Altcoin News- On September 19, Ethereum moved from PoW to PoS.
- Till July 16, ETC was in a bearish market and on July 19 it started rebounding.
With the ETC/ETH pairs striking 10-month highs, Ethereum Classic (ETC) has been surpassing Ethereum’s native token Ether (ETH) throughout the recent crypto market recovery.
After hitting a low of $13.35, ETC’s price rose to $27 on July 22, representing a 100% gain in just nine days. When expressed in terms of US dollars, the cost of ETH has climbed by 64%. The ETC is currently trading at $27.64, while the price of ETH has dropped to $9 at the time of writing.
Ethereum Merge
It has been announced that Ethereum will combine on September 19. The impact of Ethereum’s Proof-of-Work to Proof-of-Stake network change is affecting the highs and lows of Ethereum in a way that favors the price of Ethereum Classic.
Additionally, stakes will take the position of miners. Because of this, the PoS move may force current Ethereum miners to use PoW networks.
Thus, investors believe Ethereum Classic will be the primary option for miners switching from Ethereum, which is probably one of the key factors behind ETC’s recent price increase.
Ethereum Classic Rebounded
The 89.68 percent retracement (from July 16) caused the alternative to increase, reaching its two-month high on July 19. This surge in buying enabled the bulls to close above both the short-term and long-term Exponential Moving Average(EMAs.).
The ETC has recently faced a bearish market, but it has also grown to $25 and is continuing to rise, giving it a strong opportunity to be in a bullish market.
If ETC keeps rising from the 38.2 percent support, it might make some progress before leveling off close to the Proof of Capacity (POC). The take-profit amounts in this scenario would be the same as above. The alt would probably thereafter experience moderate volatility before exploding.
Finally, the state of the overall market and advancements on the blockchain would be key factors in determining future movements.
Recommended For You
Source: https://thenewscrypto.com/is-ethereum-classic-rebounding-its-market/