Ethereum Forecast: The Crypto Tests for Price $2000
Ethereum is down 5% and is struggling to stay above 2,000 against the US dollar. The price of ETH could fall sharply if there is a break and it closes below $ 2,000.
Ethereum shows bear signs below the 2,050 $ and 2,100 $ levels.
The price is currently trading well below the 2,100 $ resistance and a simple moving average per hour.
There was a fresh drop in Ethereum from the $ 2,175 resistance zone, similar to bitcoin. ETH broke many grants close to $ 2,100 and 100 moving averages per hour to move to the bear zone.
If Ethereum fails to recover above 2,050 or 2,100, it could continue to move downward. The primary support on the negative front is close to the level of 2,010 USD.
The first strong support is close to the $ 2,000 level. If etheric bulls fail to defend support levels of $ 2,010 and $ 2,000, there is a chance of a sharp decline. In this case, ether bears can target a support level test of $ 1,850. Medium support can be close to $ 1,920.
Developer Solidity started the discussion after announcing a smart contract that allows the reorganization of transactions on the Ethereum blockchain.
Immutability of Ethereum
The immutability of the Ethereum network has been called into question.
The release of the developer Solidity under the pseudonym “0kbunnigirl” caused a discussion on Twitter this weekend after it revealed the mechanism that enables the improvement of the Ethereum blockchain. This creates a way to rearrange or undo transactions that have occurred in the past. Especially if enough networks reach a consensus.
The post, published by 0kbuunigirl on July 10, describes in detail how a smart deal, called Request For Reorg, built a mechanism. It allows users to pay miners to rearrange the blockchain. Also, responding to a request from Reorg, currently the world’s largest mining pool of Ethereum, Ethermine posted a statement on Twitter. It reassured the community that it considers the reorg agreement to be akin to an attack on the ETH network, adding that it will not use it.
Immutability has long been touted as one of the greatest strengths of blockchain technology. This plan may be changing in light of recent events. Angela Walch, a research associate at the UCL Center for Blockchain Technologies, has long held the view that calling blockchain immutable is deceptive. Discussing the request for the Reorg incident on Twitter, Walch said that, Blockchains are immutable only if the people who make them decide not to change them.
Other Twitter users said the planned merger of Ethereum with Proof-of-Stake would allay concerns about the reorganization. But whether that is the case is still unclear. As the debate over blockchain invariability continues, one thing is certain; the possibility of reorganization is now stronger than ever.
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