EthereumThings did not go as planned in , and after the announcement that the mechanism called ‘difficulty bomb’ would be delayed, the price dropped further and failed to hold an important support level. After this development, Peter Brandt, one of the popular analysts of the crypto world, shared the worst scenario for the Ethereum price.
Ethereum price With the announcement of the postponement of the activation of the relevant code on the blockchain to a later date, it fell to the level of $ 1.662 within 24 hours. The reason for the delay was explained as the elimination of vulnerabilities detected during ‘merge’ tests on the Ropster testnet.
The purpose of the code system, known as the Difficulty Bomb, was to slow down ‘PoW’ mining in order to speed up the transition of miners in the transition from the ‘Proof of Work (PoW) system of the Ethereum blockchain to the ‘Proof of Stake (PoS) system.
Ethereum Price Matches Peter Brandt’s Forecasts
The veteran and popular analyst of the crypto world had predicted a ‘bearish’ for Ethereum price earlier this week, and with the recent delay, this prediction seems to be getting pretty close.
Brandt, in his prediction shared at the beginning of this week, stated that the price of Ethereum could decrease to $ 1,200 in the coming days or weeks, and stated his price forecast as $ 1,268. In the price chart shared by the analyst, the ‘descending triangle’ formation was in the foreground.
Classical charting 101
This is a POSSIBLE descending triangle. A downside completion, unless immediately nullified, would not be constructive$ETHUSD pic.twitter.com/33kOZK4tjF
— Peter Brandt (@PeterLBrandt) June 7, 2022
The Difficulty Bomb Had a Big Impact
These days, when the Ethereum developer team started to talk frequently, the community was inevitably focused on ‘positive’ developments, but yesterday’s announcement that the difficulty bomb would be delayed was not received very positively.
We would like to point out that the difficulty bomb code system is an important part of the long-awaited Ethereum 2.0 update. Once the code was fully integrated into the blockchain, it would become clear that there was now very little distance for merging.
Vitalik Buterin and some members of the dev team had recently created a stir in the community by stating that the related merge will be completed in August. Although the relevant transition attempts were also tried on the test networks and the successful results created excitement, some names from the crypto world stated that there would be a delay. The latest development shows that the delay may be at the door again.
Meanwhile, Ethereum developers have assured their community that the delay of the difficulty bomb will have no effect on the timing of the Merger.
Commenting on the development, Ethereum developer coordinator Tim Beiko shared his concerns about the meaning of merging the difficulty bomb without delaying it for a longer period of time seriously trying to launch it.
“If we delay it, I think there should be a realistic delay to maintain the sense of urgency. “But too much pressure is pushing teams to burnout, which is a situation we don’t want to be in.”
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.