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Three days remain before the widely anticipated Ethereum hard fork, Istanbul, is implemented. Despite the execution coinciding with unrelenting bears, it is emerging that more investors are pouring in to the second most valuable cryptocurrency, ETH, according to statistics from Token Analyst. Week-to-date, there have been more inflows, at $115.5 million, than outflows, at $104.9 million, indicating investors’ confidence and a possibility of price expansion in days ahead.

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All About Istanbul Hard fork

Ethereum ETH Inflow-Outflows

Istanbul is the second hard fork that completes implementation of several EIPs that were postponed after technical hitches experienced during the Constantinople system-wide upgrade. A necessary improvement that will also complete the Metropolis stage of the Ethereum roadmap, assuming that the execution would be smooth and developers won’t find any reason to postpone, it would likely be the last source code improvement under ETH 1.0. Istanbul will pave the road for Beacon Chain of which the Testnet of Phase 0 will be activated in early 2020.

The transition to Ethereum 2.0 has been dubbed Berlin and therein, the Ethereum network will activate code that will rebuff attempts by ASIC manufacturers to roll out miners that could lead to centralization as witnessed in Bitcoin. During the Berlin stage, Programmatic Proof-of-Work (ProgPOW) will be activated, effectively combatting the more efficient, specialized ASIC miners.

Nodes Are not Ready

Ethereum-Node-Explorer

Today, despite the upcoming event, a majority of Geth and Parity node operators are yet to upgrade. To be exact, a whopping 60% of Geth clients and 56%-or 462 nodes, of Parity are yet to upgrade ahead of the hard fork. Combined, 60% of nodes three days before the decisive hard fork.

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ETH, like Bitcoin and pretty much all leading high market cap altcoins, has dipped in recent months. Although traders and investors expect a recovery in days ahead, the Istanbul hard fork could present a chance for aggressive traders to counter the market and buy the dips.

Ethereum ETH
Courtesy: Trading View

Technically, bears have a tight grip over the market. Following the unexpected slide below the $150-60 support at the end of November, now resistance zone, the bear breakout pattern that printed could spell down for ETH HODLers in the short-to-medium term unless there is a sharp upswing that lifts prices above $160 as bulls aim at the psychological $200 mark.

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Ahead of Ethereum's Istanbul Hard fork, Investors Flow In

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Ahead of Ethereum’s Istanbul Hard fork, Investors Flow In

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Three days before Ethereum hard fork, Istanbul, is implemented, it is emerging that more investors are pouring in to ETH.

Author

Dalmas Ngetich

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CoinGape

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cryptocoach

Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.



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Dalmas Ngetich , 2019-12-04 10:33:36 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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