Ethereum Crashes Again: Is A New Upgrade Needed?

The latest crypto news today show that Ethereum crashes again and keeps on declining, now with around 3% losses on the day. Even though the cryptocurrency has had a solid year, the end of the year has been dreadful for many traders.

The truth is, development has been a little delayed for ETH because of certain aspects. However, the cryptocurrency remains the largest dApp and smart contract platform in the world, so this is to be expected. As the Ethereum news show, another hard fork is due in less than two weeks. The big question as Ethereum crashes is…Will the prices finally react to this?

Today, we can see that the majority of the crypto markets have taken a hit and as usual, ETH has taken more punches than the rest. The charts show that early in the morning, ETH slid from $135 back into the $125 zone in a 6.5% decline in total – but managed to retrace at $129.72 and just below the $130 margin.

The good news is that a quick reversal occurred and that ETH managed to restore its losses in a quick way. The new level of resistance at $135 has been too much for the bulls to overcome and the crypto asset is now looking to end the year lower than it began.

With a lot of FUD and tribalism on the crypto Twitter discussion threads towards Ethereum, people are now claiming that Ethereum crashes again and underperformed massively this year. The delays in ETH 2.0 have also caused the rival platform supporters to wield their digital spears but putting things into context was one protocol specialist who said:

“It took Apple 2.5 years to add Copy+Paste functionality to the iPhone. Think about that before complaining about how long ETH2 is taking.”

This comment went viral quickly and raised a lot of eyebrows in the public. The Muir Glacier upgrade, scheduled on January 2 or block 9200000, deals with the Ethereum difficulty bomb or Ice Age – and is expected to stabilize things by adjusting the difficulty over time.

Even though this is a routine upgrade, the fact that Ethereum crashes again shows that the cryptocurrency is controlled by the bulls and the situation has been the same even with the Constantinople upgrade earlier this year.