Finance

Highly-anticipated Ethereum Istanbul hardfork is approaching, 15 hours to go

  • Ethereum’s Istanbul network update is expected to take place in 15 hours.
  • Ethereum (ETH) stays relatively quiet around $150 ahead of the hardfork. 

Ethereum network’s highly-anticipated Istanbul hardfork is set to take place at block #9069000 and according to the countdown on Etherscan.io, there are around 3800 blocks to go and that should be completed in around 15 hours. 

Istanbul hardfork will be the last major update before Ethereum 2.0’s final Serenity update and the Ethereum community spent the week working on preparations to ensure the update goes smoothly. Nevertheless, Ethereum stays relatively calm on Saturday as investor remain cautious due to the fact that the update had been postponed a couple of times already in past months. As of writing, the ETH/USD pair was posting small daily losses at $148.

Technical outlook

Pressured by the heavy selloff surrounding the major cryptocurrencies in the second half of November, the ETH/USD pair touched its lowest level since late March at $132 and has gone into a consolidation phase. 

The Relative Strength Index (RSI) on the daily chart is inching lower below the 40 mark, suggesting that buyers are struggling to take control of the price action. The initial support for the pair could be seen at $143 (December 4 low) ahead of $132 (November 25 low) and $124 (March 4 low). On the upside, resistances are located $154 (20-day moving average), $160 (former static support/November 29 high) and $175 (100-day moving average).

View more information: https://www.fxstreet.com/cryptocurrencies/news/highly-anticipated-ethereum-istanbul-hardfork-is-approaching-15-hours-to-go-201912070854

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