Ethereum Is Down, But Not For Long

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Contents

Ethereum Is Down, But Not For Long

This Is Why Ethereum Will Lead The Rebound

The entire cryptocurrency market fell hard last week as a double shot of negative news hit the market. The first, a paper published by students at the University of Texas, says that Bitcoin’s price run up in 2020 was due to Tether Dollar manipulation. Tether Dollar, a cryptocurrency tied to dollar deposits, is supposed to mimic the US dollar but has long been though to be flawed because there is no way to know that the number of Tether Dollars equals the number of dollars on deposit with the Tether network. The second, word that Bitcoin futures, coming from mega bull Tom Lee, had a negative impact on BTC prices as expiration approached.

The good news is that neither of these events has any relation to the underlying value of BTC, and both provided opportunity for new purchases at long-term lows. In the first case, if Tether Dollars were manipulated in order to run up the price of BTC it is Tether that is worthless, not BTC. In the case of the second, futures trading and the impact of options expiration is a phenomenon most commodities face and that, ultimately, has little affect to BTC price value long term.

Ethereum, The One Crypto To Rule Them All

Meanwhile, Ethereum has made several announcements over the past two week’s that bodes well for the world’s most advanced blockchain. The first is progress on the Plasma network. Plasma is a blockchain application that will launched on top of the Ethereum network in an effort to speed up transactions. It is part of a larger scaling plan that will eventually allow the launch of private blockchains across the Ether network and ultimately pave the path for debit transactions comparable to the current banking/CC system on the block chain.

The second is updates to the sharding protocol. Sharding will divide across the network so that only those servers attached to a specific Shard will have to process transactions within the shard. This is expected to enhance security as well as reduce transaction times. The third is an update to the Casper protocol, a protocol that will switch Ethereum from proof-of-work to a hybrid proof-of-work/proof-of-stake blockchain, and also increase network speeds.

The most important announcements comes from US regulators. The CFTC commissioner says that blockchains are a tool for changing our daily lives, a very optimistic statement from someone at the center of the regulatory debate. The SEC followed that up with an announcement they’ve decided (no surprise to us) that Ethereum is not a security and that buying/selling ETH is not a securities transaction. This is good for two reasons as it means less SEC meddling with Ethereum exchanges and paves the way for an Ethereum futures contract.

At the time of this writing ETH is down nearly 5% on the day but off the weekly low, and well off the long term low. The coin appears to be at an extreme low, confirmed by the indicators, and ripe for reversal. The indicators are both divergent from the low and showing bearish crossovers, consistent with upward movement in prices. A move up may find resistance at the short term moving average, a break above that would be bullish.

Bitcoin And Ethereum Forecast: Down – But Surely Not Out

The price actions of Bitcoin and Ethereum have failed to break out of their bearish trends this past month – and investors are preparing for lower support levels in the near future. Positive market conditions could likely lead to an influx of first-time investors as well as veterans adding to their positions at the bottom.

A Quick Recap

If you’ve taken long-term positions in either Bitcoin or Ethereum between now and November of last year — chances are that you are feeling quite discouraged with your investments. At this time there is a low probability of a reversal into another bull trend in the near future, so perhaps it is better to focus on some key support levels.

First, looking at the Bitcoin daily chart – we can see a large descending trend line starting at the top in the first week of January at around $17,000. Bitcoin has not been able to break out of this line, making a few attempts to cross in May, and most recently acting as a resistance on June 10th, when it fell 18 percent.

It seems unless Bitcoin can rapidly close over the 50-day moving average, around $8,300, we will continue down to the top horizontal support around $5,000. Further failures to break out of the descending line could potentially lead to lower support levels of $3,000 or even sub-$1,000.

Taking a look at the Ethereum daily chart we can see some similar patterns and support levels. A similar, steep downward trend line from the beginning of the year has been a huge resistance. Failed attempts to break out of this descending line have pushed Ethereum lower and lower towards our first top horizontal support of $380.

This seems to be a strong support — as it was a resistance last year in June and September, and a previous low at the beginning of March this year. Further failed attempts to break through the descending line, and holding above the top horizontal support could potentially force Ethereum significantly lower towards the $100 level.

Rolling With The Punches

Bitcoin and Ethereum’s forecast might seem grim for most, who were hoping to see a return to those high points in December and January by now. But patience is key in times like this, and we should focus on being prepared for all possibilities, as well as having a plan in place that is in-line with our individual situations.

Ryan Wilday – a cryptocurrency analyst from ElliotWaveTrader – perfectly summarizes his views of the current markets, stating:

In conclusion, we have a local breakdown that is likely to bring us into long-term support areas, or a little above. While in the short term this will be very painful for current investors, it may offer a long-term opportunity for long-term holders to add, and those on the sidelines to get in.

