- ETH 2.0 is moving closer as the network has confirmed a date for the next upgrade.
- Altair is scheduled to take place on October 27, at epoch 74240.
- The update will introduce EIP-2982 which will make the blockchain more economically secure.
ETH 2.0 is drawing near as Ethereum developers have recently confirmed that the next update will occur in less than a month. The blockchain’s transition to proof-of-stake inches closer with a major upgrade scheduled for late October.
Ethereum takes major step toward ETH 2.0
Ethereum is taking its next step toward becoming a proof-of-stake (PoS) blockchain. ETH 2.0 aims to fulfill its original vision of the network to become an efficient, global-scale and general-purpose transaction platform while retaining crypto-economic security and decentralization.
The first mainnet upgrade to the Beacon Chain, Altair, has been scheduled to take place at epoch 74240 on October 27. The Beacon Chain has been built in parallel to serve the core of the upgraded consensus, while the original proof-of-work chain continues to run.
The upgrade will bring light-client support for the core consensus, as well as stepping up the “punitive parameters” to ensure that the blockchain is economically secure.
Ethereum developers stated that for PoS blockchains to be economically secure, penalties are required to incentivize validator liveness as well as provide security in the event of tail-risk scenarios.
The proposed penalties are “inactivity leak” and “slashing” under the Ethereum Improvement Protocol (EIP) 2982.
New updates on the Altair release are expected to be revealed on October 4.
Ethereum price hints at bullish intentions
Ethereum price continues to recover from the market-wide crash that brought many cryptocurrencies lower following China’s reiteration of banning digital assets in the country.
The second-largest cryptocurrency by market capitalization reached a low of $2,650 on September 21. However, ETH has managed to create higher lows, and an ascending triangle pattern has emerged on the 4-hour chart.
Given that the pattern is only just starting to form, investors should wait for a confirmation before entering the market. The governing technical pattern suggests that if Ethereum manages to tag the upper trend line of the triangle, then ETH would be expecting a 16% bounce.
Before the bulls can aim for the optimistic target, Ethereum would need to slice above the 20 four-hour and 50 four-hour Simple Moving Averages (SMA) at $2,958 and $2,973, respectively. Further resistance may emerge at the 50% Fibonacci retracement level at $3,037.
ETH/USDT 4-hour chart
The last hurdle for Ethereum price following the aforementioned resistances is at the upper trend line of the chart pattern, which coincides with the 100 four-hour SMA at $3,172. Only a break above this level could open up the possibility of a 16% climb for ETH toward $3,700 in the longer term.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Latest Crypto News & Analysis
Editors’ Picks
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Pioneer crypto to retrace briefly while altcoins go higher
Bitcoin price continues to move sideways above a crucial psychological level. As long as support holds, BTC is in no trouble, however, if it breaks lower, it will likely drag Ethereum and Ripple along with it. Although this descent is likely to play out in the short term, it may be required to start a second leg-up.
Robinhood is banking on Dogecoin traders as dog-themed altcoins break out
The spike in dog-themed cryptocurrency prices in the ongoing bull run has contributed to a rise in overall crypto market capitalization. Analysts expect the DOGE, SHIB, and AKITA prices to climb higher with the updates in their ecosystem and social dominance.
Shiba Inu price to provide buy opportunity before SHIB doubles again
Shiba Inu price saw a massive up move after it broke out of its consolidation pattern on October 23. This ascent propelled SHIB to a new all-time high. As bulls overextend the rally, however, things need to cool off before another massive rally emerges.
Polkadot price targets all-time highs ahead of parachains launch
Analysts remain optimistic on the Polkadot network’s parachain launch scheduled for November 2021. Though the percentage of DOT tokens staked has dropped consistently, its price continues its upward climb.
Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive
Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.