The Ethereum Classic (ETC) price gained nearly 14% within hours as the date for the Ethereum’s merge was revealed. At the time of publication, ETC was changing hands at $43.35, up 12.60% in the last 24 hours. The Ethereum Foundation is expected to migrate from proof-of-work to proof-of-stake consensus in Q2 of 2022 through “The Merge.” According to ETH developers, the Ethereum mainnet merge is tentatively scheduled for TTD 5875000000000000000000, which means Ethereum may be merged on September 15 or 16. The previously expected date was September 19. Ethereum’s proof of stake transition presents an opportunity for ETC to be a proof of work consensus operating a modified version of Ethash called ETChash. Ethereum Classic, a hard fork that was launched in July 2016 after the infamous DAO hack, will attract those members of the community who want to stick with the proof-of-work consensus mechanism.
Key Levels
Resistance Levels: $55,000, $50,000, $45,000
Support Levels: $30,000, $25,000, $20,000
ETC/USD Daily ChartOn the daily chart, the price bounce above the moving average (MA 50) denotes upward pressure. As the 19th cryptocurrency continues to maintain its position above the support level of $30, which served as a barrier between the peak of this year and its low, while near-term buying activity becomes predominated. Thanks to an increase in positive actions and a decrease in negative momentum.
Overall, after its recovery to $45.38, Ethereum Classic continues to recover some of its losses. Buyers’ emergence around the $35.53 handle might try to make a bullish return since the loss produced a 4-week low. The bullish Relative Strength Index (RSI), which indicates a run-up in upward momentum, hastened the rise from the $32.17 level.
ETC/USD 4-Hour ChartThe short-term oscillators currently indicate bulls are encouraging further advances in the pair above the $40.0 level. Bulls may buy through, but only if the price rises above the horizontal barrier, which is $45,380. Initial upside friction may start at the horizontal barrier at $45,380 if buyers are successful in extending the rebound past this area.
Otherwise, initial support could come from the $32.17 mark, with the lower support region at $30,000, if positive forces start to wane. And should the downward trend continue, the price may aim for the $28,500 moving average (MA 200) line. For bulls to outnumber bears on the ETC/USD pair, buyers must push the price above the $45,000 level.
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