What do you think is in store for Bitcoin and Ethereum through the remainder of the Summer and the end of the year? Will you be adding positions or patiently be waiting for a return to all-time highs? Let us know your thoughts in the comments below!

Ethereum node needs to sync, taking too long #2508

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statsdroneadmin commented Jun 13, 2020

It’s taking far too long for ethereum node to sync. I’ve been running my computer for at least half a day, internet speed is definitely not the issue. I’m at block 2,000,000 of 3,866,000 and the last 150,000 blocks have probably taken at least 6 hours. I’ve tried to find other users commenting on similar issues and the only thing I could find was reference to the system clock of the computer. I’m on a mac so I’ve manually edited it but it doesn’t seem to do anything so it’s automatically synced with time.apple.com.

System information

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OwlGreenApple commented Jun 13, 2020

yeah im agree, the developer needs to find a way to install this, this is really take too long

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statsdroneadmin commented Jun 13, 2020

It gets to the point where it downloads more blocks before it stalls and I have to usually force quit the app and restart it to get it going to download more blocks. My hard drive has more than enough space so don’t think this is the issue. I’ve tried to run it all on it’s own so don’t think it is a computer resource issue.

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chrismanahan commented Jun 13, 2020

i’m seeing the same issue. i left my computer on for about 18 hours and still under 2.5 million blocks. i’m just recently learning about how all this works, so please don’t mind my question if there’s an obvious answer, but is there a reason wallet nodes on the network need the entire chain, instead of say, the most recent million? and then miner nodes could include the full chain for integrity

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MrFix3 commented Jun 13, 2020

Seeing a similar issue, blockchain takes a long time, gets nearly to 100%, then starts the sync over again. I tried deleting the l%APPDATA\Roaming\Ethereum\geth\chaindata directory and restarting. That made the sync download run faster, I assume because it was doing a –fast sync, but it still fails to complete. I am using a Windows 10 PC, running 0.8.8 so I will update the build and try again just in case that’s contributing.

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statsdroneadmin commented Jun 15, 2020

In 2 days I’ve moved 900,000 blocks. This wallet is useless, anybody else recommend any local wallets?

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statsdroneadmin commented Jun 16, 2020

400,000 blocks to go.

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isitabubble commented Jun 18, 2020

I’ve been trying to sync for more than 3 days now, have downloaded close to 50GB of chaindata and I’ve another 1.5Million blocks left to sync.

I am also new to this whole lot and don’t want to end up loosing cash!
In my hyped-up hurry to buy ETH I rushed into installing Ethereum Wallet app, copied the first legit looking address and used Changelly to change BTC to ETH and sent it to that address (my main account in the Ethereum wallet).

5 Days later still no sign of the ETH in my wallet. I’m hoping it is due to the ever-lasting sync .
I feel like my coins are being held at ransom. What if it NEVER finishes syncing. :(

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SirHardo commented Jun 19, 2020 •

it seems that these tech-smart people have not made etherium participation user friendly AT ALL! Bitcoin is so uncomplicated! My Ether also ‘lost’ in thin air due to needing to ‘sync’. Sync what for goodness sake?! I’m not a miner. 100gb sync data down already, in a perpetual sync. SO FRUSTRATING. I can see my ether on https://etherchain.org but i cant do a thing with it at all. Cant get it into ANY wallet whatsoever.

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OwlGreenApple commented Jun 19, 2020

I complete my sync (first instalation) with a week more 1 day. This is really annoying. :(

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vryfokkenou commented Jun 20, 2020

Yep. Same issue here. I’ve had my computer running non-stop, doing nothing but syncing the ethereum wallet and I’m still more than 1,5 million blocks away from done. And in the last two days or so progress has really come a near standstill. In the last 10 hours the wallet synced only about 15,000 blocks. At this pace it will literally never fully sync.

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statsdroneadmin commented Jun 21, 2020

Anybody have other eth wallets to suggest?

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vryfokkenou commented Jun 21, 2020

I’ve downloaded JAXX. It’s a lightweight multi-coin wallet, but I’m using it to receive and store Ether. For now. Until I find a way of syncing the full node Ethereum Wallet.

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chrismanahan commented Jun 21, 2020

@alwayslookright I just started using Exodus. Before that, I was keeping it all in coinbase, which i don’t advise because of the frequency of their outages lately. It’s also more secure since you hold your private keys instead of a third party

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statsdroneadmin commented Jun 22, 2020

Anybody have any suggestions to help this process to finish syncing? I’ve been going for well over a week and it seems as it gets closer to synching, it gets slower and slower with no end in sight.

