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Ethereum Classic is up 18% this week
Hashrate increase observed in network
Ethereum Classic Still Faces Bearish Pressure at $19
Ethereum Classic (ETC/USD) has attracted bullish interest for the past two days. Despite falling 1% during the day on Friday, it was still up 18% during the week. Most of these increases occurred on January 4, 2023. The rally has taken the cryptocurrency above a key downtrend line that has contained ETC for some time. But how long will the ETC rise last?
Ethereum Classic succeeded when Ethereum succeeded Move to Proof of Stake protocol. Ethereum Classic is itself a Proof of Work protocol. Therefore, the Ethereum shift, also known as Merge, was expected to push the PoW miner to his Ethereum Classic. Initially pushing prices higher, ETC later crashed as speculation waned.
The latest ETC rekindles hopes of minor activity on Ethereum Classic. Hashrate dropped in December 2022 but started to gain momentum heading into the new year. According to CoinWarz data, the hashrate improved from 97.5975 TH/s on December 27th to 111.7497 TH/s on December 30th. This could indicate that the miner’s activity and his ETC trading have increased, leading to price increases after the new year. However, buyers may need to exercise caution at current price levels.
The technical outlook points to significant gains in ETC momentum. The MACD indicator is about to cross the neutral zone. However, after ETC reached resistance at $19, the bears are looking to force a correction.
Despite breaking above the downtrend line, ETC is facing a correction. The price has yet to trade above its previous high.
A breakout of the $19 resistance is the necessary validation for any further move up. Investors should buy ETC If bullish momentum is confirmed and the pair recovers above $19. At current prices, ETC is still facing a slump back to the $14 bottom.
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