Ethereum Classic traders are all bullish with an opinion that Ethereum classic will soon be a haven for miners that will also see traders shifting to Ethereum Classic from Ethereum Network. The reason for such an opinion being, the ETC price jumped by 15.5% reaching $44 for the first time since Dec 9, 2021.
It is also to be noted that ETC’s price gain of more than 75% in the last eight days outperformed Bitcoin’s 15.5% return during the same period. This might pull Ethereum Classic’s miners from Ethereum Network.
Ethereum Classic, A Feasible Alternative To ETH Miners?
In January 2019 when Ethereum Classic failed to attract users & only a handful of miners were left on the network, there was a double-spend attack worth $1 million on Coinbase and also the network faced a 51% attack.
Back in December 2020 the network saw some support from Cardano founder Charles Hoskinson who initiated the Mantis project to upgrade Ethereum Classic to support the community.
In the month of March 2021, though the Ethereum Classic rallied, the hash rate has not even come closer to new all-time highs suggesting that miners are not jumping over. However, users on social media platforms like twitter have started to talk about miners as shown in the following tweets.
It is to be noted that Ethereum Classic’s block rewards get cut periodically by 20% for every five million blocks. This happens approximately every 2.5 years. On April 15 2022 at block 15,000,000 , Ethereum Classic expected a surge to its third block rewards reduction.
If we see in terms of technically, ETC’s daily relative strength index is rising above 70 indicating a sell signal with ETC being oversold. At press time ETC has surpassed its interim resistance and is now trading at $44.
If ETC corrects, the currency may test near $37 and if ETC happens to see a decisive move, it could even surpass $50.
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Source: https://coinpedia.org/altcoin/ethereum-classic-etc-price-50-in-next-12-hours/