Ethereum Classic Is Up 18% On The Week
The network has seen an increased hash rate
Ethereum Classic Still Under Pressure at $19
Ethereum Classic (ETC/USD) has been of bull interest in the past two days. Despite Friday’s intraday drop of 1%, it was still up 18% on the week. Most of these gains occurred on January 04, 2023. The gains pushed the cryptocurrency above a key descending trendline that ETC has been involved in for a while. But how long can ETC’s gains continue?
Ethereum Classic was tipped for success at the time of Ethereum transferred to proof of stake Drafting Ethereum Classic itself is a Proof of Work protocol. Thus, the shift to Ethereum, also known as merge, was expected to push PoW miners towards Ethereum Classic. Although initially boosting the price, ETC crashed as speculation subsided.
The latest ETC gain rekindles hopes of miner activity on Ethereum Classic. While the hash rate went down in December 2022, it started picking up momentum heading into the new year. According to Coinwarz data, the hash rate increased from 97.5975 TH/s on December 27 to 111.7497 TH/s on December 30. This could indicate increased miner activity and ETC transactions that pushed the price up after the new year. But buyers may need to exercise caution at the current price levels.
Bullish ETC still facing bearish pressure despite breakout
A technical perspective shows that there is a strong uptrend in momentum for ETC. The MACD indicator is attempting to break above the neutral zone. However, the bears attempted a correction after ETC climbed above the $19 resistance area.
What to do with ETC?
ETC is facing a correction, despite breaking above the downtrend line. The price has yet to trade above the previous high.
A break above the $19 resistance is necessary validation for further upside considerations. investors only need buy etc If it returns above $19 with definite upside. At the current price, ETC still faces a bearish pull back to the low of $14.
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