Ethereum is in trending news. It will switch from Proof of Work consensus to Proof of Stake consensus, which will be energy-intensive in the long run. Ethereum Classic is the forked version of Ethereum, but it is not changing the system. Merge upgrade is only for the Ethereum network, not on ETC. That is why the current price upsurge might not last long.
Experts believe that the recent Merge upgrade has influenced the price of Ethereum Classic, which will not be long-term viable. After the Merge upgrade, miners will have no role on the Ethereum network, and users will stake their coins for validations.
However, there is another opinion behind this price surge. Few experts are of the opinion that the miners will come to mine ETC instead of ETH. Miners will not sell their equipment; they will switch to ETC, which has similar functions because it is a forked version of Ethereum.
Experts suggest Ethereum Classic has a history of price surges whenever ETH or ETC comes to the headline of newspapers, but it does not suggest long-term growth.
We think the price of Ethereum Classic will go up only when the cryptocurrency is fundamentally strong or some underlying economic activities exist. Unlike ETH, ETC does not have many fundamentals or economic activities for long-term growth. You can get more details about the token here in our ETC price prediction!
On the daily chart, ETC is bullish, forming higher highs and higher lows. We think Ethereum Classic will go up to $50, a strong resistance level, whereas $32.50 is a strong support level. Candlesticks are forming in the upper half of the Bollinger Bands, with RSI at 67. MACD is also bullish. Overall, it is the ideal time to invest for the short term.
On the weekly chart, Ethereum Classic has been forming three consecutive green weekly candles from the support of $15, which suggests strong momentum in the market. However, it can be a bear’s trap if you consider the previous higher lows of $25. That means it may fall further to the level of $5. Most technical indicators are bullish. This week ETC has made a low of $27.2 and a high of $47.82.
Matthew Diaz is a full stack developer working in NameCoinNews on blockchain and cryptocurrency related websites. He has a comprehensive knowledge of exploring different technical tools to analyse market trends of cryptocurrencies. He has over a decade experience of technical analysis and assisting companies to achieve desired solutions. He is avid cyclist and music enthusiasts.