- The major update is scheduled for December 4.
- ETH/USD has retreated from the recent high.
Ethereum developers will activate a major update on the Ethereum mainnet at block 9 056 000. It will be mined approximately on December 4. However, the team will postpone the fork until January 8 if something unexpected happens.
Notably, the fork on the testnet split it into two chains, but developers believe that the fork will be activated as planned. They also approved EIP 2124 that will allow users to detect the chain supported by the majority of users.
Ethereum’s technical picture
ETH/USD topped at $199.04 during early Asian hours on Saturday and retreated to $180.30 by the time of writing. The downside correction stopped short of the critical support created by the long-term downside trendline at $180.00. Once it is out of the way, the sell-off is likely to gain traction with the next focus on$177.00. It is created by a confluence of SMA100 (Simple Moving Average) and SMA200 (four-hour chart).
On the upside, the initial resistance awaits us on approach to $190.00 (the upper line of four-hour Bollinger Band) followed by $199.00.
ETH/USD, the four-hour chart
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.