The Muir Glacier hard fork comes less than a month after the previous Istanbul upgrade on Dec. 7. In fact, the latest hard fork only became necessary following the Istanbul upgrade, due to a realization that estimates predicting the timing of Ethereum’s difficulty bomb for mid-2020 were wrong.
The Ethereum network has just completed its Muir Glacier hard fork, with the sole improvement proposal being to delay the difficulty bomb for another 4,000,000 blocks.
As of press time, the majority of clients were running in sync, although according to ethernodes, the nethermind client was still having some issues, and had fallen over 150 blocks.
Live client status after Muir Glacier hard fork.
Upgrade comes hot on the heels of Istanbul
The difficulty bomb is a mechanism to gradually increase the difficulty of new block creation and is a step on the roadmap to Ethereum switching to a proof-of-stake consensus algorithm.
Coming, ready or not
Before the hard fork, there was some concern as to how ready the network was for the upgrade, as has been borne out by the nethermind client’s failure to sync for over two hours.
Discounting nethermind’s synching issues, it is estimated that around 80% of the total active nodes on the network are Muir Glacier-ready.
As Cointelegraph reported, Binance announced its support for the upgrade two days ago. However, ethernodes currently has no information on the status of some of the other large exchanges, such as Coinbase.
Ethereum Could Soon Pump 100% to $260, According to Analysts
Several analysts have predicted big gains for the number two cryptocurrency by market cap, Ethereum, in the next few months. One even suggested a replay of his 100% surge prediction from early last year, in a tweet on Jan. 1.
Falling wedges break upside 68% of the time
Last week, analyst Manu Naik pointed out that the ETH/USD 1-day chart was in a falling wedge. These break upside 68% of the time, he said, and $128 is at the lower limit.
The falling wedge is still in play, and we are still at the lower limit. This means that Naik’s prediction of a potential upwards breakout to $240 by mid-January could still be on the cards.
ETH looks better than BTC at the moment
The Wolf of All Streets, analyst Scott Melker, tweeted on New Year’s Eve, that he believes Ether looks better than Bitcoin at the moment.
He followed that up on Jan. 1, with an ETH/BTC chart, highlighting the range that ETH has traded in against BTC since July. The current situation sees ETH rebounding upwards off significant support, putting it in a great position to go higher.
Ether to continue playing the range?
Finally, popular analyst, DonAlt, suggested on Dec. 31, that Ether price could “play the range” until 2021 bouncing between key support and resistance levels of $130 and $268, respectively.
Moreover, on Dec. 1, the trader cited a post last February when he had bought in at just over $100, with a target of $200. “How about we do it again?” he added.
As Cointelegraph reported Dec. 31, if Ether does start to move upwards, it could finally kick off the expected alt-season that never really materialized in 2019.