Ethereum Classic (ETC) is constantly on the reap advantages of its blockchain rival Ethereum’s approaching transition from proof-of-work (Bang) to proof-of-stake (PoS).
Vitalik Buterin likes Ethereum Classic
Particularly, ETC’s cost leaped with a little over 20% to achieve $27.50, 2 days after Ethereum co-founder Vitalik Buterin’s endorsement of Ethereum Classic went viral across social networking. In the comments, Buterin presented the chain like a “fine” Bang option to Ethereum.
The statements made an appearance among fears that Ethereum’s potential network upgrade this September will pressure Bang miners elsewhere.
Quite simply, they’d be searching for alternative Bang systems to make sure that their rigs remain functional. That may benefit Ethereum Classic becasue it is the original form of Ethereum and may therefore ensure a simple migration for miners.
ETC technical outlook
Impressively, ETC cost has rebounded by over 120% since mid June, which makes it the standout artist in the last month. Nevertheless, it’s still lower over 85% versus its May 2021 record a lot of $185, suggesting that it is ongoing retracement move could technically be considered a bull trap.
A convincing bit of evidence originates from ETC’s 150% cost rebound between June 2021 and September 2021, which grew to become an incorrect recovery signal.
Interestingly, ETC’s ongoing cost action seems like the one out of 2021, as highlighted within the daily chart below.
As with 2021, ETC this season continues to be consolidating within the range based on its .236 Fib line (~$28.50) as support and .382 Fib line (~$22.80) as resistance. Similarly, the token’s daily relative strength continues to be correcting from the “overbought” area throughout the cost consolidation.
Related: This little-known DeFi crypto token has rallied over 800% inside a month
Therefore, ETC could continue trending sideways within the $22.80–$28.50 cost range, adopted with a breakdown toward the Fib line near $13.65.
Quite simply, a 50% cost drop from This summer ‘s cost.
The views and opinions expressed listed here are exclusively individuals from the author and don’t always reflect the views of Cointelegraph.com. Every investment and buying and selling move involves risk, you need to conduct your personal research when making the decision.
