Ethereum Classic’s successful execution of Atlantis hard fork, led the way to Agharta, the second half of the Atlantis hard fork. Atlantis contributed to enhancing ETH compatibility; however, Agharta will host aspects of Constantinople protocol to make it fully compatible with Ethereum. ETC announced that the core developers will sit down to discuss the ECIP-1056 Agharta Finalization.
The agenda of the meeting has been divided into three parts- Quick client teams check-in, Agharta [ECIP-1056] is in “last call” state, and discussing the timeline for the protocol upgrade. The finalization will reveal the status of ECIP 1056, which still awaits acceptance and will also provide the block number for mainnet. The tweet read:
“The focus of the #Agharta (ECIP-1054) core development call will be to:
• Evaluate network testing
• Discuss upgrade timeline
• Agree on mainnet block number
• Move ECIP to “Accepted””
The Modern testnet has been scheduled for 13 November at block number 5_000_381, and it will be followed by the Mordor testnet on 20 November at block 5_000_381. The Kotti testnet has been scheduled for 11 December at block number 1_705_549, following which on 12 December the team will decide the block number for mainnet.
According to a blog post shared by the core of ETC, Agharta would consist of EIP 145-Bitwise Shifting Instruction, EIP 1014- Skinny Create2 opcode, and the final feature EIP 1052- EXTCODEHASH opcode. The rationale behind enabling the Constantinople and Petersburg network protocol was to upgrade the ETC network and to obtain maximum compatibility across these networks. The hard-fork has received support from Multi-Geth, Parity, and Geth Classic client teams and will go live on 15 January 2020.
Ethereum’s breach of ascending channel may see consolidation under $175
Ethereum’s price maintained a volatile trajectory over the past few months after repeated price swings in the market. On 25 October, the 2nd largest crypto-asset recorded its most recent price pump, hiking by 16 percent in a single day and recovering most of the losses suffered a couple of weeks prior. At press time, Ethereum continued to consolidate under the $190 range. However, major bearish signs were evident on the chart.
Ethereum’s 1-day chart highlighted that since the month of August, Ethereum’s price had breached two major bullish patterns and it was followed by an identical hike after the depreciation period. From 5 August to 6 September, ETH navigated within the trend lines of a falling wedge and the token’s valuation declined by around 28 percent over a period of 32 days. The bullish breakout saw ETH recover 24 percent of its losses over the last period, but an immediately bearish pullback invalidated its bullish hike.
A similar pattern surfaced back in October, wherein a familiar falling wedge was recorded in the charts. The value depreciated down by 18 percent over 15 days and it was followed by a recovery of 16 percent. It can be observed that both the hike and decline were fairly close in terms of percentage in the previous two patterns.
At press time, Ethereum’s price was navigating within an ascending channel, increasing the possibility of a bearish breakout in the future. The incline in terms of valuation over the pattern was registered to be around 12 percent. If the bearish breakout continues to follow past trends, a drop of around 10 percent in valuation may surface for Ethereum over the next few weeks. Such a substantial drop could see ETH breach the support at $177.45, and a possible consolidation under it may happen.
The MACD line also suggested that a bearish crossover was in the cards for ETH, suggesting that the breakout may occur sooner rather than later.
Ethereum has struggled to maintain a high price valuation lately and recent market trends suggest that its price will continue to struggle for a while.