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Ethereum Hard Fork to Launch on Testnet in Early October

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Ethereum core developers have been feverishly working on Constantinople, which is the next upgrade of the network. According to a recent Ethereum Core Devs Meeting, devs will be ready for the hard fork release soon, and the hard fork of testnet Ropsten has been scheduled to launch on around Oct. 9. It could serve as a boon for the ETH price, which despite its recent rally could use another catalyst.

The Constantinople upgrade is phase-two of Metropolis, the first phase of which was the Byzantium fork. It’s expected to bolster efficiency and slash costs on the Ethereum blockchain. The widely watched as Casper technology, which is tied to increasing the scalability of the network, is planned during Constantinople.

The goal of the devs was to launch Constantinople ahead of Devcon 4, which is scheduled to unfold in Prague Oct. 30-Nov. 2. But they weren’t willing to do so if it “makes things unsafe” or “pushes people too hard,” according to the call. Dimitry, who was on the call, suggested it would be “a couple of months at least” before Ethereum forks onto proof-of-work chain Ropsten, pointing to the upcoming dev conference as the reason for the delay in progress.

Other devs chimed in, saying the timeline was “overly cautious” considering that Ropsten is a testnet. The devs tossed around the idea of creating a new testnet to replace Ropsten, but that was rebuffed. Ethereum Co-Founder Vitalik Buterin said on the call: “I’d argue that consensus issues on Ropsten happening from time to time is good because it trains an ecosystem of participants on how to react to them.”

The majority ruled, and the developers agreed to test the hard fork on Ropsten in the coming weeks, ultimately landing on the date of early October because there is a break in developer conference activity that week. They’re targeting Oct. 9 and will set the actual block number in a couple of weeks when it’s closer to being released to clients.

Block Mining Times

As for the release of Constantinople, the call host pointed to test cases at year-end 2018, either November or December, after which time the conversation turned to avoid launching the mainnet amid “crazy” block times. Average block mining times are currently hovering at a stable 15 seconds and Buterin doesn’t expect them to “get crazy within two months.”

He referred to last year’s Byzantium upgrade, saying the “general pattern is a doubling at the beginning every 17 days.” As a result, there would likely be a “more than three months of safety,” Buterin said. A wildcard, however, is Byzantium had the “backdrop of a rapidly increasing ETH price and hashrate” whereas now we don’t. As a result, it could take less time.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 70 rated postsGerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.




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Analysis

Crypto Update: Coins Test Swing Highs Litecoin Runs Into Resistance

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The major cryptocurrencies continue to trade with a bullish bias after establishing a new short-term uptrend this week. The top coins are all holding on to the bulk of their recent gains, even as most of them entered consolidation patterns on the heels of the strong rally in the segment. With still only Ripple lagging the broader market notably, the immediate outlook remains positive, despite the still bearish long-term picture.

LTC/USD, 4-Hour Chart Analysis

Today, the initially leading Litecoin shined again, pushing past the $50 level and hitting the long-term resistance zone near $51. As LTC is overbought due to its recent lofty gains, the coin is now only on a neutral short-term signal in our trend model, since the bearish long-term setup continues to warrant caution for bulls here.

That said, the rising short-term trend is intact, and should the coin clear the overbought momentum readings, traders could enter small, speculative positions using strict risk management rules. Support levels are now found near $47, $44, and $38, while the next major resistance zone is ahead near the $56 price level.

BTC/USD, 4-Hour Chart Analysis

Bitcoin entered a consolidation pattern today, as we expected, after touching the longer-term zone resistance zone between $4000 and $4050. The momentum indicators hint on further consolidation, and in light of hostile long-term setup, traders should wait for the overbought readings to be cleared before entering new short-term positions.

Below the initial level $3850 support, further levels are found near $3600 and just above $3450, while the next resistance zone above $4050 is ahead near $4450. The short-term uptrend is intact in BTC, and our trend model remains on a short-term buy signal.

Ethereum Tries to Form Swing Low while Ripple Fights Trendline

ETH/USD, 4-Hour Chart Analysis

Ethereum entered a shallow correction after hitting the resistance zone near $145, but the price action and the volume patterns continue to support the bullish short-term case. The $160 price level remains a viable target for bulls but the momentum indicators continue to show overbought readings. The short-term uptrend is intact and our trend model is still on a short-term buy signal as well. Support levels are found near $130 and $112 while above $160 resistance is ahead near $180.

EOS/USD, 4-Hour Chart Analysis

Only a few of the major altcoins managed to follow Litecoin to a new swing high today, but EOS slightly extended its rally, despite being severely overbought from a short-term perspective. While the new high is a positive sign for the coming period, EOS remains only neutral in our trend model, and traders should wait for the oversold readings to be cleared before entering new positions.

XRP/USDT, 4-Hour Chart Analysis

While the leadership of the rally is still healthy, Ripple continues to lag the leaders, still fighting with the declining trendline that stopped the recent rally attempt in the coin. XRP is holding up above the $0.32 level, but it’s stuck below the recent swing high, and traders should still focus on the relatively stronger coins despite the short-term buy signal in our trend model.

