*ETC is set to mark the fifth consecutive day in the green
*Ethereum Classic (ETC) is up over 80% at a present price of $49.90
*Ethereum Classic says it’s well-positioned to absorb much of abandoned Ethash hashrate
As per CoinMarketCap data, in the last seven days, Ethereum Classic (ETC ) is up over 100% at a present price of $49.90. Ethereum Classic (ETC) was created in 2016 as the result of a spinoff or “hard fork” of the original Ethereum network. The Ethereum Foundation is expected to migrate from proof-of-work to proof-of-stake consensus in Q2 of 2022 through “The Merge” which might disenfranchise the largest EVM’s Proof of Work mining ecosystem. Ethereum Classic says it’s well-positioned to absorb much of this abandoned Ethash hashrate. In an official blogpost titled ”Migrating to ETChash Post ETH Merge”, the Ethereum Classic welcomes “disenfranchised” ETH miners who may lose out on their stream of income when the Merge occurs. The reported success it’s seeing in the migration of miners might have likely contributed to the recent rise. The daily transaction volume on the chain reportedly is about 100,000 ETC.
Key Levels
Resistance Levels: $65.00, $55.00, $50.00
Support Levels: $40.00, $30.00, $25.00
ETC/USD Daily ChartETC reached a high of $49.90 near the major resistance at $50.00. To keep the momentum going, bulls must increase the price of ETC beyond $50.00. The first significant resistance level above this level is $55.00. If this hurdle is overcome, the ETC/USD pair may accelerate and rise to $65.00. The Relative Strength Index is in the overbought zone, which suggests bulls are in control.
If the bulls are unable to push the price over the $50.00 barrier, ETC might return to support below $40.00. If the price of ETC falls below $35.00, the optimistic forecast will be invalidated. In this circumstance, ETC might be compelled to seek for the next buyer congestion zone, which is located around $30 at the daily moving average (MA 50).
ETC/USD 4-Hour ChartETC broke over the barrier at $45.00 to continue its upward trend. Before the bulls stepped in, the token hit resistance at $40.00, dropping to lows of $36.10. Despite this, bulls are focusing beyond the $50.00 level, but they must first breakthrough here and $55, then towards the $65.00.
ETC, on the other hand, should avoid falling below $40.00 unless there is a sustained sell-off. The 4-hour moving average (MA 50) at $32.15 is the most important support in this circumstance. Further selling pressure may be resisted by the support at $32.17, which coincides with the MA 50. The ETC/USD pair is only positive when trading above the $40.00 level, with strong resistance at $50.00 and $55.00.
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