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ddon commented Jun 24, 2020

After several weeks, I have this:
Downloading block 2,433,819 of 3,923,919
Downloaded so far 48.8 GB.

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garretlaxton commented Jun 25, 2020

You guys can use myetherwallet.com to access your ETH while your wallet syncs.

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ddon commented Jun 25, 2020

After 24 hours:
Downloading block 2,438,870 of 3,923,919
Downloaded so far 50.6 GB

So, in 24 hours 5,051 blocks were downloaded, and since 1,485,049 left, it will take me 294 days :) nice. plus, by that time couple of millions extra blocks will be mined :)

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ddon commented Jun 25, 2020

They say to start from very beginning and start geth with –fast –cache=1024 params and process will go much faster. Anybody knows about this?

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statsdroneadmin commented Jun 25, 2020

How are you supposed to access your wallet that was created on the ethereum.org site to open it in myetherwallet.com?

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garretlaxton commented Jun 26, 2020

@alwayslookright By using your backup file that you should have stored somewhere safe.

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dogonbeach commented Jul 3, 2020

Okay so is there a technical solution to this? A missing dependency or networking issue?

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ddon commented Jul 4, 2020

Just to update everyone here, –fast –cache=1024 params really helped the situation ��

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stefkes commented Aug 6, 2020

Same problem here, this is basically unusable.

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ddon commented Aug 6, 2020

@stefkes start from scratch and do it without a GUI. start geth with –fast and –cache=1024 params, and it will be finished in no time.

Or use MyEtherWallet :-)

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tomtom87 commented Aug 17, 2020

I started syncing my wallet on monday, still not synced on thursday. fucking rediculous..

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r0nanhugh3s commented Aug 18, 2020

top man for sharing @ddon .

@tomtom87 . Just use geth on command line as per above and it works fine.

/Libary/Ethereum/geth/chaindata ( or whereever chaindata has been stored on your machine. ) to clear out the old sync data. Otherwise it stays in slow mode.

geth –fast –cache=1024

You’ll see it sync pretty quick.

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/Libary/Ethereum/geth/chaindata ( or whereever chaindata has been stored on your machine. ) to clear out the old sync data. Otherwise it stays in slow mode. geth –fast –cache=1024 You’ll see it sync pretty quick. — You are receiving this because you were mentioned. Reply to this email directly, view it on GitHub, or mute the thread.

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briandgoldberg commented Aug 20, 2020

You can use myethwallet.com to access your Etherium wallet that isn’t syncing.

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delton137 commented Aug 29, 2020

I deleted my chaindata and am trying to get my wallet to fast sync. I am using a linux soft link to save my chaindata on a different hard drive. I am using ethereum wallet –fast –cache=1024 to run the wallet. Is that effective, or do I have to run geth first with the command?

I am having an issue where my node is perpetually 50-100 blocks or so behind. I am not seeing any peers listed in the wallet GUI. Any ideas how to fix this?

It also seems that if I leave the wallet in the loading screen (ie do not click ‘launch application’ to run the GUI) it syncs faster. Has anyone else noticed this?

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ethy23 commented Dec 16, 2020

Tnx Hawaii18K.. Have SSD with mgmt on it so that goes automatically. What did the trick was geht with light opt on. synced in 3 hrs (about 70Gb).. shitty prg who does load al the chain (like BCoin does w/160Gb). but Bcoin loads in 3 mns and ethwall needs f#cking 2 hrs to sync. Think i shapeshift it to lcoin. have a nice wcnd!

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emiliano1 commented Dec 19, 2020

All of this is assuming you have geth in place etc and usually -v 1.7.2 or above.

ok it is final guys! This is the solution:

/Libary/Ethereum/geth/

  • $ mv chaindata chaindata_backup
  • $ mkdir chaindata
  • $ geth –fast –cache=1024
  • open ethereum wallet but DO NOT click on Launch Application.
  • Wait and if it all works fine (after 100% sync) then, remove the chaindata_backup file by doing $

    /Libary/Ethereum/geth/chaindata_backup

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    Duiesel commented Dec 20, 2020

    Guys, use Ethereum CLI client from https://github.com/ethereum/go-ethereum.
    I use geth –datadir ” ” –syncmode “fast” –cache 2048 –maxpeers 50
    It works for me!
    Before using backup Your geth/chaindata dir and make new empty geth/chaindata dir.

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    mcna72 commented Dec 30, 2020

    Clean up your hard disk space. That will solve the problem.

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    mcna72 commented Dec 30, 2020

    I turned the app permissions on in windows firewall, cleaned up about 100 G on the hard disk and then it started downloading the blocks. It looks like the wallet is looking for space before it starts downloading.