From a long-term perspective, technicals remain negative, and a move towards the $0.28 and $0.26 levels remains likely. Further support zones are found near $0.32 and $0.30, while short-term targets are still ahead near $0.3550, and $$0.3750.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.7 stars on average, based on 468 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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Ethereum

Ethereum is an Apex Predator like Bitcoin; But Vitalik Still Diversifies His Bags

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Ethereum is an apex predator that can thrive in the same space as Bitcoin, but not necessarily the same territory. That’s the opinion of author and Bitcoin advocate Andreas Antonopoulos, as voiced on a recent episode of the Stephan Livera podcast.

Up for discussion was the topic of Bitcoin maximalism; whether BTCs chances of global dominance were being hindered by the over-saturated altcoin market; and why Ethereum can survive in the long run if it continues to target a different use-case than Bitcoin.

Design Tradeoffs Between Bitcoin and Ethereum

Podcast host Stephan Livera floated the idea that the now over 2,000 altcoins would only delay the adoption of Bitcoin, in what’s becoming a very crowded space. Andreas Antonopoulos said those which can differentiate enough have a good chance of survival:

“That’s the conundrum because if they differentiate enough, then they’re no longer competing with Bitcoin head on. Because they make design tradeoffs, and these will make them in less and less competition with Bitcoin. The perfect example of that is Ethereum, which does not compete for the sound money position at all.”

Antonopoulos went on to say that the Bitcoin maximalists would be cackling at the prospect of ETH being sound money. Double-A stated clearly that he doesn’t view Ethereum as sound money, and that it will never compete with BTC on those terms.

But that’s ok, because it has something completely different to offer. Antonopoulos continued:

“But what it does have as a design tradeoff is flexible, turing complete smart contracts that can do other interesting things other than money. Ethereum maximalists – I get plenty of those too – will tell me that Ethereum can do everything that Bitcoin can do, and we don’t need it (Bitcoin). I disagree with that too.”

The Story of the Lion and the Shark

Lion vs Shark

As long as Bitcoin and Ethereum stay within the bounds of their own demarcated territories, both can exist side-by-side:

“Lions and sharks can be apex predators in their respective domains, and they’re respective domains don’t overlap because each has design tradeoffs that automatically exclude the other domain.”

That doesn’t mean the two apex predators are completely closed off to each other. Antonopoulos pointed out that Bitcoin and Ethereum can still complement each other within the context of the larger ecosystem, adding:

“One feeds the other in terms of applications, research, users, knowledge and network effect.”

Antonopoulos recently added to his list of blockchain publications, with Mastering Ethereum joining the already popular Mastering Bitcoin in 2018. One thing he’s learned is that the future of cryptocurrency will not feature just one coin – however, he did say that Bitcoin would remain the ‘most important’. He said:

“I don’t think we’re going to end up with just one money. I don’t think the markets will lead us in that direction and I’m okay with that. It doesn’t mean Bitcoin isn’t the most important – it absolutely is.”

A Peek Inside Vitalik’s Bags

Ethereum creator Vitalik Buterin has a healthily diversified portfolio.

Ethereum creator Vitalik Buterin recently revealed which coins and tokens he holds in addition to Ethereum, as detailed in this Reddit AMA about ‘Ethereum leadership and accountability’. Vitalik offered up this summary of his holdings:

 

  • “Non-ethereum-ecosystem tokens: BCH, BTC, DOGE, ZEC; total value < 10% the value of my ETH
  • Non-ETH ethereum ecosystem tokens: KNC, MKR, OMG, REP, total value <10% the value of my ETH
  • Significant corporate shareholdings: Clearmatics, Starkware [edit, forgot to put this in before]
  • Revenue in the last 12 months other than ethereum foundation salary: a few advisor tokens (included in above)
  • Non-financial interests: friends in the ecosystems represented by the above projects, as well as some non-token ethereum ecosystem orgs (eg. L4, Plasma Group, EthGlobal, EDCON) and non-token non-ethereum orgs (mainly professional cryptography and economics circles)

I’d definitely support more people actively involved in protocol decision-making making such statements!”

Other developers chimed in, including Justin Drake who revealed he uses ‘close to zero’ fiat, is paid in ETH, and that 99% of his token value is made up of ETH (along with free airdrop tokens).

Here in the front-facing end of the cryptocurrency space, it’s easy to get caught up in the whirlwind of the daily news cycle and the constant drama of rising and falling percentages. Plugging into this cyclone for too long leaves one feeling exhausted, frayed, and even a little cynical.

But faith can be temporarily restored by checking in on the geeks in the back-end of the shop, whose commitment to the cause remains quiet and unfaltering.

