Istanbul Tunes Ethereum (ETH), Prices Firm Above $300

Dalmas Ngetich

6 years ago

2 mins read

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Ethereum (ETH) up 14.3 percent
EIPs 1702 and 2024 to be activated in the next network upgrade

During an impending Ethereum upgrade dubbed “Istanbul”, there will be activation of two approved Ethereum Improvement Proposals (EIPs) in 2024 and 1702. These two will reduce costs while simultaneously easing future network upgrades. While at it, ETH is 14.3 percent higher from last week’s close, trading at over $300.

Ethereum Price Analysis

Fundamentals

Ethereum’s next hard fork, Istanbul, completes what wasn’t possible in the last major upgrade, Constantinople. Executed in two phases, it set the ground for the Serenity.

The upgrade is a necessary enhancement affirming Ethereum’s dominance in the smart contracting sphere. Presently, there is progress as far as Istanbul is concerned. By approving two Ethereum Improvement Proposals (EIPs) meant for activation in a tentative date in Oct 2019, it shows how vital these two EIPs are.

EIP 2024 introduces a pre-compile to the Ethereum’s Virtual Machine for a new hash function, Blake2B. The hash function is in use by other blockchains and is faster than SHA-3. Often, pre-compiling in the EVM is an expensive operation attracting charges.

Meanwhile, EIP 1702 activation will allow smooth upgrading. The proposal was put forth by Wei Tang of Parity Technologies, introducing something known as Accounting Version, which is simply a new methodology for hard forking. In his explanation, Tang says:

“By allowing account versioning, we can execute different virtual machine for contracts created at different times. This allows breaking features to be implemented while making sure existing contracts work as expected.”

Candlestick Arrangements

Like BTC, ETH bulls are in control. However, volatility is not as pronounced as it is with the former. To quantify, in the last week, ETH is up a mere 14.3 percent even after clearing the $300 mark.

By doing so, the conditions laid out in previous ETH/USD trade plans are now valid. As a result, there is an opportunity for aggressive traders to add to their long positions.

On the other hand, conservative traders can buy the dips in smaller time frames while aiming at $400 or higher.

However, damping expectations are low trading volumes accompanying this break out above $290 and $300. That is despite the remarkable June 21 bull candlestick and bars banding along the upper Bollinger Bands (BB).

Technical Indicators

Nonetheless, as momentum increase, ETH bulls will likely flow back. In that case, participation will continue to pick up as average trading volumes consistently exceeds 152k of June 24.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.