few tough sessions.
- The price has just met some intraday resistance at the 38.2% Fibonacci level.
ETH/USD 1-Hour Chart
Ethereum fell around 27% from the high seen on February 18th.
Now there have been some signs of a small recovery but more data is needed.
Today the price has moved 4.5% higher but stopped short on the 38.2% Fibonacci level (240.00).
For the downtrend to continue a close below 215.00 would be needed.
On the upside, the next resistance is at 250.00 and on the chart below you can see it had been used many times.
|Today last price||236.12|
|Today Daily Change||12.33|
|Today Daily Change %||5.51|
|Today daily open||223.79|
|Previous Daily High||250.25|
|Previous Daily Low||217.59|
|Previous Weekly High||287.04|
|Previous Weekly Low||237.24|
|Previous Monthly High||186.73|
|Previous Monthly Low||125.81|
|Daily Fibonacci 38.2%||230.06|
|Daily Fibonacci 61.8%||237.77|
|Daily Pivot Point S1||210.84|
|Daily Pivot Point S2||197.88|
|Daily Pivot Point S3||178.18|
|Daily Pivot Point R1||243.49|
|Daily Pivot Point R2||263.2|
|Daily Pivot Point R3||276.15|