Ethereum Classic: Atlantis Hardfork

Ethereum Classic Atlantis

Cruxpool up and ready for the hardfork

ERIC GEOFFROY

After months in testing stage, ETC hardfork will be deployed – and Cruxpool is ready for it.

You may have heard recently about the new hardfork that is prepared by the Ethereum Classic developpers’ team. Reminder: Announcement was made on June 19th that the it was in testing stage, and that the update was schedule for September

Read more: How Ethereum Classic was born?

While we were introducing Ethereum Classic to Cruxpool, we were already working on making it compatible with this new update. As of today, we have witnessed absolutely no problem with this hardfork and we are happy to announce that we are now 100% compliant to this update.

What is Atlantis all about?

If you don’t know what is a hardfork, it’s simply a major change in the protocol of a blockchain. For example, Ethereum Classic and Ethereum as we know them today are born from a common Hardfork.

This does not mean that Atlantis will create a separation between Ethereum Classic and a newborn cryptocurrency. On the contrary, the Atlantis update is designed to enhance the interoperability between Ethereum and Ethereum Classic.

The consequence of that is the creation of MET, a token deployed by ETC Labs and Metronome, that will be transferable between the aforementioned blockchains. In brief, Atlantis hardfork is a way for ETC to add EIPs to its core:

Atlantis is there to incorporate multiple Ethereum Improvement Proposals (EIPs) that have been around on Ethereum for some years already. The mission of the hard fork is to pull ETC up to ETH’s latest protocol enabling easier interoperability between them.

Will Atlantis Hardfork impact your mining?

Absolutely not. Nothing will change for our miners, and there are no updates to do on your side, we have done the work in the backend and that’s all there is to say about it. Also, there will be no impact on your earnings (expected or real) – so you basically have nothing to take care of.

Should you have any question, please do not hesitate to contact us.

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Trading tips for miners

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Intermediate

A few trading tips for our miners

Hey miners! As Ethereum price is a critical point for you, we decided to give some tools so that you can assess the evolution of the Ethereum price.

Basically crypto-currency are mainly influenced by technical analysis, which is a job on its own. Since the end of the 19th century, generations of traders tried to master these skills with different result. So, you won’t become a professional trader by reading this article but we can provide some information and advice that will help you avoid some trap

Let's start with the basics

First trading tips, keep in mind that the price of all crypto are closely related to Bitcoin price. An in-depth analysis of the evolution of Bitcoin price will give you some clue to anticipate the future of all the crypto market. Remember that like any market there are ups and downs, and this means that you should always be aware of the timeframe you’re analyzing (this could go from 10 years to 10 minutes).

On the other side, when it’s not about a specific period of time, analyzing specific assets can be a winning strategy. Sometimes it could happen that, for a short period of time, some crypto could be in a bearish trend (price goes down) while a specific crypto will outperform the general trend and enter in a bullish trend (price goes up)

In a nutshell, I advise you to first define a global trend and zero in to a specific period of time or assets.

 The trend was negative (to say the least) during most of 2018 but seems to turn positive since December. This is something you should pay attention to.

Printscreen of trading dashboard interface
picture of bullish and bearish market phases

Indicators you should know.

Trading tips #2 include specific tools but since there are endless useful indicators to master, you will have to choose a few depending on your strategy and mindset. Here are two indicators that I consider very handful and important to master.

First, the MACD:

Moving Average Convergence Divergence (MACD) is a trend-following momentum indicator that shows the relationship between two moving averages of a security’s price. […] Moving Average Convergence Divergence indicators can be interpreted in several ways, but the more common methods are crossovers, divergences, and rapid rises/falls.”

Basically, it will help you determine signals to decide when to buy or sell your cryptos based on analysis of moving average. There’s a full article on Investopedia we recommend that you read if you want to know more about MACD.

Second, the RSI

The RSI –relative strength index – is a “momentum indicator that measures the magnitude of recent price changes to evaluate overbought or oversold conditions in the price of a stock or other asset. The RSI is displayed as an oscillator (a line graph that moves between two extremes) and can have a reading from 0 to 100.”

This indicator will assess the soundness of a trend and allow you to determine overbought (above 70) or oversold (below 30) territory. It can also tell you when a trend will change or if a trend is sustainable.

With those two tools coupled with point and figure analysis, you’ll be able to identify patterns in graphics, allow you to act cleverly. All of this should prevent you from buying high and selling low, a very common mistake that every trader tries to avoid but that I see often.

chart explaining RSI indicator

A few comments on buying and selling for our miners.

My trading tip #3 is about your behaviour when it comes to cryptocurrencies. As you don’t buy crypto but produce them, you will mainly try to short the asset. Except if you’re a holder (HODLR) of course, which by the way, another thing I encourage you to be because crypto is the future!

By shorting, I mean sell the asset when indicators signal a corrective trend is on the way. A simple and clear strategy would be to stop there. However, if you want to play, you can use technical analysis to buy the asset on the bottom of a corrective trend to sell it higher. Keep in mind that it’s almost impossible to buy the asset at an all-time low and sell it at an all-time high (either on a short or long period of time).

Let’s give it a shot with a global analysis of Bitcoin price, as Bitcoin is the main asset in the crypto field.

As all of you know, we have experienced a strong corrective trend since December 2017 that seemed to have ended in December 2018. On the 15th of December, we reached a bottom at 3118 $. Since then, the trend turns positive and several resistances have been broken.

April was a very good month! The positive trend accelerated, Bitcoin jumped from 4100 $ to a five-month-high at 5627 $ on the 23th of April, the highest level since Nov 18. We are actually at a crossroads and we’re currently experiencing a so-called golden crossover, a bull cross of the 50 day and 200 day moving averages for the first time since October 2015. The crossover represents a long-term bearish-to-bullish trend change. But the crypto market is what it is, so I advise to stay careful.  

chart explaining golden corssover

Where could we go from here?

Reproducing the pattern of Bitcoin, Ether bottomed out on the 15th of December at 85$ and bounce back since then to reach a five-month-high at 188 $. That’s a 120% increase so Ether has outperformed Bitcoin since December.

If you liked this article, please do not hesitate to comment and share it on your favorite social media, it would help us a lot 😉

Julien

Mammoth Hunter

Passionate about blockchain and cryptocurrencies, I created Cruxpool. I sometimes write for this blog!

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