A Developer Playfield
Ethereum, more like Bitcoin, collapse has been painful to watch. Both registered deep double-digit losses that called into question the level of participation and investor confidence. Still, Ethereum is an improved iteration of Bitcoin.
By gifting developers an open, wide playing field, dozens of applications can enjoy privileges offered by blockchain like decentralization, high reliability and censorship resistant.
Readying for Istanbul
Developers are hard at work. Working overtime, they are getting ready for Istanbul, a system wide upgrade that completes Metropolis and paves the way for Serenity. Istanbul is scheduled for Dec 7, and upon activation six EIPs will be activated.
Some are controversial but necessary. Nonetheless, protection against spam and DDoS attacks is essential, and that is exactly what will be introduced by increasing the costs of some opcodes. Security and speed are some of the reasons why Vitalik is confident.
In a tweet, Vitalik said the upgrade will increase the network’s throughput to 3,000 TPS.
But even amid his brimming with confidence, there is a section of the developer and the larger dapp community who are unhappy with Vitalik’s and Ethereum Foundation’s influence.
Claiming that the two wield too much power in effect causing centralization of ideas whereby the failure of endorsement means the any improvement proposal won’t really take off, they are concerned that the network is slowly being centralized, with the effect of that showing by the activation of Istanbul hard fork which will switch off 680 smart contracts from the Aragon One DAOs.
ETH/USD Price Analysis
At press time, ETH is stable, losing 1.71% in the last 24 hours. However, from a week-to-date perspective, losses are more pronounced.
It is 16% in the red against USD and 3.7% versus BTC. Trading below $150 and closing below an important support level amid high trading volumes, ETH price is bearish.
From the chart, there is a bear breakout pattern. As such, every high is technically a selling opportunity since all conditions mentioned in previous ETH/USD analysis have been met. Note that gains of Oct 25 have been completely reversed and as bear candlesticks band along the lower BB, sell momentum is strong.
At this rate, it is likely that ETH prices may slide to $130 and later $100. On the flip side, any reversal lifting prices above $150-60 zone could see ETH rally to $200.
Chart courtesy of Trading View - Coinbase
Disclaimer: Views and opinions expressed are those of the author and is not investment advice. Trading of any form involves risk. Do your research.
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