Categories: Ethereum

Ethereum SubZero Freeze Announced As ETH Bears Press Lower

Click here to view original web page at
  • Ethereum (ETH) falls, down 7.5 percent
  • SubZero freeze marks the end-of-June phase 0

ETH prices are falling back as price action strives for balance. Following the SubZero freeze notifying the community of Phase 0 amends, the community is expectant of a price recovery. At spot rates, ETH is under pressure and could consequently slide to $230 in days ahead.

Ethereum Price Analysis


Good news for ETH holders and Ethereum as an ecosystem is that the network is ready to transition from proof-of-work to a staking consensus system. Controversial in some circles, the era of Ethereum 2.0 is ready to roll. It follows the SubZero freeze announcement marking the end-of-June Phase 0:

“This release marks the end-of-June phase 0 spec freeze . v0.8 is to serve as a stable target as implementers work toward multi-client testnets in addition to on-going efforts in formal verification, fuzzing, and audits.”

Back in May, Justin Drake of the Ethereum Foundation, announced the freeze saying:

“I’ve been continuing to fine comb Phase Zero in preparation for the spec freeze which we’re targeting for the 30th of June. We’re still very much on track […] simplifications are coming through which is great, and the process of fine combing is also for finding final bugs.”

In simple terms, this is the much-needed progress. It is the perfect trigger following concerns on whether Ethereum developers will follow through on their commitment and activate Ethereum 2.0 on time. Timely, this notification also comes at a time when on-chain transactions are swelling. On June 28, transactions surpassed the one million mark, the most it had in a year and roughly 349k short of Jan 4, 2018.

Candlestick Arrangement

Syncing with BTC, ETH is equally under pressure. Even though buyers have a chance, odds are prices may drop to $230 or lower in a retest. If bears are superior and there is a slide to these support levels, the retest would be complete.

That would be yet another opportunity for traders to ramp up with targets at June 2019 peaks. At the moment, sellers are pressing lower. Led by a double bar bear reversal pattern following steep losses of June 27, every high should practically be a selling opportunity with a target of $230.

The level is of immense significance in this trade plan for a simple reason. It stabilizes bulls, and if there is a spike in trade volumes driving prices lower, the blow-off will catalyze bears aiming at $170.

Technical Indicators

Technically bullish, ETH is correcting. Accompanying the slide is decreasing volumes. Any revival driving ETH above $300 or dropping below $230 ought to be with high participation preferably exceeding 554k of June 26.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

Tags:ETHethereumEthereum 2.0SubZero Play BTC Games, ETH Games, USDT Games, BCH Games, LTC Games

SubZero freeze marks the end-of-June phase 0

ETH prices are falling back as price action strives for balance. Following the SubZero […]


Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by
Tags: eth ether trading

Recent Posts

  • Bitcoin Business

Robinhood App Encroaches on Banking Turf with High-Yield Money Tool

Popular stock market and crypto trading app Robinhood is going after legacy banks with the relaunch of a cash management… Read More

12 mins ago
  • Bitcoin Business

The blockchain/crypto week in quotes

“The world that Satoshi Nakamoto, author of the Bitcoin whitepaper envisioned, and others are building, is an unstoppable force.” US… Read More

12 mins ago
  • Bitcoin Business

Art and watch collectors: Here’s how blockchain can stamp out fakes

According to an OECD report on counterfeiting, the world trade in fake goods is worth upwards of S$624 billion a… Read More

12 mins ago
  • Bitcoin Business

Litecoin and the Miami Dolphins Join Hands Over Charity

Who would have known American football and cryptocurrency would go so well together? In a press release, The Miami Dolphins… Read More

6 hours ago
  • Bitcoin Business

Crypto News: Grayscale’s Record Inflows, Shell’s New Blockchain Investment

Increasing amounts of capital are flowing into the crypto and blockchain start-up markets. By following the money, investors can uncover… Read More

6 hours ago
  • Bitcoin Business

David Koepsell (YICB 07), Co-founder of Encrypgen, LLC and Blockchain in Healthcare Global

David Koepsell is the co-founder and chief executive officer of Encrypgen, a software company creating next-generation blockchain solutions for genomic… Read More

6 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More