Market Overview
As of 13:00 Beijing Time on August 22, Ethereum Classic (ETC) traded at ¥94.13 on Huobi, opening at ¥95.81. The daily high reached ¥98.88, with a low of ¥93.30, marking a 1.75% decline.
Meanwhile, Ethereum (ETH) stood at ¥2,034.99, opening at ¥2,279.36. Its daily high and low were ¥2,326.00 and ¥2,018.00, respectively, reflecting a 10.72% drop.
Key Observations
- ETH’s recent surge breached the 61.8% Fibonacci retracement resistance but stabilized above this level despite minor pullbacks.
- Market sentiment remains cautious due to Bitcoin’s volatility, which could impact altcoins.
👉 Track real-time ETH/ETC prices
Industry Updates: Ethereum’s Metropolis Hard Fork
Amid Bitcoin-dominated headlines, Ethereum’s development team confirmed the Metropolis hard fork will launch in late September.
Roadmap Highlights
- Anonymity Enhancements: Integration of zk-SNARKs for private transactions.
- Smart Contract Simplification: Streamlined coding and adjusted "gas" fees.
- Security Upgrades: User-controlled address-key pairs to counter quantum threats.
- Difficulty Bomb: Accelerates transition from Proof-of-Work to Proof-of-Stake ("Ethereum Ice Age").
Market Implications
- Short-term: Mining slowdown may pressure prices.
- Long-term: Increased adoption could drive value.
Metropolis precedes Serenity, the final upgrade targeting scalability and investor confidence.
👉 Explore Ethereum’s future developments
FAQs
Q: How does Bitcoin’s volatility affect Ethereum?
A: Bitcoin’s price swings often influence broader crypto sentiment, including ETH’s short-term trends.
Q: What is the purpose of the Difficulty Bomb?
A: It gradually increases mining difficulty to transition Ethereum to a more energy-efficient consensus model.
Q: Will Metropolis improve Ethereum’s transaction speed?
A: Not directly—scalability solutions are slated for the subsequent Serenity upgrade.