Faketoshi Craig Wright Says Ethereum is a Scam and a Lie

Bitcoin SV advocate and self-proclaimed Satoshi, Craig Wright, speaking with Ran Neu-Ner

Craig S. Wright joined ‘CryptoMan’ Ran Neu-Ner on an edition of CNBC Africa this week, where he dismissed every ICO launch as a scam. He said:

New coins, new ICOs… every one of them are scams! Not one of them has ever created anything. They are purely a way of getting around the controls that stop people from scamming others – enabling people to take money, do nothing and not return a cent. That’s all these are, and they have to end.”

Neu-Ner asked how this related to Ethereum – the largest ICO platform in the world, and a self-proclaimed future supercomputer. Wright took issue with the idea of Ethereum being a supercomputer, stating:

“There is no such thing as a token for a supercomputing mechanism. That’s a scam and a lie – it’s isn’t one. There’s not one token that gives you a single compute cycle for less than a million times the cost of something now. You’d be more efficient to buy a Raspberry Pi, than to buy a thousand dollars worth of compute cycle on Ethereum.”

Wright’s view directly contradict those of Andreas Antonopoulos. Whereas Double-A foresees a multi-coin future with each fulfilling its own unique role or niche, Wright takes the Highlander view that there can be only one:

“There can only be one blockchain. This is the whole nature of it. If you have various competing systems, the power is competing for the same thing.”

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 147 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Analysis

Crypto Update: Bitcoin Touched $4000 as Broad Rally Continues

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Yesterday’s break-out to new short-term highs continued today in the cryptocurrency segment, with Bitcoin’s push towards the $4000 making headlines in the segment. The most valuable coin surged past the $3850 level, dragging most of the majors higher, but Ethereum and most of yesterday’s leaders lagged behind BTC during today’s session.

That said, the short-term trend remains positive in case of the majority of the coins, and even though some of the top currencies are overbought, the counter-trend move could continue. In light of the increased activity, trading volumes, and volatility in the market, the majors might be in for a more sustained bullish, move, and as now only Ripple is showing clear signs of relative weakness, despite today’s rally, the leadership of the short-term move looks healthy.

While the long-term picture is still clearly negative in the segment, until the newly established short-term uptrends remain intact, traders could still play the move, sticking to strict risk management rules and relatively small position sizes.

BTC/USD, 4-Hour Chart Analysis

While Bitcoin left behind the initial resistance level near $3850, and quickly rallied up to the strong longer-term zone between $4000 and $4050, it might need to consolidate before another push higher. BTC is slightly overbought from a short-term perspective, and given the significance of the resistance, traders could exit a part of their positions here.

The $4000-$4050 zone stopped the year-end rally (outside of a brief, failed break-out), and a move above it could open up the road towards the $4250 and the crucial $4450 levels. Below $3850, further support is found near $3600 and just above $3450, and our trend model remains on a short-term buy signal and long-term sell signal.

ETH/USD, 4-Hour Chart Analysis

Ethereum continues to trade near the $145 resistance level following yesterday’s surge, and bulls are still eyeing a test of the next major resistance zone near $160, which marked the top of the previous counter-trend move in the coin.

While the coin is still overbought form a short-term perspective, given the momentum if its recent move, the rally could continue after a brief consolidation period. The newly-established uptrend is intact in ETH, and traders could enter new positions should the overbought readings got cleared, with support levels found near $130 and $112.

XRP/USDT, 4-Hour Chart Analysis

Although Ripple continues to be relatively weak compared its major peers, today it spiked to a new 5-week high, riding the market-wide trend and testing a strong declining trendline in the process. The coin triggered a short-term buy signal in our trend model by topping its January swing high, but given its relative weakness, traders should focus on the more bullish coins during the current counter-trend move.

The long-term setup remains negative, and from a broader perspective, odds still favor the test of the key long-term $0.28 and $0.26 levels, with further support levels found near $0.32 and $0.30, and with short-term targets being ahead near $0.3550, and $$0.3750.

EOS Continues to Lead but Litecoin Struggles to Gain Ground

LTC/USD, 4-Hour Chart Analysis

LTC continues to trade slightly above last week’s highs but compared to the leaders of the current leg of the rally it remained relatively weak today. With that and the still negative long-term setup in mind, traders should exit a part of their positions here, even as the short-term uptrend is intact and a push towards the next major resistance level near $51 is still possible. Our trend model is still on a buy signal, as a failed break-out is not yet confirmed, with support levels still found near $44, $38, and $34.50.

EOS/USD, 4-Hour Chart Analysis

EOS remained relatively strong today, spiking above the $3.80 level after leaving behind the $3.50 resistance. Now, the coin is clearly overbought from a short-term perspective, and that led to a downgrade in our trend model as a pullback is now likely.

The short-term trend remains bullish despite the correction risks, and should the coin clear the overbought momentum readings traders could reenter their position following strict risk management rules. Support is now found near $3.50, $3, and $2,80 while strong resistance is ahead near $4.50 and $5.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.7 stars on average, based on 468 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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