ETH Istanbul upgrade is imminent, the market has stopped falling but has not stabilized
Ethereum’s official blog posted today,The Ethereum network will undergo the Istanbul upgrade at block height 9,069,000 as planned, the time is expected to occur on Saturday, December 7, 2019, and the specific upgrade date and time may change due to the speed of block generation.
According to the development roadmap of the Ethereum network, there are four phases to go through in total, including the Frontier, Homeland, Metropolis, and Serenity phases.The Istanbul upgrade is the last upgrade before the Ethereum 2.0 phase (Serenity Serenity), which has attracted much attention because the Ethereum improvement proposal ProgPoW will be implemented in this upgrade.ProgPoW is an improved version of the consensus algorithm, the purpose is to reduce the efficiency of ASIC mining machines and help GPUs gain more mining advantages, to ensure fairness to a greater extent and reduce the problem of centralized mining. This is an important step before realizing the transformation of Ethereum 2.0 from POW to POS and implementing the Casper algorithm.
We know that as early as August this year, the Istanbul upgrade has been put on the agenda. It initially included more than 30 EIP (Ethereum Improvement Proposal) upgrades, but it has been repeatedly postponed due to disagreements in the community and delays in hardware and software audits.Final meeting resolves Istanbul upgrade to be implemented in two parts, the first part will contain 6 different code changes (EIP), and the second part will be carried out in the first quarter of next year, including the mining algorithm change of "ProgPoW".
For public chain projects, once the main network is launched, the original content cannot be changed. It can only be implemented through a hard fork, and it needs to be cautious. First, test it on the test network. , the main network will be upgraded, otherwise it will cause serious consequences.
The same goes for the Ethereum Istanbul upgrade. 6 proposals for its first part, aimed atImprove some performance of the Ethereum network, improve network security, interoperate with Zcash, adjust transaction gas consumption, and introduce more innovative functions. During October-November this year, upgrade tests on several testnets (Ropsten, Rinkeby, etc.) have been completed, and have been tested by developers and DAPP community personnel.
The upgrade in December will be implemented on the Ethereum mainnet, which is of great historical significance. You can pay attention to it, and it may have an impact on the currency price.
Veterans still remember that in the second half of last year, ETH's "Metropolis: Constantinople" upgrade was postponed several times, from October 2018 to February 28, 2019. andFor a certain period of time before each upgrade date (including the set date but postponed), ETH will gain greater buying power and the currency price will rise. However, when the good news becomes negative after the upgrade is completed, it will cause the currency price short-term plunge。
Market analysis:
Market analysis:
BTC：At the hourly line level, it bottomed out at $8,000 and stopped falling, and the MACD indicator had a golden cross, and the disk rebounded slightly. However, judging from the trend, the rebound was extremely weak in volume and magnitude, and did not even touch $8,200. 4-hour level and daily line level,The market is still in a state of falling relay, and there is no obvious change. It can be said that in the absence of an obvious rebound, the market will continue to fluctuate in a range (7800-8600 US dollars). Only when it breaks through again and stands firm at 8600 US dollars will it represent the counterattack intention of the bulls.
ETH：The most resistant currency among the mainstream currencies, the daily level tends to consolidate the trend, and the USD 170-180 is the consolidation range. There is a potential benefit of Istanbul’s upgrade. In the short term, you can build positions on dips, but you need to bring a stop loss plan.
LTC：The downward trend has eased, and the disk has gained support around US$54, and the short-term pressure is at US$58-60. Wait until it stabilizes before entering the market.
BCH：The trend of the arc top at the daily line level will test the weak support of 240 US dollars in a short time. If it cannot be held, the market may fall further, so be cautious.
EOS：The trend is weak, and the support near US$3 cannot be held, and there is a risk of continued decline. The strong support is in the shock range of US$2.7-2.9, and the pressure is near the MA60 daily moving average. Wait and see.
XRP：The daily line level continues the downward trend, and the short-term weak support is at 0.24 US dollars, mainly on the sidelines.
ETC：Platform currency:
Platform currency:Domestic public chain:
Domestic public chain:There are signs of stabilization at the daily line level, the MA60 moving average can be held, and there is hope for a rebound in the market. Theoretically speaking, policy suppression of fraudulent behavior such as MLM coins and air coins will help the market to clear garbage coins and benefit public chain coins. In the initial stage of blockchain development, both the alliance chain and the public chain have broad application prospects and potential value. In the research of the underlying technology of the blockchain, the technology of the alliance chain mostly adopts foreign technical solutions. The public chain still has certain advantages and opportunities for development.
