Ethereum Price Recovers Slightly Despite the Network Outrage; Is the $2000 Target Still in Play?
The second-largest crypto faced a major network outrage in the past few hours as it struggled to finalize blocks. This sparked major security concerns among the ETH holders as the clients started to release patches to fix the network’s stability. Similar to Bitcoin, unconfirmed transactions piled up over the network as they failed to reach finality.
Presently, the Ethereum blockchain is processing transactions smoothly, as the outrage lasted only for over 25 minutes. Regardless of this, the on-chain activity of the network remained unimpacted, along with the value of the token. The ETH price is currently surging beyond the crucial resistance of $1800 but has yet to validate the breakout.
The ETH price is trading within a rising wedge pattern and is currently testing one of the major resistance levels at $1800. A rebound from these levels may lift the price back toward $1900, which may pave the way for the token to reach $2000 in the coming days. Otherwise, a breakdown may drag the price back below $1800. Further, if the bearish action continues, the trend may even drag close to $1700.
Technical experts believe that the Ethereum network did not halt, but only a few blocks failed to reach finality. Hence, it can only be considered a technical issue rather than a network outrage. Besides, incidence like these may impact the development activity on the chain. Regardless o all these, the ETH price continues to remain unaffected and may continue to rise ahead.