Market analysis: Can Ethereum upgrade skyrocket?
Despite solid fundamentals and a growing decentralized financial ecosystem, Ethereum prices have been extremely lackluster of late. The world's second-largest crypto asset is so tied to its bigger brother that it may take a while to act independently. Will Istanbul's network upgrade next week help?
In terms of price, things are bad for Ethereum. The price has fallen nearly 60% since topping $350 in 2019. ETH is down nearly 90% since its all-time high that some say will never be revisited. Ethereum has erased nearly all of its gains this year and has returned to levels seen in early January.
The ongoing crypto tribalism on social media is also undermining the big picture of financial independence from banks and states. Bitcoin maximizers have labeled it a scam and have taken the whole scene down the gutter while the spat continues.
Bitcoin and Ethereum serve two different purposes, one is a store of value and the other is a dApp platform and a DeFi investment vehicle. Both, though, are hedges against the current failing system, which rival twitter tribes have failed to acknowledge or pay attention to.
The ethereum network is set to see some major upgrades in the coming year, but will those upgrades be enough to spur a recovery for the struggling token? Scalability has always been a concern for the network, and this will be addressed with the long-awaited ETH 2.0 migration.
Before any of that can happen, though, the Istanbul upgrade has to be released, which according to the countdown is currently scheduled for around the next weekend. To improve security, interoperability, and network costs, six Ethereum Improvement Proposals (EIPs) will be implemented in this hard fork.
Interoperability with Zcash is addressed with increased security and four eip processing, lower gas costs on the network. There will be no impact on ETH wallets, so this update is only a precursor to a bigger move planned for next year. Therefore, Istanbul is unlikely to have any positive impact on the price of Ethereum.
Next year will be a different story as Serenity will be rolled out from phase 0, with Beacon-Chain implemented. This includes a brand new proof-of-stake blockchain described as the backbone underpinning the entire new ethereum 2.0 system.
Extensive testing is currently underway in Phase 0, which will continue until 2020. If the testnet is launched smoothly, the mainnet may be launched in the first half of next year, or it may be the first quarter.
Things should start to improve for Ethereum in terms of price as these major updates start to approach. Until then, it's a long way to go to reach $200.
This article is a translation, the original link:https://bitcoinist.com/will-the-istanbul-upgrade-give-ethereum-a-price-boost/
Lighthouse Community—Jiangge
Lighthouse Community—Jiangge
BTC
Bitcoin still maintains a shock at present, and now it will soon face a period of change. As a short-term node in the day, 7400 is still very important. If it is above this, Bitcoin can still rise, but the overall trend is still rising and falling. If it hits directly, it may form a small waterfall. Then intraday trading depends on the performance of this node.
ETH
The trend of Ethereum is similar to that of Bitcoin. At present, this shock will end in the afternoon or evening and there will be a change. One of his important long-short nodes is around 151, and if it is supported here, there will be a pull-up to attract more.
BCH
The current trend of Bitcoin Cash is the strongest among the attention, so it can be used as a target in the afternoon. If you can take the lead in attacking, then it will lead other coins out of a lure and pull up.
LTC
The trend of Latiao is the weakest among several. It has been oscillating around the long-short node 47, and there is no room to pull it out. Therefore, the trend of Latiao is in a following trend, and if it is pulled up again, there will be a trend of attracting more.
EOS
Grapefruit showed a wave in the afternoon, but it came back in shock. Overall, the bulls of grapefruit are ready to go. They cannot adjust too much in the future, otherwise it will be difficult to pull up. A small step back is okay.
XRP
The trend of Ripple is near the multi-party advantage range, but it has to pull the market in a short period of time, otherwise the trend will become weaker, so after the market pull here is also a pull-up to attract more.
Bitcoin price at time of writing: $7529
