Ethereum Hardfork Delayed
The Ethereum network is scheduled for a hard fork called Constantinople today. But unlike the hard fork on Bitcoin Cash in recent months, this hard fork is expected to not cause any issues as all transaction validators are likely to upgrade their software which will be a plus for the Ethereum community.
The upgrade is intended to reduce mining rewards from three to two, speed up processing times, improve the way the network monetizes data storage and address crypto scalability — the ability to process transactions efficiently and quickly. Thus, this hard fork is likely to be positive for the valuation of Ether in the future.
However, there is one slight problem. CoinDesk reported ChainSecurity, a smart-contract audit firm, spotted a glitch in the planned upgrade to Constantinople. So the hard fork most likely will be delayed despite Vitalik Buterin, the co-founder of Ethereum, stating that a little security vulnerability does not necessarily mean that the underlying code is flawed.
So where is the price of Ethereum headed next, lets go to the charts?
On the daily chart, price broke the up trend line on January 10th.
This if the daily demand at $112, price will retest the lows at $82.
Nevertheless, because we are in a long term downtrend, the real test for price will be the daily supply zone at $183.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
Probably best that they caught this when they did and reassuring that they had the process to review to begin with!
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Ethereum is an expensive experiment