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Ethereum Struggles Despite Istanbul Hard Fork

Ethereum Struggles Despite Istanbul Hard Fork

Ethereum Struggles Despite Istanbul Hard Fork-Techcryption-01

The Ethereum Istanbul hard fork that is said to improve speed and gas efficiency on the platform is now live. Hitting at block number 9,069,000, the systemwide upgrade is the platform’s third this year, following February’s St. Petersburg and Constantinople hard forks. The completion of the process was announced on Bybit’s twitter post on December 8, 2019.

In addition to that, the platform is said to have a major transition to Proof-of-Stake (POS) within eighteen months. Reportedly, there were three main issues fixed following the hard fork, which are Denial-of-service (DDoS) attack resilience (EIP 1344), interoperability with equihash-based proof-of-work (PoW) cryptocurrencies such as zcash (EIP 152) and gas costs (EIPs 1108, 2028, 2200).

However, despite the completion of Istanbul hard fork, Ethereum is still struggling to have upward momentum. Notably, Ethereum has dropped as low as $135 in late last month and is brawling to move further upwards as it has been stuck beneath one strong descending resistance level for two years. 

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At the time of the writing, Ethereum price is trading in a positive zone above the $148 and $144 support levels. However, there could be a downside correction in the short term before the price can bounce back.

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