Although most cryptocurrency markets are red, Ethereum Classic 14% rockets in 24 hours. ETC price rose to $27 on July 27, representing a 100% gain nine days after hitting a low of $13.35. The optimism surrounding Ethereum’s planned network upgrade in September has significantly affected its price recovery. ETC: Ethereum 2.0-driven optimization is driving strong uptrends in ETC, making it the top gainer of the day.
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Development of the Ethereum Classic (ETC) network
Pool CEO Lv Lei has contributed $10 million to the Ethereum Classic ecosystem and will continue to do so. It was announced this week at Bitmain’s World Digital Mining Summit that AntPool, the mining pool connected to mining rig giant Bitmain.
Even if the Ethereum network transitions to a proof-of-stake (PoS) model, Ethereum Classic will continue to use the proof-of-work (PoW) methodology. The Proof-of-Stake protocol will significantly change the way Ethereum validates blocks, adds them to the blockchain, and generates new Ether (ETH).
This will eliminate the need for specialized mining rigs such as those made by Bitmain. The initial investment of $10 million was used to research and develop applications for the Ethereum Classic mainnet to improve overall network performance. This has been seen as one of the main reasons for ETC price increases.
Mixed Crypto Market Sentiment
Even though some digital assets, such as Ethereum Classic, have not yet been affected, the cryptocurrency market has lost its upward momentum from the previous week. Investors returning to the fiat market, combined with a lack of bullish leverage in the cryptocurrency market, indicate that another crash is possible. Bitcoin lost ground, which could be detrimental to other cryptocurrencies.
The bearish performance of BTC and the sell-off in the crypto market did not impact the price of Ethereum Classic. ETC’s current live price is $27.19 and its 24-hour trading volume is $1.4 billion. Ethereum Classic gained 15.70% the previous day, while ETC is ranked number 21, with a live market capitalization of $3.6 billion. Let’s take a look at the technical outlook of Ethereum Classic.
Ethereum Classic Rockets 14% – Technical Outlook
ETC/USD is consolidating under a triple top pattern, with $27.80 acting as strong resistance. The ETC/USD pair formed an ascending triangle during the 4-hour period. Typically, the upward triangle pattern appears on the upper side; therefore, it is worth looking for a buy trade once the resistance level is breached. An increase in ETC demand could reduce the $27.80 level, exposing the price of the coin to $31.60. However, traders should wait for the candles to close above the resistance mark to confirm a breakout.
On the downside, ETC may find support above the 50-day EMA line at $25.15. A bearish cross below the 50 EMA line may expose ETC price to the $23.20 double bottom support level. Consider looking for a buy trade above $27.80 and vice versa. Good luck!
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