Ethereum has experienced a gloomy year, and it ends 2019 with 7% lower than it started the year. The fundamentals of Ethereum have not faltered, and an impending hard fork is yet another step in the platform upgrade.
Ethereum’s Hardfork Muir Glacier is very close
Only about 5 minutes for the hard fork Muir Glacier will take place. Meanwhile, it will apply EIP 2384 to prolong the Ethereum ice age by delaying the difficulty bomb.
In short, the mechanism for maintaining the average block time through manipulating the mining difficulty required to create a new block. The difficulty bomb adds to this mechanism every 100,000 blocks until it ‘freezes.’
This upgrade will delay the hard bomb in another 4 million blocks or about 610 days,
therefore, the series will return at block times of 20 seconds around July 2021.
This is an important step to upgrade and convert a more significant consensus to PoS. The first step for this will be Stage 0, or the Beacon Chain, which is expected to take place in the first half of this year.
Key support at $ 120
In 2019, ETH still dropped by more than 90% from its peak. For now, it is still buried under the crypto winter ice of under $ 130, but the continued development and improvement will be the turning point of change in 2020.
Analysts are currently noticing that Ethereum could be on the cusp of seeing further gains, with its strong support around its current price level is likely to allow it to skyrocket to 100% soon.
Over the past few weeks, ETH has found significant support in the $ 120 area, with several-month lows currently at $ 120 and another key support presently at $ 125.
Despite the short-term decline, the case of ETH’s rally is still strong. Trader The Wolf of All Streets explained that he predicts Ethereum will outperform Bitcoin in the coming days.
The ability to hold a steady cryptocurrency on this support area will undoubtedly intensify the bullish case. It may indicate the possibility that it will significantly increase in the near term.
The same trader also said the significant support in the $ 120 zone is why he thinks the cryptocurrency looks decent.
“Larger range is key (light blue). You can say this is a meaningful range by clear action around the EQ (dashed line). The blue lines are significant support and resistance, and the price has responded well to lower levels, so why I think ETH looks good.”
The larger range is the key (light blue). You can tell this is a meaningful range by the clear action around the EQ (dashed line). Blue lines are significant support and resistance and price reacted nicely to the lower one, hence why I think ETH looks decent. pic.twitter.com/5rYepuCVoe
— The Wolf Of All Streets (@scottmelker) January 1, 2020
Could this support push Ethereum to leap more than 100%?
Speaking of the next destination that this strong support could drive Ethereum, analyst DonAlt explained that ETH is currently stuck in a wide range of transactions that could eventually lead its price to soar to $ 268 in the short term, which will mark a 100% jump.
Time to play the range. pic.twitter.com/I5EFZpG6Tt
— DonAlt (@CryptoDonAlt) January 1, 2020
Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
Read more:
- Ethereum Parity Is Calling On Its Node Operators To Update Their Nodes To Consolidate
- Ethereum’s Vitalik Buterin: Layer 1 Base Level Can’t Too Powerful But Need Powerful Enough To Support The Complexity Of Applications On Layer 2