Ethereum Classic Set to Integrate Magneto Upgrade in July

Ethereum Classic Set to Integrate Magneto Upgrade in July

The Ethereum Classic (ETC) Network is ready to undergo an upgrade by the end of July. The upgrade termed ‘Magneto’ will occur at block 13,189,133, predicted to occur on July 21.

The Ethereum Classic team announced that the Magneto Upgrade would include ECIP-1103, just like Ethereum’s (ETH) Berlin upgrade. The Berlin upgrade got integrated into the Ethereum mainnet in late April and includes several Ethereum Improvement Proposals (EIPs), which optimized gas fees and added better security functionalities to the Ethereum network.

The four EIPs implemented during the Berlin upgrade, which will now feature on the Ethereum Classic network upgrade, includes:

  • EIP 2565 – which reduces the cost of the ModExp (0x00..05) precompile.
  • EIP 2929 – which boosts gas cost for SLOAD, *CALL, BALANCE, EXT* and SELFEDESTRUCT when used for the first time in a transaction.
  • EIP 2718 – which integrates a new transaction type that allows for easier support of multiple transaction types.
  • EIP 2930 – which integrates a transaction type containing an access list, a list of addresses, and storage keys the transaction intends to access.

While it would bring the functionalities listed above to the Ethereum Classic network, ECIP 1103 would also foster maximum compatibility between the Ethereum hard fork’s network and the Ethereum network.

Key Ethereum Classic Levels to Watch — June 11

Following a goodish rebound from the $50.00 psychological support on Wednesday, ETC experienced a mild rejection from the 200 SMA at $63.60. That said, the twenty-second-largest cryptocurrency facilitated another rebound at the $56.00 support earlier today and is now on the verge of a bullish breakout.

ETCUSD – Hourly Chart

A clean break above the 200 SMA over the coming hours should reestablish a healthy bullish bias for the cryptocurrency as we enter the weekend. However, failure to clear the SMA could force ETC into consolidation, followed by a descent towards the $55.00 support and lower.

Meanwhile, our resistance levels are $60.00, $62.00, and $65.00, and our support levels are $57.00, $55.00, and $52.00.

Total Market Capitalization: $1.58 trillion

Ethereum Classic Market Capitalization: $6.92 billion

Ethereum Classic Dominance: 0.43%

Market Rank: #22

 

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Ethereum Classic Price Analysis — May 31

Ethereum Classic Price Analysis — May 31

Ethereum Classic (ETC) and other cryptocurrencies have had a very rocky price action over the past few weeks following crackdown actions by the Chinese government on the crypto space and Tesla’s decision to stop accepting Bitcoin as payment.

Meanwhile, the United States financial authorities are taking a more active stance in regulating the cryptocurrency industry as concerns for investor protection grows.

The new government stance is a break away from the Trump administration’s, which was generally friendlier to the crypto industry. However, these efforts could take a while to produce meaningful progress as US regulators parse who has the legal authority to oversee this volatile industry.

In a recent interview with the Financial Times, Michael Hsu, the acting Comptroller of the Currency, noted that he is hopeful that the US officials work cohesively to develop a “regulatory perimeter” for cryptocurrencies.

Hsu stated that:

“It really comes down to coordinating across the agencies,” said Hsu, who heads the Treasury Department bureau that oversees national banks. “Just in talking to some of my peers, there is interest in coordinating a lot more of these things.”

The US has organized a meeting of an inter-agency crypto “sprint team,” involving the office of the Comptroller of the Currency, the Federal Reserve, and the Federal Deposit Insurance Corporation.

According to Hsu, the objective of this team is to “put some ideas in front of the agencies to consider” as they try to keep up with the ever-growing crypto industry.

Key Ethereum Classic Levels to Watch — May 31

After breaking out of its recent descent in the previous market crash, Ethereum Classic fell into a prolonged consolidation between $80 and $70. However, after a few days, ETC fell below the consolidation range and entered another consolidation range between $70 and $60.

ETCUSD – Hourly Chart

The cryptocurrency faces the task of climbing back above the 200 SMA at $68.50 over the coming hours. While we could see a modest bullish rally emanate from a break above the 200 SMA line, failure to break would send ETC into more consolidation and lower consolidation areas.

