Ethereum (ETH) fails to mark the beginning of the year

It was expected that 2019 will be brilliant for Ethereum as HTC Blockchain Phone Exodus 1 had been released  ahead of time on December 12, 2018, and was prepared for buying. However, Ethereum was relied upon to encounter their Constantinople hard fork in January 2019, wherein the block times would begin to gain increment, and by May 2019 the trouble bomb is expected to achieve 30-second block times. Unfortunately, Ethereum is having a hard time in the beginning of 2019, it’s daily block rewards are down by circa 25%.

That is the point at which the Constantinople update is expected to run live with a push back of the trouble bomb for a year and an issuance decrease of 2 ETH per block from 3 ETH.

Constantinople, in any case, has been put off so often that the convention level ice age has consequently started to diminish new ETH supply from around 20,000 per day to around 15,000. It seems at regular interval there’s a drop of new supply by around 2,000 ETH or so with it primarily because of an expansion in block times. This is because that the algorithmic trouble increment is making it harder for the current hash rate to discover a block, a hashrate that itself has been falling as of late. Because of fewer blocks, less ETH  is delivered, so bringing down supply with no manual interruption. Something  that could go on in an exponentially expanding way until the point when it ends up difficult to mine one block. There will be manual intervention, in any case, close by 27th of February when convention changes are to be made through the Constantinople redesign.

Block times are currently expanding to a normal of 18 seconds for every block, up from around 15 seconds yet at the same time nowhere close to the 30 seconds it came to preceding the last time the trouble bomb was postponed in 2017. The difference may now make a few blocks take as much as two minutes, with capacity affected despite the fact that charges remain the same. Value wise there has been no positive response so far maybe because  you’d expect a lag as the impacts of lower supply are  felt relying upon demand.

Price Analysis

ETH is currently trading at $10,947,793,038 USD  at price $ 104.66 with a circulating supply of 104,607,827 . At a weekly scale, it has been trading at the rate of -8.99% in red. The above diagram is from TradingView. The Stochastic RSI of the past hour indicates over buying of ETH. According to the MSCD line, there are subtle buying signals after the crossover. The signals will be prominent after some hours. There are still high hopes about ETH to do well in the coming month. However, some investors are not preferring in taking such risks.

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