ETH Price Analysis: Ahead of Istanbul, Ethereum Bulls are in Charge, $400 Possible
Today’s Ethereum (ETH) News
Most unique about Ethereum is their evolution marked by continuous improvement on its source code. Although public, the community often deliberate on what should be added, excised or downgraded for the betterment of the platform.
As a smart contracting platform, such decisions are vital and Ethereum’s progress has no doubt led to fall outs with key programmers as Afro, for example, ditching the Ethereum core citing in fighting and personal attacks.
Nonetheless, all eyes are on Serenity, the final iteration of the Ethereum core protocol whose roll out will be guided by five main principles of resilience, decentralization, simplicity, longevity and security. This phase will be implemented in multiple stages that may take anywhere between two to three years and the community is gradually working towards this goal while ensuring that the above ground rules are adhered to.
But before then, we have another hard fork, the Istanbul scheduled for October 2019. With the hard fork, the Ethereum community will incorporate 11 EIPs including ProgPOW through EIP 1057, that is designed to improve the efficiency of current GPUs and averting the centralization threats of ASIC miners.
Other noteworthy inclusions include EIP 1283—which is net metering, EIP 1380 for reducing Gas Costs and EIP 1829 to Precompile for Elliptic Curve Linear Combinations.
Ethereum (ETH) Live Price
1 ETH/USD =$1,994.1054 change ~ -6.26%
ETH/USD Price Analysis
At the time of press, Ethereum (ETH) is up 27.3 percent from last week’s close but pretty stable in the last day. All in all, the trend is up and after a correction, the path of least resistance is defined and northwards.
But, for trend continuation bulls must build momentum in lower time frames that will not only pump prices above this minor consolidation but break prices above May 2019 highs of $280 complete with high transaction volumes confirming upswings of early April and May.
That is why although risk-off traders can load up on dips since buyers are in technically in control even from an effort versus result point of view, risk-averse or conservative traders can wait for a clean break and close above $280.
Preferably and as aforementioned, that close above should be with above average volumes exceeding 822k of May 16th. In that case, there will be assurance and in a bull breakout pattern set in motion after the necessary close above Q4 2018 highs in April 2019, odds are prices will expand higher towards our first target of $300 and later $400 as demand ahead of Istanbul and Serenity build up.
All Charts Courtesy of Trading View—CoinBase
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.