Latest Ethereum (ETH) News
The goal is to solve or strike a perfect balance as far as the blockchain trilemma is concerned. It’s a balancing act, an art. Towards that perfection, Istanbul fills that gap, making amends to the Constantinople upgrade which had been put off in two different occasions.
Already, the development team has approved to core EIPs in 2024 and 1702. Both are vital, tagging along cost savings when executing a smart contract as well as building the foundation for smooth hard forking in the future. These were the two out of the 30 EIPs selected as the rest are still contentious, demanding further discussions before implementation in future updates.
Specifically, EIP 2024 introduces a new pre-compiler for Blake2B of Ethereum’s Virtual Machine hash function. The result of this are optimized blockchain operations as well as cheaper transactions as aforementioned. Commenting, James Hancock, one of the three authors behind EIP 2024 said:
“Blake2B means that we could interop with ZCash on the Ethereum main network. Wrapped ZEC within Ethereum, [shielded] transactions, a whole lot of cool stuff.”
Meanwhile, EIP 1702 is all about Smart contract optimization with its author, Wei Tang of Parity Technologies saying:
“By allowing account versioning, we can execute different virtual machine for contracts created at different times. This allows breaking features to be implemented while making sure existing contracts work as expected.”
ETH/USD Price Analysis
If anything, this upgrade (Istanbul) is vital for Ethereum. That is for the platform to retain its competitive edge, trumping competition. So far prices are lagging BTC, which is literally exploding, surging past $12,500 towards $15,000. Since there is a high positive correlation between ETH and BTC prices, it means ETH is technically undervalued.
That is not even taking into consideration several fundamental factors as the reward drop thanks to EIP 1234. Therefore, while ETH is firm above $300 and trading within a bullish breakout pattern, there is opportunity for traders to buy the dips and trading in the direction set by June 21st bull candlestick.
Not only is it wide-ranging with high trading volumes but it broke above $290 and $300 confirming buyers of early May in a trend continuation phase. Firmed by increasing participation in the last week or so, ideal target is at $400 and later $500.
Chart courtesy of TradingView—Coinbase
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.