- ETH 2.0 is getting closer, and the network has confirmed a date for the next update.
- Altair is scheduled for October 27, at 74240.
- The update will introduce EIP-2982 which will make the blockchain more economically secure.
ETH 2.0 is getting closer, and Ethereum developers recently confirmed that the next update will take place in less than a month. The blockchain transition to proof of stake is approaching with a major update scheduled for the end of October.
Ethereum takes an important step towards ETH 2.0
Ethereum is taking a new step to become a proof-of-stake (PoS) blockchain. ETH 2.0 aims to realize the initial vision of the network, which is to become a versatile, efficient and global-scale transaction platform, while maintaining crypto-economic security and decentralization.
Beacon Chain’s first mainnet update, Altair, is scheduled for 74240 on October 27. The Beacon chain was built in parallel to serve as the core of the updated consensus, while the original proof-of-work chain continues to function.
The update will provide thin client support for the core consensus, as well as a strengthening of the “punitive parameters” to ensure the economic security of the blockchain.
Ethereum developers have said that for PoS blockchains to be economically secure, penalties are needed to encourage validator leniency and ensure security in extreme risk scenarios.
The proposed sanctions are “idle escape” and “reduction” as per Ethereum Enhancement Protocol (EIP) 2982.
New Altair version updates are expected to be revealed on October 4.
Ethereum price hints at bullish intentions
Ethereum’s price continues to rebound from the widespread market crash that has caused many cryptocurrencies to crash following China’s reiteration of the country’s ban on digital assets.
The second-largest cryptocurrency by market cap hit a low of $ 2,650 on September 21. However, ETH managed to create higher lows and an ascending triangle pattern emerged on the chart in 4 hours.
Since the pattern is just beginning to form, investors should wait for confirmation before entering the market. The current technical setup suggests that if Ethereum manages to touch the trend line of the upper triangle, then ETH should expect a 16% bounce.
Before the bulls can target the bullish target, Ethereum must break above the 20 and 50 hourly simple moving averages (MMS) at $ 2,958 and $ 2,973, respectively. More resistance could appear at the 50% Fib retracement at $ 3,037.
ETH / USDT 4-hour chart
The latest hurdle for Ethereum price after the aforementioned resistances is at the upper trend line of the chart pattern, which coincides with the four-hour SMA 100 at $ 3,172. Only a break above this level could open up the possibility of a 16% rally for ETH. about $ 3,700. longer term.