No products in the cart.
- Latest
- Trending
ADVERTISEMENT
Ethereum Classic (ETC) continues to benefit from the upcoming transition of blockchain rival Ethereum from Proof of Work (PoW) to Proof of Stake (PoS).
In particular, the price of ETC has risen by more than 20% to reach $ 27.50. This was two days after Ethereum co-founder Vitalik Buterin approved the Ethereum Classic. I got a virus Overall social media. In his comment, Buterin presented the chain as a “great” PoW alternative to Ethereum.
The statement emerged in fear that a potential Ethereum network upgrade in September this year would force PoW miners elsewhere.
In other words, they will be looking for an alternative PoW network to ensure that the rig continues to work. Since this is the original version of Ethereum, it may benefit the Ethereum Classic and therefore may guarantee an easy transition for miners.
Impressively, ETC prices have risen by more than 120% since mid-June, making them outstanding performers in the past month. Nonetheless, it has fallen by more than 85% from May 2021’s record of $ 185, indicating that the ongoing retracement move could be a technically bullish trap. Suggests.
Convincing evidence comes from a price rebound of 150% of ETC from June 2021 to September 2021, which was a false recovery signal.
Interestingly, ETC’s ongoing price action looks similar to that of 2021, as shown in the daily chart below.
As in 2021, this year’s ETC is integrated within the limits defined by the 0.236 Fib line (~ $ 28.50) for support and the 0.382 Fib line (~ $ 22.80) for resistance. Similarly, the daily relative strength of tokens has been modified from the “overbought” area during price consolidation.
Related: This little-known DeFi crypto token has recovered over 800% in a month
Therefore, ETC may continue to level off in the $ 22.80 to $ 28.50 range and then collapse towards 0 fibrine near $ 13.65.
In other words, it’s a 50% discount from today’s price.
The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Cointelegraph.com. All investment and trading movements carry risks. When making a decision, you need to do your own research.
