Connect with us

Ethereum

Ethereum [ETH] Constantinople hard fork could take place in the next 2 to 6 weeks

Priya

Published

on

Ethereum [ETH] Constantinople hard fork could take place in the next 2 to 6 weeks
Source: Unsplash

Earlier this week, the Ethereum Foundation announced that the key stakeholders of the community have decided to postpone the Constantinople hard fork because of the discovery of a security attack of the smart contracts after the hard fork. This announcement was made hours before the network upgrade, resulting in the Parity and Geth team releasing an emergency upgrade to avoid revert the upgrade.

The foundation stated that all node operators, miners, and exchanges were required to upgrade to the new version or downgrade to the previous version. This announcement was rather an unexpected one by the community as the Rinkeby Testnet, which took place on January 9, 2019, was stated to be successful, unlike the Ropsten Testnet, which resulted in a three-way fork.

This time, the vulnerability was detected by ChainSecurity, wherein the team revealed that the smart contracts are vulnerable only after the Constantinople hard fork and not before. The upgrade of the network would enable Reentrancy attack, which is currently not possible because of the high gas limit. However, it would be possible after the upgrade because EIP 1283 proposes the reduction of gas required for SStore operations.

The delay in the fork has also resulted in some of the members of the community appreciating the quick measure taken by the Foundation members to avoid the fork within a short-span, whereas others were either unhappy about the fact that the team took notice of the vulnerability hours before the upgrade or concluded that the community was centralized.

To add on, if it weren’t for the Reentrancy attack, the upgrade would have taken place earlier today on block #7080000. At present, the details pertaining to the next schedule of the hard fork and the block it would occur on would be decided during the next Ethereum dev core meeting, which would be taking place towards the end of the week.



There is speculation related to the hard fork doing its rounds in the market. Some in the community believe that the hard fork would be taking place on January 21, 2019, on Monday. However, one of the core developers of Ethereum, Afro Schoedon has stated that the next hard fork would take much longer time.

He said on Twitter:

“It’s not happening on Monday. I don’t know who was seeding this. It’s more like 2-6 weeks.”





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Ethereum

Ethereum [ETH] might have caught a break from bears due to formation of ‘Golden Cross’

Avatar

Published

on

Ethereum [ETH] might have caught a break from bears due to formation of 'Golden Cross'
Source: Unsplash

Ether, more commonly known as Ethereum, is the world’s second largest cryptocurrency and it might have turned bullish due to the initiation of the ‘Golden Cross’ in the daily chart. Golden Cross, is when the 50-day simple moving average crosses above the 200-day simple moving average, which indicates that the price has turned bullish and that the cryptocurrency has bottomed.

Source: TradingView

Historically, Ethereum’s last Golden Cross took place in February 2017, when the price of ETH was ~$10; the price after this cross was bumped to $1,600, which was a meteoric rise of 15,000%. As bullish as this sounds, this might not be the good news that the crypto community is hoping for, as the ‘Golden Cross’ isn’t absolute and there are times when the crossover could be a fakeout. Crossover fakeouts had occurred for Bitcoin in 2014.

The weekly chart for Ethereum has been consistently forming higher highs since 2019, which is a bullish indication. The MACD indicator and the RSI indicators are both indicating a steady rise since 2019.

All aboard the ‘Speculation Train’

If another meteoric rise is to be expected from the crypto ecosystem, the price has to undergo a parabolic rise. The price of Ethereum at press time was $174 and had a market cap of $18 billion; assuming approximately 10,000% increase [instead of the 15,000% rise], the price of Ethereum would reach approximately $8,000 by March 2020.



A Reddit user @alkalinegs commented:

“if you look at the last golden cross early 2017 it took a few days till something happend. death cross 2018 even resulted in a bulltrap. -> dont expect an immediate reaction.”

Quite a few people use the exponential moving averages and disagree with the use of Simple Moving Averages, which is opinionated. Another Reddit user, @DeliciousPayDay commented:

“I strongly disagree. SMA 200 is more important and everyone in crypto looks at it. After breaking the 200MA at $151 ETH went straight to $180 before being sold off, and bounced directly off the 200MA the next day turning resistance into support. The 50/200 golden cross just happened on the SMA and the last time that happened ETH went from $12 to $1400.”





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending