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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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.