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    dfalzetti commented Jan 14, 2020

    the geth sync kept failing every 10 to 15 minutes so in windows i created a sync.cmd file with the following and that took care of it.

    C:
    cd “C:\Users\Dan\AppData\Roaming\Ethereum Wallet\binaries\Geth\unpacked”

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    call “geth.exe” –fast –cache=512 –datadir=”D:\Ethereum-Wallet-win32-0-9-3″

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    gciriani commented Jan 19, 2020

    @dfalzetti could you please explain what your batch lines do, one by one please?

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    yihaient commented Jan 24, 2020

    I have a Macbook Pro and my Ethereum wallet will not sync all the way. How do I fully synce the blocks and chain structures? Been downloading to 99% for the last two weeks. Please give me step by step instructions for a beginner. Thank you.

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    UncleSnake commented Jan 25, 2020

    Your batch file work perfect, thank you.

    For other: you need to change some parts due to different configuration of each machine.

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    raky35 commented Feb 3, 2020

    I am afraid Facing above problem . sad, not a smooth start ..

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    tommy2049 commented Feb 3, 2020

    any progress on this issue?

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    danielocdh commented Feb 11, 2020

    Have been at it for months (not 24/7, probably an average of 10-12 hours daily), I remember updating the client at least 3 times already during this period of time. I only need like 150k blocks now, they download at around 1 block per second, sometimes faster sometimes slower.

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    Duiesel commented Feb 12, 2020

    Hello everyone, using pc with at least 8GB RAM + 8GB swap with ssd 250 GB drive solve this problem for me.
    In the other side I tried to sync at win, linux and mac and had the same result: it syncing one block slower then the new one created.

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    orbatec commented Feb 28, 2020

    I have sent ETH to my Ethereum Mist wallet. however, my client won’t finish the sync anymore it seems. 65 blocks left and there is sort of stalls. I wanted to use that ETH to buy some altcoins, but of course I can’t get to see a balance. Adding a sole proprietor contract isn’t working either.

    Can I use the keystore of the Ethereum Mist wallet to access this wallet via another platform? I am pretty new to all this cryptocoin stuff, but am fairly savvy with cryptography and security in general, so you can go technical on me :-)

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    emiliano1 commented Feb 28, 2020

    @orbatec just import your key on www.myetherwallet.com and you should be able to do everything from there.

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    tyramisoux commented Feb 28, 2020 •

    At least I prefer to keep my wallet and keys on my own system.
    In fact I also have major trouble. About 10 other wallets run nice except Ethereum. Today I have not more than 2 peers. sucks.
    And yes, I’ve read everything about “ISP limit swarm connections”. But I do not have that troubles with others and able to connect to hundreds of peers using Bittorrent for example.
    And yes – my system clock is fine (NTP from Firewall NTP server)

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    orbatec commented Mar 1, 2020

    The whole geth –fast –cache=2048 didn’t do diddly. So I ended up installing Parity and importing my geth keystore from Ethereum Wallet. Low and behold, my ETH is finally showing up! And it took Parity only about 2h to find my block. On the downside I left my computer on all night and now I have some serious wear on the fans as it has been huffing and puffing non-stop with processor usage up to 171% . I am fairly new to blockchain and cryptocoins, but this is a huge problem imho. I would expect that once you are in sync it should not continue to consume all of your resources, but it does. I actually find it quite useless this way.

    Using myetherwallet -I assume- has the benefit that you are not doing the synchronization yourself: it is done by the platform. And yes, I too like to keep my wallet private, but the way it is now, it really isn’t usable.

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    tyramisoux commented Mar 1, 2020

    I had no luck at all syncing with the light-client. After switched off it works way better.
    also forwarded 30303 from firewall to desktop. Seeing 2 incoming connections which seem not change a lot

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    raky35 commented Mar 25, 2020

    it is working for me know .

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    tyramisoux commented Mar 25, 2020

    I have no other idea than there must be attacks to the network. Had not more than 1 up to 3 peers for WEEKS but gone up to about 20 peers a few day ago.
    It is still very slow but continued importing!
    With cache of 2048 it is no problem at all using HD OR SSD since I/O and disc-access is very low as well as network traffic.
    When monitoring this I found “Microsoft photos” periodically takes a multiple of geth resources and bursting my drives hot. Removed that stuff to free shitloads of resources.

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    karikalanCyberForza commented May 10, 2020

    hi,
    i am using ubuntu 16.04 xenial when i have been installing ethereum wallet it showing “ethereum node needs to sync please wait ” which is taking more time and how to fix this help me

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    sidhesham009 commented Aug 3, 2020

    my wallet downloading and synchronizing get lots of time. there is any option for reduce the time for downloading blockchain?

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