ETH Is Facing Ominous Sign — Foundation working on Bottlenecks
The price of ETH has collapsed; however, its fundamentals continue to be reliable. The price of the ETH is expected to surge soon. There are not too many positive things to share about ETH in the current scenario. The downtrend has resulted in the formation of a “death cross” providing for an ominous sign that more pain is waiting for the token.
The return of the Bitcoin to 5-figures has influenced the ETH; however, the influence is not promising or impressive. The ETH community is bashing the ETH, but the reality is that almost all the Altcoins are down to the floor. Even Litecoin and Binance Coin are in their lows.
Despite all this, the developer team for Ethereum network is solid. One of the tweets read thus: “Keep an eye on Ethereum over the next few years! Out of every cryptocurrency that exists, Ethereum has the most developers! This means the possibilities for further growth are endless as their code is constantly improved!”
There are nearly 1000 devs who are working on the dApps and related solutions on the top of its blockchain. The developer team is consistently trying to improve the overall network by improving security and performance. The progress with ETH has been very slow, but this is not only the case with ETH, but all of its rival coins are also facing a similar fate.
The Istanbul hard fork is widely awaited, and it is expected to change the ETH protocols dramatically. When the upgrades are complete, the ETH will be progressing in a way sending the prices to the previous proper levels to shine over again.
While there are positive hopes and wishful thinking, there is nothing to deny that some death factor is currently haunting the ETH. The ETH is at the verge of Death Cross.
Currently, ETH is very close to its yearly lows in terms of its value versus the USD and the Bitcoin. Regardless of the risk faced by the token, the Ethereum Foundation is working its way towards a better future.
Ethereum is currently distributing its core tasks between different teams, and it does have diverse backgrounds and experience. The foundation is actively outsourcing its developments rather than having their core team focus on everything all on its own.
Peter Szilágyi, the core development member, stated, “Over the past six months, we’ve tried to dissect the different components that are on the critical path of block processing, in an attempt to identify and optimize some of the bottlenecks.”
By DAN SAADA