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Ethereum Classic (ETC) Slips 15.20% in Seven Days: Here’s Why!

Ethereum Classic Price Chart
Ethereum Classic Price Chart

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Ethereum Classic (ETC) is one of the possible post-merge hideouts for proof-of-work miners. It is a digital asset suffering double-digit losses whose price is down because of the crypto bear market. As the Ethereum merger approaches, the leading blockchain for NFTs, DAOs, and DApps would transition from the energy-intensive proof-of-work consensus to a more environmentally friendly proof-of-stake consensus.

Miners began looking for Ethereum-compatible proof-of-work blockchains such as Ethereum Classic to continue their previously profitable mining operations.  The ETC/USD opened at $29.12. It fluctuated between a maximum value of $29.42 and a minimum value of $28.07 in a single day. The price of ETC/USD is trading at $28.83, down 3.45%. In a week, the value of ETC/USD has dropped by 18.4472%.

Merge Increased Ethereum Classic’s Hashrate

On September 15, Ethereum, the second-most popular cryptocurrency after Bitcoin, released its most significant update, which changed the network’s consensus algorithm from Proof of Work (PoW) to Proof of Stake (PoS). According to statistics, the hashrate of Ethereum Classic, a measurement of computing power used for mining, increased following the Ethereum merger.

According to industry estimates, ETC’s terahash per second (Th/s) increased from 64 to 174.31 Th/s. Ethereum mining equipment is still operational with the Ethereum Classic network’s mining chip; Ethash indicates that miners who abandoned the ETH network have switched to the ETC network.

Furthermore, it resulted in a significant number of Ethereum network miners losing their positions because the PoS update removed the need for mining. However, miners typically choose Ethereum Classic to continue their work. This is due to the fact that they cannot abandon billions of dollars in mining equipment.

A higher hashrate means more security. Investors prefer Ethereum Classic due to its increasing hashrate, which positively impacts ETC/USC.

Miners Switching to Ethereum Classic

Vitalik Buterin, the creator of Ethereum, has also advocated for miners to switch to Ethereum Classic to continue their work, emphasizing the switch to PoS. Miners not only switched to Ethereum Classic after the merger but also expressed interest in Ergo, Ravecoin, and Flux, three other PoW platforms.

Miners can complete ETC mining quickly by using previously developed Ethereum accessories. ETC requires mining devices built with ETH that are GPU and ASIC-based. Furthermore, Etheremine, the Ethereum network’s top mining pool, is now the leading contributor, with 57 Th/s.

The organization relies on 30,647 miners in total. The increased number of miners benefits the network, slowing the decline in the value of ETC/USD.

Ethereum Classic (ETC) Price Review & Tokenomics

The current price of Ethereum Classic is $28.56, with a 24-hour trading volume of $499,770,796.In the last 24 hours, Ethereum Classic has dropped 0.65%. CoinMarketCap now ranks #21, with a live market cap of $3,914,302,014 USD. There are 137,051,011 ETC coins in circulation, with a maximum supply of 210,700,000.

Ethereum Classic Price Chart

Ethereum Classic Price Chart – Source: Tradingview

Technically, the ETC/USD is trading sideways within a narrow range of $30.77 – $27.25. Furthermore, the descending triangle pattern is extending strong resistance at $30, so a breakout of the $27.25 level may extend the selling trend to the $22.85 level.

In contrast, a breakout of the $30.75 level has the potential to push the ETC price up to the $34.75 level. ETC has formed a series of doji and shooting star candles, indicating investor indecision.

As a result, the MACD and RSI are diverging because the MACD is above zero, indicating a buying trend. While the RSI shows a selling trend. Consider looking for a selling trend if the $27.25 level is broken.

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