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These days Ethereum Foundation is implementing the Ethereum Blockchain update called Metropolis into the test network. Update will run in two steps: Byzantinum and Constantinopel and should bring more secure, tough and efficient environment for developers. After successful test phase the update will be implemented also in the Live Ethereum network, where also the end-users can benefit from the dApp-Store for blockchain applications. The complete update will lead to a blockchain Hard Fork.

These days Chinas Central Bank has banned ICO, because China see ICO as illegal method of rising money. The short reaction on such “bad news” was that Bitcoin, Ether and other crypto currencies have lost about 30% on value. Due to the reason that cryptocurrencies are designed to be decentralized payment method, without the possibility that any country/organization is deciding to use it or not, such news from China can have positive effects for long term development of cryptocurrencies.

As already predicted in the blog from August 8 th - we can see that Ethereum price is still moving upwards finishing the cup (Cup and Handle pattern). The announcement that Ethereum Metropolis will come soon, probably by the end of September, has created additional support. Due to the reason that many investors will take the money, when the price reaches 300 EUR level, short price correction to 280 is possible. On the other hand, we have seen many times this year, that the Ethereum price is also able to cross the level without any price correction. In such case, it can happen that the price goes straight forward to 350 EUR.

In the official Ethereum document https://blog.ethereum.org/2015/03/03/ethereum-launch-process is stated that Ethereum will have four release steps: 1) Frontier 2) Homestead 3) Metropolis and 4) Serenity. Some days ago, Ethereum creator Vitalik Buterin commented that next Ethereum release known as Metropolis is in the testing phase and should be ready in “couple of months”. Although Buterin didn’t confirm any date, Ethereum community is expecting the release by the end of September/beginning of October.

Have you ever heard about “Cup and Handle” pattern? If you are buying or selling shares you should know it. A Cup and Handle pattern on bar charts shows a line drawing a cup. When the cup is finished small price correction creates the handle. If there are no unexpected circumstances which effects the market, investors will take this sign as the trigger to buy and the chart will turn into the next bullish phase. According to this pattern in September Ethereum price will reach 300 EUR again.

 

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1220 Vienna, Austria

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  • E-Mail: office(at)cryptofuture.com

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