Ethereum Classic extended its winning streak and bid well at around $26.00. ETC saw exponential gains after regaining its long-term support zone near the $13 level. Ethereum Classic’s price rose by more than 12% in a single day. However, its upward trend could be related to the planned launch of Merge in September 2022. Before the merger, the price of Ethereum Classic could skyrocket. The Ethereum Merge event is scheduled for September 2022, following the approval of a schedule by the main Ethereum developers.
As the altcoin transitions from proof-of-work to proof-of-stake, the price of Ethereum Classic is expected to increase by 55%. The current live price of Ethereum Classic is $26.35 and its 24-hour trading volume is $1197 million. Ethereum Classic was up 38% in the previous seven days. ETC is ranked at number 22 with a live market capitalization of $3581 million. With a maximum supply of 210,700,000 ETC coins, there are currently 135,938,218 ETC coins in circulation.
Merger planned for September 2022
As mentioned earlier, its upward trend could be related to Merge is expected to launch in September 2022. The gains came after the Ethereum co-founder detailed his plans for future advancements at the Ethereum Community Conference in France, which went far beyond the network’s move to proof-of-stake.
The project is known as the “merge” because it will connect the Ethereum mainnet to the proof-of-stake beacon chain. It should be noted that the Ethereum Foundation claims that this will make Layer 2 blockchains more affordable, reduce the cost of rollups or bulk transactions, and make it easier for users to run nodes that protect the Ethereum network.
According to Buterin, the Ethereum network will process transactions faster once the wave ends.
Uncertainty in the crypto market
Despite numerous adverse reports, the cryptocurrency market has been showing signs of life since the beginning of the week. This could be due to increased investor confidence and volume in all cryptocurrencies due to increased awareness and adoption of the digital market. Although the gains were fleeting, they could be linked to reports that electric vehicle maker Tesla sold around 75% of its Bitcoin (BTC) holdings.
Due to Bitcoin’s decline in value, market leaders who invested in it, such as Tesla, MicroStrategy, and Block, suffered losses of around $5 billion. These adverse developments did not have a significant impact on digital assets, including Ethereum Classic (ETC).
Ethereum Classic Technical Outlook
The ETC/USD coin is trading slightly higher after bouncing off the $12.88 support level. ETC has already made 23.6% and 38.2% Fibonacci retracements at $22.20 and $28.65, respectively. Ethereum Classic is struggling to break through the $28.65 resistance level, and the coin is struggling to break through the $28.75 level.
On the weekly timeframe, however, the formation of bullish engulfing candles supports a buying trend. Accordingly, a break of the $28.65 level may open additional buying opportunities up to the $33.20 and $38.85 levels. The MACD and RSI are also pointing up.
The 50-period EMA, on the other hand, may extend resistance near $39. ETC/USD could find immediate support at $22.75 and $13.55. Consider a buy trade above the $22.20 level and vice versa. Good luck!
Battle Infinity – New Crypto Presale
- Presale until October 2022 – 16500 BNB Hard Cap
- First Fantasy Sports metaverse game
- Play to Earn Utility – IBAT Token
- Powered by Unreal Engine
- CoinSniper Verified, Strong Proof Verified
- Battleinfinity.io roadmap and whitepaper