• Ethereum network is moving closer to the vital upgrade.
  • ETH/USD is under pressure as the market is edgy.

Ethereum network is getting closer to the vital Constantinopole upgrade. The community is nervous ahead of the event, though the developers are "cautiously optimistic". 

According to the statistical data from Etherenodes.org, the resource that tracks the number of nodes that updated their software, only 16% of miners adopted Constantinople by Saturday, January 12.  However,   Peter Pratscher, the CEO of the biggest ether mining pool Ethermine, believes that the data is not correct.

“Miners are prepared. Only miners can split the chain. We expect most of the not-updated nodes to be updated by the time the fork block arrives,”  Afri Schoedon, release manager for the Parity ethereum client said.

While Constantinople is considered to be a scheduled update not disputed by community members, there is always a risk that something might go wrong. for the network to function normally, all nodes should install the new version of the software. If a relatively big number of miners fail to do that by the time of the system upgrade, the network will be split into two separate chais. In other words, we will have a fork. That's what happened when Etehreum developers decided to implement a questionable update after the DAO collapse in summer 2016.

Constantinople is a part of a large scale Ethereum upgrade known as Metropolis that will allow to take the network to Proof-of-Stake algorithm and implement five Ethereim Improvement Proposals (EIPs). Most of them are general improvements approved by the majority of the developers' community.

Ethereum has been a big loser lately. The coin has lost over 26% of its value in recent seven days and touched $114.60, which is the lowest level since December 27. The coin is vulnerable to losses until the risk event is out of the way, Watch out for $100.00 handle as it may pop up in front of ETH/USD sooner rather than later.

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC/USD makes it way above 61,8% Fibo retracement

Bitcoin hit the intraday bottom at $7,092 and recovered to the area above $7,400 by the time of writing. While it is still below Wednesday's high ($7,770), the upside momentum Amai gain traction if the price settles above pivotal $7,350 (61,8% Fibo retracement for the move from $3,226 to $13924).

More Bitcoin News

Litecoin Price Analysis: LTC/USD false breakout culminates in a bull trap

Litecoin is trading at $44.33 after a minor recovery from $43.93 (intraday low). Over the last few days, apart from yesterday, Litecoin has been forming a lower high and a lower low pattern.

More Litecoin News

Ethereum Price Analysis: ETH/USD gives back early gains to trade below $146.00

ETH/USD is trading `under $146.00, off the intraday low at $144.03. Despite the sharp movements on Wednesday, November 4, and during early Asian hours on Thursday, the second-largest digital asset has stayed unchanged on a day-to-day basis. 

More Ethereum News

Ripple price analysis: $0.2200 is a hard nut to crack for XRP/USD bulls

Ripple's XRP hit $0.2263 on Wednesday amid strong rally on the cryptocurrency market. However, the upside momentum proved to be unsustainable as the coin retreated below $0.2200 and tested $0.2124 low during early Asian hours. 

More Ripple News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Black Friday injects some volatility into the market

Whether the market has reached the bottom, or more sell-off is in store, the time and the illiquid holiday markets will tell. 

Read the weekly forecast

BTC

ETH

XRP