Meanwhile, our resistance levels are $70.00, $75.00, and $80.00, and our support levels are $65.00, $60.00, and $55.00.

Total Market Capitalization: $1.62 trillion

Ethereum Classic Market Capitalization: $7.91 billion

Ethereum Classic Dominance: 0.49%

Market Rank: #19

 

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Ethereum Classic Price Analysis — May 24

Ethereum Classic Price Analysis — May 24

Ethereum Classic (ETC) has traded erratically over the past few weeks but appears to be witnessing a turn of events. Despite the recent announcement by China to ban crypto mining, which triggered a massive FUD-induced sell-off over the weekend, the ETC and the rest of the market have regained bullish momentum.

Ethereum Classic slid lower over the past 24 hours as several mining pools halted operations across China. That said, bulls intercepted this downward momentum and reversed it.

The twenty-first-largest cryptocurrency posted a decent leg-up today, resulting in a +$12 in value. This rebound has helped ETC touch the $66 daily high and currently trades near this level.

Meanwhile, other cryptocurrencies followed a similar trajectory over the past 24 hours and weeks. Bitcoin (BTC) rebounded from the $31k area yesterday and now trades close to the $40k mark.

Ethereum (ETH) also has a positive trading session today and is currently trading up at +26%, as it snaps the $2,600 mark. Over the last 24 hours, ETH suffered a massive dump to the $1,730 low.

Binance Coin spiraled to the $210 low yesterday, its lowest point since March, but has since surged to the $345 level.

Additionally, Cardano, Dogecoin, Ripple, Polkadot are all trading with double-digit gains over the past 24 hours with +27%, +22%, 30%, and +36%, respectively.

Key Ethereum Classic Levels to Watch — May 24

Following an impressively bullish session today, which sent the cryptocurrency flying by 27%, Ethereum Classic has finally broken out of the long-lasting descending channel. The cryptocurrency should get adequate bullish support from the $60 support level and the 50 SMA at $55 if a decline ensues from its current level.

ETCUSD – Hourly Chart

That said, we expect to see a slight consolidation over the coming hours below the $70 resistance as more buyers come on board.

Although ETC is not totally out of the bearish woods, market bias is tilting in favor of bulls.

Meanwhile, our resistance levels are $70.00, $80.00, and $94.15, and our support levels are $60.00, $55.00, and $50.00.

Total Market Capitalization: $1.51 trillion

Ethereum Classic Market Capitalization: $6.3 billion

Ethereum Classic Dominance: 0.42%

Market Rank: #21

 

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Ethereum Classic Price Analysis — May 17

Ethereum Classic Price Analysis — May 17

The past few days have been very tough on Ethereum Classic (ETC) and the entire cryptocurrency market. The ongoing market crash was triggered by a tweet from Elon Musk, stating that Tesla would no longer accept Bitcoin payment for its vehicles because of environmental concerns.

This announcement struck a negative chord for crypto traders, who began liquidating their holdings.

Ethereum Classic fell by more than 30% following the announcement on May 12. at press time, ETC trades at -4%, while Bitcoin is down by -7%.

Meanwhile, Ethereum (ETH) posted a massive drop to the $3,120 low earlier today. ETH currently trades at -6%. Binance Coin (BNB) also saw a significant plunge today, recording a four-week low of $483. The third-largest cryptocurrency currently trades at -9%.

Other large-cap altcoins, including Cardano (-11%), Dogecoin (-5%), Bitcoin Cash (-8%), Litecoin (-6%), Chainlink (-7%), and Uniswap (- 7%) all recordedsignificant declines.

Heftier loses were seen in the mid-and-small-cap sector, with Venus (-25%), Qtum (-14%), Huobi Token (-12%), Stacks (-12%), Ontology (-11%), Stellar (-11), Zcash (-11%), Bitcoin Gold (-11%), and OMG Network (-11%) all printing double digit loses.

That said, the cryptocurrency market capitalization slipped below $2 trillion for the first time in a long while this week. Despite having climbed back above the $2 trillion figure, reports show that over $400 billion seeped out of the market over the last five days.

Key Ethereum Classic Levels to Watch — May 17

Ethereum Classic has struggled to muster a decent bullish bias since its fall from its recent all-time high at $175. That said, the seventeenth-largest cryptocurrency is currently trading a the edge of a converging triangle, indicating that a sharp move (in either direction) is imminent.

