Ethereum analysis for 17/09/2018

In spite of large price fluctuations of ETH and the recently announced downfall of the Ethereum project, its developers are working at full speed. The Ethereum system upgrade, announced last year, is to be officially launched on October 8. During the meeting on September 31, in which developers, miners and investors took part, updates were approved in the system under the general name Constantinople (or Constantinople). After being implemented at the blockchain level, significant changes will be made much more from the programmer's and the kicker's point of view than the user. The total number is five and is called Ethereum improvement proposals (Ethereum Improvement Proposals - EIP).

In connection with Constantinople, the nodes forming the system - ie computers on which the network software operates, will have to update or "rebel", as was the case when Ethereum Classic was created. This would initiate a new blockchain operating independently of the previous one. Most likely, this will not happen, but this possibility is just water for the mill for people looking for potential sensations.

The updates introduced in connection with Constantinople, as highlighted by the independent developer - Lane Retting, will not bring "big changes" to end users and are "maintenance and optimization updates". Modifications to the code are related to minor, although significant from the point of view of programmers, changes. They will also cover the structure of fees in the context of smart contracts (smart contracts). They are also a preparation to much more serious, and at the same time long-awaited, changes in the scalability of Ethereum.

Let's now take a look at the Ethereum technical picture at the H4 time frame. The market recently bounced from the level of $200 and made a local high at the level of $223. Currently, the price is moving inside of a horizontal consolidation made between those two levels. Please notice, the market conditions are now overbought and the momentum is coming down from the positive, strong levels towards the neutral level of fifty. This situation indicates a possible pull-back lover or a downtrend continuation soon.