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Istanbul hard fork on the Ethereum has officially taken place on block # 9069000 on Sunday, December 8th. A new era of Ethereum has arrived at 0:25 UTC this Sunday. The Istanbul hard-fork contains six distinct upgrades to improve performance, adjust the costs of opcodes, enable Ethereum and Zcash to interoperate, and enable more creative functions via contracts. These upgrades are termed as Ethereum Improvement Proposals (EIP). Each EIP proposes a distinct upgrade in the network efficiency. The speed of transactions has reduced from 17sec to 13 sec. However, this Istanbul hard fork did not manage to garner the so-called attention from Ethereum buyers and ETH price are still trying to gain momentum.
Ethereum Price Analysis
Ethereum follows Bitcoin and is in the second position as per market capitalization. The crypto is currently trading at $150.73 USD with just 1.35% gain. The total market cap is $16,406,513,749 USD with 24hr trading volume around $6,530,411,795 USD.
ETH one day gain –
Following the Istanbul hard fork, ETH price gained a 2% gain against USD and reached $151.84 USD. However, the price seems to be stagnant since then. Even the ETH/BTC price gain has failed to garner any positive response as of writing. The ETH/BTC price is 0.02002210 BTC with only 0.97% gain. Moreover, ETH’s price seems to take a downtrend again in a 24-hour span. The hard fork seems to have no immediate response from Ethereum buyers.
ETH seven day gain –
Ethereum price has seen major lows in the last 7 days. As we see in the chart, the ETH price has come a full circle starting at $150.28 USD and reaching $150.8 by the end of the week. However, the price had reached its all-time low for the last 3 months on Dec 4, 2019.
Ethereum technical analysis
- RSI Indicator – The RSI chart shows the ETH price nearing the bullish sentiment i.e 30-level. This more likely to plunge further.
- MACD Indicator – The MACD chart is definitely in the negative zone. The general sentiment is ETH price still will decrease.