RATE Group | Ethereum reverses weekend gains as new hard fork looms large
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Ethereum reverses weekend gains as new hard fork looms large

24 Dec Ethereum reverses weekend gains as new hard fork looms large

Posted at 09:31h in Ethereum News by

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  • ETH/USD slides below $130.00 amid the resumed sell-off on the market.
  • Ethereum team gets ready for Muir Glacier update.

Ethereum (ETH), the second-largest digital asset with the current market value of $14 billion, has reversed the best part of its weekend gains to trade at $128.50 at the time of writing. ETH/USD has lost over 3% in recent 24 hours and stayed unchanged since the beginning of the day.

Another day, another fork

On January 2, the Ethereum team will activate another hard fork to delay the so-called difficulty bomb. The update called Muir Glacier will be launched on block 9,200,000 and as a result, the bomb will not explode for another 4 million blocks. 

The difficulty bomb is a sort of a motivation tool for Etherum ecosystem participants to perform the transition to  Proof-of-Stake (PoS) algorithm. 

ETH/USD: technical picture

ETH/USD hit the low at $126.64 in Monday and regained some ground by press time; however, the further recovery seems…

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