ETCUSD – Hourly Chart

A break above the $92.50 level should open the door for a bullish recovery for the ETC over the coming hours. However, failure to break above this level could send this cryptocurrency to retest the $80.00 support.

Meanwhile, our resistance levels are $94.15, $100.00, and $105.00, and our support levels are $85, $80, and $75.

Total Market Capitalization: $2.05 trillion

Ethereum Classic Market Capitalization: $10.5 billion

Ethereum Classic Dominance: 0.51%

Market Rank: #17

 

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Ethereum Classic Price Analysis — May 10

Ethereum Classic Price Analysis — May 10

Ethereum Classic (ETC) saw a massive bull run last week, recording a +200% increase and triggering a bull market. The ETC began the week with a price of $44 and printed a new record every day leading up to its price peak of $175 on Thursday.

Although this is a positive development for the sixteenth-largest cryptocurrency, many market participants were taken by surprise by the rally and missed out on the rally.

Admittedly, Ethereum Classic has not been a relatively stable or trustworthy cryptocurrency considering its previous price performance. Last year, the Ethereum hard fork saw several 51% dips, which decimated its reliability and triggered a hash rate decline for the cryptocurrency. Consequently, Ethereum Classic lost status across the market, with exchanges requesting thousands of confirmations to acknowledge a deposit.

These reasons explain why investors were skeptical and hesitant about last week’s surge. However, the rally seen in the ETC has been traced to its big brother, Ethereum.

Ethereum recently announced that it would be switching its consensus mechanism to a proof of stake system towards the end of the year. The switch means that Ethereum miners will have to migrate to a different network to continue their activities, and what better network to migrate to than an Ethereum lookalike. That said, the expectation that Ethereum miners would troop into the Ethereum Classic network triggered last week’s rally.

Key ETC Levels to Watch — May 10
Following its recent peak at $175, ETC has suffered a 30% decline. After bottoming out at $110 three days ago, Ethereum Classic has had difficulty breaking above the $130 resistance. That said, the cryptocurrency is currently trading along an ascending trendline, making a break above the crucial $130 resistance over the coming hours likely.

ETCUSD – Hourly Chart

However, the ETC could fall into consolidation and subsequently correct lower if it falls below the trendline.

Meanwhile, our resistance levels are $130, $140, and $150, and our support levels are $120, $110, and $100.

Total Market Capitalization: $2.47 trillion

Ethereum Classic Market Capitalization: $14.2 billion

Ethereum Classic Dominance: 0.57%

Market Rank: #16

 

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Ethereum Classic Market Analysis — May 3

Ethereum Classic Market Analysis — May 3

Ethereum Classic (ETC) has regained its standing above the $49 level, as the cryptocurrency printed a new all-time high. At press time, the thirty-first-largest cryptocurrency is trading up by +10% today, with a new record high at $50.45.

The ETC is not alone in the bullish rally as most of the cryptocurrency industry is in the green in the early trading hours on Monday. Bitcoin (BTC) has hit a new two-week high at $59,000, following a very bullish weekend. Likewise, Ethereum (ETH) has broken a new-all time high at $3,200 just a few hours ago.

The recent price action has added more than $70 billion to the entire cryptocurrency market capitalization taking it to a record high at $2.3 trillion. The cryptocurrency market valuation has grown by over $250 billion over the last four days.

Meanwhile, Binance Coin (BNB), Ripple (XRP), Cardano (ADA), Polkadot (DOT), Litecoin (LTC), Chainlink (LINK), and Dogecoin (DOGE), traded up by 2.5%, 1.5%, 1%, 3%, 1.3%, 1%, and 2%, respectively.

Lower-and-mid-cap altcoins also saw massive gains today, with Venus leading the way with +26%. Maker (+19%), Ontology (12%), Polygon (10%), Helium (10%), Theta Fuel (10%), Terra (10%), and Neo (10%) also had good runs.

Key ETC Levels to Watch — May 3
Following a two-day consolidation period, Ethereum Classic has bounced off the $45 level and has finally climbed above the $50 round figure. That said, the ETC has dipped slightly below the $50 mark and will likely continue lower to the $49 – $48 area over the coming hours.

ETCUSD – Hourly Chart

Nonetheless, the current bull cycle appears to still be in its beginning stages, making it likely for us to see $52 later today.

Meanwhile, our resistance levels are $50.50, $52.00, and $53.00, and our support levels are $49.00, $47.50, and $45.00.

Total Market Capitalization: $2.3 trillion

Ethereum Classic Market Capitalization: $5.7 billion

Ethereum Classic Dominance: 0.24%

Market Rank: #31

 

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Ethereum Classic Price Analysis — April 26

Ethereum Classic Price Analysis — April 26

Ethereum Classic (ETC) climbed higher in the early trading hours on Monday, as the entire cryptocurrency market regained bullish stability from its recent slump.

The ETC is up by about 10.8% at press time, as the cryptocurrency market’s valuation climbs back above $2 trillion.

The market crash last week got sponsored by Bitcoin’s fall below the $50k crucial support.

Meanwhile, other altcoins also started the week on a goodish footing, with Bitcoin, Ethereum, BNB, and XRP trading up by 9.8%, 7.4%, 6.3%, and 29%, respectively.

Although Bitcoin and many other cryptocurrencies saw significant gains today, the market is still miles away from its recent peak levels.

The crypto market slumped on Friday following reports that the White House is nursing plans to double its wealth tax on US citizens.

President Biden noted on Friday that he wants to raise capital gains tax to as high as 43% for individuals making at least $1 million annually. The tax plan, which could get officially announced this week, marks a significant increase from 20%. A 3.8% tax on investment income is said to be used to fund Obamacare.

Key ETC Levels to Watch — April 26
The ETC appears to have regained bullish momentum, as the cryptocurrency aims for the $35 level. That said, any decline from the current level ($32.41) would get rejected by the $32 area, where our 50 SMA lies.

ETCUSD – Hourly Chart

However, this cryptocurrency currently has ground-level trading volumes, which could send the price into consolidation over the coming hours. Nonetheless, the underlying bias is bullish and could drive the price towards recent highs.

Meanwhile, our resistance levels are $35.00, $37.50, and $40.00, and our support levels are $30.70, $30.00, and $27.50.

Total Market Capitalization: $2 trillion

Ethereum Classic Market Capitalization: $3.7 billion

Ethereum Classic Dominance: 0.18%

Market Rank: #37

 

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Ethereum Miners to Migrate to the Ethereum Classic Blockchain After ETH2.0 Upgrade

Ethereum Miners to Migrate to the Ethereum Classic Blockchain After ETH2.0 Upgrade

The launch of Ethereum 2.0 is expected to overhaul the operational method in the network like never before. That said, experts have had a hard time predicting where ETH miners will migrate to once the consensus mechanism switch gets implemented.

However, blockchain enthusiast and angel investor Adam Cochran has suggested a very viable outlet for the miners. He highlighted that miners would likely flood into the Ethereum Classic (ETC) blockchain, as the Ethereum 2.0 launch comes with the switch into a proof of stake (PoS) consensus mechanism, which does not require mining. Cochran noted that this transfer into Ethereum Classic’s blockchain is likely to occur because of the numerous similarities shared with Ethereum.

The investor’s assertions are guided by the recent price surge seen in the ETC over the past few weeks. The ETC has jumped by over 200% in the last 14 days, peaking at $49.82 on Saturday.

The ETC will likely continue to soar in value as institutional investment increases. Last month, Grayscale investment announced that it had added over 130,000 ETC to its portfolio.

While Ethereum 2.0 aims at improving the overall performance of the Ethereum blockchain Ethereum Classic is reaping the benefits of its fixed monetary policy.

Key ETC Levels to Watch — April 19
Following its more than 200% climb, Ethereum Classic has been on a steady decline towards the $30 region. The ETC bottomed out at $31 yesterday and posted a healthy rebound to the $40s region.

ETCUSD – Hourly Chart

That said, the cryptocurrency is currently locked in a battle with the descending trendline, which continues to exert bearish pressure on the ETC. Bulls have to post a clean break above the trendline ($39) or risk ceding reign to bears.

However, with the current draught of trading volume, the cryptocurrency could remain on a sideways momentum and faces the possibility of subsequent declines.

