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FxWirePro: ETH/USD Consolidation Goes in Topsy-Turvy Swings Ahead of Hard Fork
ETHUSD (at Coinbase) has been showing resistance after a resounding consolidation phase after bearish rout seen in 2018.
Although the minor trend goes in sloping channel, the rallies spike above DMAs upon stern bullish engulfing candle at $129.61 levels, consequently, the price of ether against dollar has surged more than 340% in 2019 so far.
But the minor trend tests sloping channel support, but failures swings at 7-DMAs signal more slumps likely.
Fundamentally, we see some constructive commentaries to drive bullish ETH, while CME announced Bitcoin Options, we get to see Ethereum Futures in 2020.
While the US-SEC states ‘Bitcoin and Ethereum Are Not Securities’, constantly keep declining bitcoin ETF proposals foreseeing potential threats for the investors’ community, whereas the new Chair of the CFTC (Commodity Futures Trading Commission) and the former Coinbase VP has recently called Ether (ETH) as a commodity that hints the room for a plethora of newly regulated derivatives products on platforms like the CBOE.
Coindesk reported Ethereum’s improvement proposal (EIP) 2387, created in mid-November, would tentatively schedule a Jan. 6 hard fork to delay the “difficulty bomb” or “Ice Age” from going off for another 4,000,000 blocks or about 611 days. The hard fork is dubbed “Muir Glacier,” after the retreating Alaskan glacier.
The upgradation is scheduled for block number 9,069,000, the hard fork contains a bridge between the current chain, based on a proof-of-work (PoW) consensus mechanism, and the Beacon Chain, or the first phase of the so-called Eth 2.0 transition to PoS.