Ethereum News Today – Headlines for January 3

ethereum ecosystem
  • Experiences delays the difficulty bomb
  • Ethereum has completed the Muir Glacier update
  • ETH shows some bullish signs

Ethereum News Today – Ethereum recently went through a network update that is causing a delay in the difficulty bomb. The mining difficulty will not change. However, many industry experts are beginning to turn bullish on Ethereum (ETH).

Ethereum Completes the Muir Glacier Update

Yesterday, at Block #9,200,000, the Muir Glacier hard fork was completed on the blockchain of Ethereum. The Ethereum Foundation activated the network update with only one Ethereum Improvement Proposal – EIP 2384. The update was aimed at pushing back the difficulty bomb, an inbuilt algorithm that is designed to increase the difficulty in mining new blocks, for about 611 days or another 4 million blocks.

Ethereum (ETH) Price Today – ETH / USD

NamePrice24H %
ethereum
Ethereum(ETH)
$342.80
0.420%

So far, 93% of all the clients are synced and ready. However, a few of them are still having issues, including Aleth, Multigeth, and Teth. This is not the first time the Foundation is postponing the difficulty bomb. The first time was with the Byzantium hard fork in 2018. The second one happened with Constantinople hard fork in February last year.

The Reason for the Difficulty Bomb Delay

Now, the product manager at the Ethereum Foundation – Tim Beiko – explained the reason for the latest delay. He said that the delay comes after the team figured out that the predicted timing for the difficulty bomb to occur in mid-2020 was wrong. With the latest setback, the Dev team of Ethereum will have more time to looking for a long-term solution to the difficulty bomb, which many of the community members have been criticizing.

For instance, Micah Zoltu said that the difficulty bomb should be left the way it is. Rather, the software engineer said that the bomb should be cut out entirely or made more predictable. As Ethereum gets ready for the launch of Ethereum 2.0, many industry experts believe that this digital currency could be preparing to resume its uptrend.

ETH Is Showing Some Bullish Signs

In a recent tweet, the founder of Arturo Capital – Derick Fiebiger – said that ETH often starts trending up every January. Fiebiger said he is not certain of the reasoning behind the upswing. However, he claimed that a similar trend could take place this time around.

Similarly, a full-time crypto trader – Michael Van de Poppe – said that the price of ETH against BTC is showing different bullish signs. He added that ETH could be forming a bottom. Poppe is expecting the digital currency to make a higher low before it finally breaks out of the upside. According to the crypto trader, such a bull run could come in the first quarter of this year.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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