Tanya Abrosimova
Independent Analyst
- Geth and Parity released new versions of their software as the network upgrade is delayed.
- ETH/USD sits at the critical technical level.
The largest Ethereum network clients, including Go-Ethereum (Geth) and Parity, issued updates for their software even though a major Constantinople upgrade was postponed for an indefinite time due to the revealed vulnerability. The new releases were necessary to prevent a hard fork that was supposed to take place at Block 7,080,000, approximately between January 16 and January 17.
Thus, Geth developers released an emergency patch (version 1.8.21), while Parity client was upgraded to beta 2.3.0.
"Parity Ethereum new versions 2.2.7-stable and 2.3.0-beta support the Constantinople postponement,» they said in their tweet.
Meanwhile, both Geth and Parity users can continue using the current versions, provided that they adjust configurations.
Ethereum is changing hands at $122.25, off the recent low of $120.06 reached during early Asian hours. The digital asset now ranks as the third largest coin with a market value of $12.8B.
Looking technically, ETH/USD sits at 50% Fibo retracement level for the upside move from 2018 low at $82.02. If the downside pressure intensifies, the next bearish target of $114.61 (currently, the lowest level of 2019).
On the upside, we need to see a sustainable recovery above $130.00 (SMA50, 4-hour chart) for a chance to proceed towards $132.30 (38.2% Fibo retracement) and ultimately to $140.0
ETH/USD, 4-hour
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