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Ethereum Classic (ETC) Halts Bearish Bias – Binance to Enable ETC Mining

Ethereum Price Chart
Ethereum Price Chart

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One of the most well-known altcoins, Ethereum Classic, skyrocketed 18.74% to trade at $38.1; on Tuesday, Terra is dealing with a bullish bias. The current price of Ethereum Classic is $37.52, with a 24-hour trading volume of $1.3 billion.

In the last 24 hours, Ethereum Classic has gained 5.58%. CoinMarketCap currently ranks #17, with a live market cap of $5,134,879,005. There are 136,872,624 ETC coins in circulation, with a maximum supply of 210,700,000.

Tne outstanding fruits ETC/USD opened at $38.44. In a day, it climbed to a high of $38.90 and fell to a low of $34.86. Currently, it is trading at $38.1, down 8.24%. ETC has recently seen significant price activity as the network gains visibility from the merge. The first week of September saw a 34% increase in the value of the cryptocurrency.

Ethereum Price Chart

Ethereum Classic Daily Technical Levels

Support Resistance
36.8966     40.2466
35.3533      42.0533
33.5466     43.5966

Pivot Point: 38.7033

ETC to Gain Support By Binance Pool 

Binance Pool is one of the best mining pools in the world. Binance Pool is currently ranked 12th in Ethereum (ETH) mining and the 7th-largest mining pool for ETC mining. Miners will no longer be viable after the Merge. 

As a result, the mining pool will enable ETC mining. Binance Pool waives mining ETC fees from September 9 to October 9 to encourage miners to use their mining pool. In addition, users must provide accurate identifying information to participate and collect rewards in their mining accounts.

According to an official release from Binance on September 8, the terms and conditions allow Binance to exclude any members who engage in fraud. Furthermore, Binance reserves the right to cancel or modify the offer or its terms. For instance, the price of Ethereum Classic has increased dramatically, and the hash rate has reached an all-time high.

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The Merge will almost certainly cause miners to switch to Ethereum Classic, slowing the rate at which the ETC/USD price falls.

Hoskinson Calls Ethereum Classic Dead Project

On September 6, Cardano (ADA) creator Charles Hoskinson responded to claims that he planned to exploit ETC miners by calling Ethereum Classic (ETC) a “dead project with no purpose or convincing rationale to continue outside of spite.” Hoskinson recently proposed establishing an ETC development fund and a decentralized treasury protocol.

According to the plan, the decentralized treasury protocol would receive a portion of the ETC block reward. On the other hand, ETC miners rejected this idea because it reduced their earnings. However, following Hoskinson’s suggestion of a 20% miner fee, an Ethereum Classic supporter stated on Twitter that he was attempting to exploit the network.

Hoskinson believes that ETC is a dormant project. Still, other cryptocurrency companies, such as Grayscale and the largest mining company AntPool, argue that it is not because they have heavily invested in the network.

Grayscale manages approximately $490 million in Ethereum Classic Trust assets, while AntPool invested $10 million in the ecosystem of the blockchain network. ETC/USD fell due to market uncertainty, as investors are unsure whether to invest in Ethereum Classic or not.

Ethereum Classic (ETC) Ethereum Classic in High Demand 

The high social volume received by Ethereum Classic and the rise in hash rate drives the demand for ETC. As a result, it may experience rapid development in the future. Therefore, ETC holders would benefit from increased demand and network utility.

The increasing hash rate and the possibility of additional utility may encourage more price speculation, thereby increasing retail demand. However, as the number of miners grows, one potential disadvantage is a shrinking profit margin.

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