Meanwhile, our resistance levels are $39.00, $42.00, and $42.50, and our support levels are $37.50, $35.00, and $32.50.

Total Market Capitalization: $2.06 trillion

Ethereum Classic Market Capitalization: $4.09 billion

Ethereum Classic Dominance: 0.19%

Market Rank: #35

 

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Ethereum Classic Price Analysis — April 12

Ethereum Classic Price Analysis — April 12

Ethereum Classic (ETC) appears to be taking a break from its recent rally to the $21.53 all-time high and is trading down at -2% at press time. On the year-to-date scape, the ETC is currently trading up by +260%, significantly more than Bitcoin (110%) and Ethereum (190%).

At the end of March, the Ethereum Classic team tweeted that Grayscale Investments, a giant cryptocurrency investment firm, had added 161,612 ETC to its crypto-assets holdings.

Ethereum Classic is the product of a spat between some executives in Ethereum in 2016. The fallout—which got triggered by a disagreement over reverting the blockchain to reverse a hacking—led to a hard fork from the ETH blockchain.

The hacking involved DAO (decentralized autonomous organization), which raised about $150 million in an initial coin offering (ICO) in the months leading up to the hacking.

The only similarity between both coins (ETC and ETH) is that they offer support for Smart Contracts. Ethereum has announced that it will be switching to a performance-based system (Proof of Stake model) in its upcoming ETH2.0 upgrade.

Another primary difference between both coins is observed in their monetary policies. While Ethereum Classic has a fixed supply of 210 million ETC, Ethereum has a flexible supply.

Key ETC Levels to Watch — April 12
Following its rejection from the $21.53 ATH, Ethereum Classic appears to have fallen into a sideways momentum between $19.75 and $20.50. That said, the cryptocurrency could drop to the $19 round figure over the coming hours, as it is also in a retrace from oversold territories.

ETCUSD – 4-Hour Chart

That said, ETC would regain bullish stability if it manages a break above the $21 mark over the coming hours or days.

Meanwhile, our resistance levels are $20.50, $21.00, and $21.53, and our support levels are $19.22, $19.00, and $18.00.

Total Market Capitalization: $2.05 trillion

Ethereum Classic Market Capitalization: $2.3 billion

Ethereum Classic Dominance: 0.11%

 

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Ethereum Classic Market Analysis — April 5

Ethereum Classic Market Analysis — April 5

Following a very bullish trading session on Monday, the cryptocurrency market has crossed the $2 trillion market valuation.

The influx of financial institutions and institutional investors into the cryptocurrency industry has played a leading role in boosting the value of most of the high-market cap cryptos like Bitcoin, Ethereum, Cardano, Ripple, Polkadot, and many others.

While the market is currently in a dramatic bullish frenzy, many cryptocurrency enthusiasts believe that a more impressive bull rally is still ahead, considering the growing influx of institutional investment and adoption of cryptocurrencies. The most recent influx came from MicroStrategy, which announced that it had acquired an additional 235 BTC at $15 million.

Amid the new crypto market ATH, a Bitcoin Exchange-Traded Fund is still awaiting approval from the SEC. If approved, it could spur an even bigger boost for the cryptocurrency market. Investment firms in the US are mandated to back up their assets in vaults for accredited investors and institutional investors. That said, companies that recently filed for a Bitcoin ETF would be required to buy BTC to back their assets. This would naturally drive the price of Bitcoin and the entire cryptocurrency market higher.

For context, the cryptocurrency market crossed the $1 trillion mark for the first time about three months ago.

Key ETC Levels to Watch — April 5
Ethereum Classic (ETC) is currently trading on a goodish upwards momentum from its recent drop to the $13.37 monthly low. That said, the cryptocurrency is now on its way to contend with the strong $15.63 – $16.00 resistance area. A break above this level could consolidate ETC’s bullish strength and drive it higher.

ETCUSD – 4-Hour Chart

However, failure to break the $15.63 resistance could cause the price to stall and likely fall to the $14.00 support over the coming days.

Meanwhile, our resistance levels are $15.63, $16.00, and $17.00, and our support levels are $14.00, $13.64, and $13.00.

Total Market Capitalization: $2 trillion

Ethereum Classic Market Capitalization: $1.8 billion

Ethereum Classic Dominance: 0.09%

 

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