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Ethereum Struggles Below Major Resistance as Miners Argue Over Byzantium

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Ethereum traded within a narrow range on Tuesday, as the market ran into a major resistance at the make-or-break $300 level. Behind the scenes, the blockchain community continues to battle over Byzantium – ether’s coming upgrade.

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ETH/USD Faces Major Resistance

The ETH/USD fell more than 2% to $288.00 on Tuesday, according to Bitstamp. Prices fluctuated between $285 and $295. Ether remains firmly capped below $300, as evidenced by multiple failed rallies over the past week.

On the opposite side of the ledger, trendline support is observed near $280. Any sudden break below that level could push prices all the way back toward $250 or lower.

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At present values, Ethereum is capitalized at $27.2 billion, according to CoinMarketCap. The market peaked above $37 billion in June. Record valuations were in reach earlier this month before China launched an attack on the blockchain community.

Blockchain Community Debates Byzantium Upgrade

Since July, the Ethereum community has been at odds over the upcoming Byzantium upgrade – the new protocol designed to boost the network’s functionality. The key dispute stems from the speed at which new ether blocks are mined.

Under the proposed protocol, EIP 649, ether blocks are mined ten seconds faster than they are under the current regime. To safeguard the integrity of the token, EIP 649 will also lower the reward miners receive per block to 3 ETH from 5 ETH.

Critics say that a smaller reward for mining is complicated by the so-called difficulty bomb, which is a code in the ether chain that makes it incrementally more difficult to mine. While the difficulty bomb is designed to lure miners to a different chain in the event of a fork, it could have far-reaching consequences,. One such consequence is eliminating the incentive to mine all together.

The Byzantium update has been postponed to block 437 million, which likely falls on Oct. 17 given current production speed.

Ethereum Founder Presents Interactive ICO Protocol

In a new whitepaper, Ethereum founder Vitalik Buterin and Jason Teutsch of TrueBit propose a new protocol for transforming initial coin offerings (ICO). The authors outline a system that seeks to produce an equilibrium between capped and uncapped token sales. This would allow the ICO to respond to buyers, thereby creating a market of dynamic, real-time valuations.

This new protocol would allow buyers to withdraw investment bids on ICOs. Behind the scenes, it would also evaluate the buyer’s position relative to the entire ICO. Such a protocol could potentially solve the problem of ICOs elling out too quickly.

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Cryptocurrency Analysis: Altcoins Slide as Bitcoin Rally Pauses

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All of the major coins are trading lower today after a bearish weekend, as altcoins are still underperforming Bitcoin, with the market leader holding up well near its all-time high. BTC is back below the $6000 level after surpassing our long-term target last week, but it’s still well within the rising trend, despite the overbought long-term picture.

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The coin found support near the $5800 level, although it spiked as low as $5600 in the bearish environment. While we advise investors to wait until the next correction with new positions, traders could still bet on a rally to new highs as long as BTC remains in an uptrend. Support levels below $5800 are found near $5400 and $5000.

BTC/USD, 4-Hour Chart Analysis

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Altcoins are trading well below their respective all-time highs, as capital has been flowing towards Bitcoin in recent weeks, but most of the major coins are still in long-term uptrends, with only ETC looking suspiciously week. Dash is the best performing currency of the day, as it surged off the $265 support, while Monero, Litecoin, and NEO are also among the relatively strong coins. Ethereum hit a one-month low below the $285 support, while Ethereum Classic, Ripple, and IOTA are all performing weaker than the broad market. Let’s see the short-term charts of the altcoins.

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Trade Recommendation: Stellar

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The price bounces from SMA50 which is a support line for the market. MACD lines support upward movement. Also we can draw a pennant chart pattern which also confirms further upward movement. If the price breaks the resistance line of the pennant, this pattern will be realized as a continuation pattern. It will give us an additional confirmation of the upward movement. Pending orders for buy should be placed at 0.035000 level with stop orders at 0.028000 level. The main profit target should be at 0.048000 level. The part of trade volume can be left for the higher target at 0.070000 level. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.

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Market: STRUSD
Buy: 0.035000
Stop: 0.028000
Profit Targets: 0.048000

The trading signal is based on Poloniex chart.

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Trade Recommendation: Lisk

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A new attempt to catch a trend reversal. The price diverges with MACD and it gives us a buy signal on the falling market. DMI allows to open long trades. We should place pending orders for buy above the previous high at 0.000840 level. Stop orders must be placed below the support at 0.000680 level. Profit targets are 0.001200 and 0.001400 levels. The part of trade volume can be left for long run. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.

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Market: LSKBTC
Buy: 0.000840
Stop: 0.000680
Profit Targets: 0.001200 and 0.001400

The trading signal is based on Bittrex chart.  

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