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Ethereum Classic Sees 280% Hash Rate Increase After Ethereum Merge
Cryptocurrencies surged after Ethereum merger, but have since retreated
ETC lacks the directional bias associated with falling prices
Ethereum has finally successfully transitioned from a proof-of-work blockchain to a proof-of-stake blockchain. Immediately after the transition, tokens on his PoW platform such as Ethereum Classic ETC/USD rose. Since then, the cryptocurrency has retreated with a loss of 5.28% in the last 24 hours. Does that indicate a lack of sustainability in post-merger gains?
Ethereum Classic is one of the platforms expected to attract PoW miners after the Merge. On Thursday, shortly after the merge, the protocol’s hashrate climbed to 183 terahashes per second. This suggests that cryptocurrency mining productivity increased by 280% in just 24 hours. However, it should be noted that the hashrate of Ethereum Classic increased by 500% in 30 days. Minor was already preparing for the post-merger situation. The hashrates of his other PoW blockchains, such as the Ergo blockchain and Ravencoin, have also surged.
There are several possible scenarios to explain the drying up of ETC profits after the Ethereum merge. First, ETC is trading near a five-month high, while most tokens remain subdued. Further gains after the merger cannot be discounted, but prices may already factor in the development.
A more serious factor hampering ETC’s post-merger growth is cryptocurrency sentiment. Overall, cryptocurrencies are in the red following better-than-expected inflation. The potential benefits of ETC should therefore be considered within the broader crypto sector.
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Source TradingView
Technically, Ethereum Classic has no directional movement. The price has broken below the moving averages but is trading at the $34 support level. ETC needs to overcome a further break below support to consider its bullish bias.
After the Ethereum merge, Ethereum Classic witnessed an increase in hash rate. The price still does not reflect the mining performance and has no directional bias.
