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Istanbul’s Future: a new History Cycle or the Demise of the Empire?

Oct 1, 2019

The first day of the week ended with an increase in the rate of all the Top 10 cryptocurrencies, including ETH. Today let us take a look at what is going on with Ethereum, if it’s actually doing well, and if it is worthwhile to actively buy this coin now. 

The Istanbul update to the Ethereum network took place ahead of schedule because of the unusually fast block confirmation. As a result, not all miners were able to update their software, which brought about the split in Ropsten testnet. In the meantime, some developers believe that Istanbul will disrupt the operation of 680 smart contracts that manage such decentralized apps as Aragon and Kyber Network. 

What further aggravates the situation is the Flag pattern that was formed on the 4H graph. The pattern is the continuation of the trend, and if it comes to pass, the price can reach the $155-160 mark. If the lower boundary of the flag is breached, we recommend setting up sell orders in advance. 

Taking into account all these risks, it would be unwise to count on the speedy ETH/USDT pair growth to the key technical level of resistance of $200-215. At the same time, however, if all these issues are quickly resolved, this could attract the increased attention to ETH on the part of investors and traders. 

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