By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
On Tuesday September 10th, the Ethereum price is trying to resume growth, generally trading around $182.65.
On D1, Ethereum demonstrates the beginning of a pullback upon reaching 76.0% Fibo and forming a convergence. The first goal of the pullback may turn out to be $200.55, and the second one – $231.70. After the completion of the correctional phase, another wave of decline should be expected, breaking through $163.20 and reaching the key level of $100.03. The MACD dynamics suggest a short-term correction and the incomplete state of the uptrend.
On H4, the quotations have broken through the resistance line of the descending channel, tested it from above and started forming ascending dynamics after a bounce. Also, the Stochastic forming a convergence, confirmed the correctional growth.
Ethereum developers are ready to launch an update of the network on October 2nd. As Coindesk reports, it is presumed that somewhere around this date (perhaps a day or two earlier or later) a block suitable for the update will be mined. So, the update turns out to be delayed for a month, though it was initially planned for September 2nd. However, due to a large amount of work on the update and network optimization, the developers just failed to complete the preparations on time.
There were rumors about close to thirty updates, but in fact there will only be six. Eight more might be introduced in the upcoming Berlin update.
It is curious that after the update of Byzantium in 2018, developers came to the conclusion that a fork should not be carried both in the test and the main networks at once. Instead, different days should be chosen for implementing the fork, which is what’s going to be done today. With the test version, it is clear; the main version might be updated after the Devcon conference in Germany scheduled for November.
The update approbation is carried out on the test network in order to eliminate serious errors. Then the so-called stability period should follow, during which the developers watch the updated test network, and if everything goes smoothly, they update the main network.
Disclaimer: Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.