Ethereum sustained a major downside correction after testing resistance at the $180 resistance area versus the US dollar. The price went below the $170 level and settled down in the $160 area. This is a short term bearish trend which is formed with resistance in the $160 level in the hourly chart at ETH/USD. The pair might again dip down at the $153 support before it can bounce back in the near term.
The hourly MACD for ETH/USD is transiting back in the Bullish Zone. The hourly RSI for ETH/USD is declining towards the 30, and it has recently recovered above 42. Major support level is seen at $153, and the major resistance level is seen at $165.
Meanwhile, Ethereum miners are concerned about the uncertain future. Miners are not interested in dealing with an unprofitable blockchain. To avoid miners from deserting the blockchain nodes Ethereum is working on implementing the ProgPow.
This upgrade might likely minimize the advantages enjoyed by those who are using the ASICs chips. Of note, most of the large mining firms optimize these chips for faster mining. This will, in turn, tilt the balance in favor of GPU miners. Thus, as the blockchain technology evolves, they will continue to see that mining is profitable. So, ProgPow is a hot discussion among the Ethereum mining community.
While miners are a major part of the Ethereum network, they have been not talked off as much, and they did not have as much voice until the update of ProgPow ever since August 2018. When ProgPow was proposed in the first place, the community was asked to vote on it, and they were completely in favor of it. This promised update is not yet introduced. When it is introduced, miners will have to optimize for the update. The impact that ProgPow will have on the community is yet to be seen.
It is important to note that the majority of miners are only concerned about the profit that they can get from Ethereum mining, and very few of them are loyal to the blockchain itself. This is a widespread view. The current consensus of Ethereum is by POW (Proof of Work), and the new consensus that will be introduced is the POS (Proof of Stakes).
Most of the miners who voted for ProgPow did for profit, and most of them will be greedy, and they will be selling their coins after they make the profit. The founder should do something to prevent abuse.