Ethereum Classic Soars as Ethereum’s Merge Upgrade Approaches

Updated:

Ethereum Classic (ETC) recorded a dramatic rally over the weekend, basking in a decent +61% spike in the Asian session today after peaking at $23.67. Analysts expect additional rallies in the coming days.

Reports show that the ETC jump comes ahead of the Ethereum (ETH) network upgrade later this year. Many expect a mass migration of miners from Ethereum to Ethereum Classic due to the highly-anticipated Merge.

Ethereum, the largest blockchain ecosystem, will switch from its Proof-of-Work (PoW) consensus mechanism to the more efficient Proof-of-Stake system via the Merge.

For the first time since the Merge announcement, ETH enthusiasts have a fixed date to anticipate the implementation of the network upgrade after an Ethereum Beacon Chain community health consultant confirmed September 19 as the event’s set date. However, some have taken this announcement with a pinch of doubt, considering Ethereum’s propensity to shift dates on its project launches.

Commenting on the proposed launch date, prominent Chinese Ethereum enthusiast Jiang Zhouer noted that “although Ethereum developers are expected to merge in September, it will generally be postponed, and DAPP needs to be adapted, there is a high probability of a merge between November and December finally.”

Ethereum miners are expected to migrate to other PoW blockchains over the weeks until the Merge to keep business going. However, many of these miners will likely make their way to Ethereum Classic. ETC is a direct fork of ETH, giving both chains notable similarities.

Key Ethereum Classic Levels to Watch — July 18

Ethereum Classic has tapped the critical $23.00 line for the first time since June 6, following a consecutive six-day rally. ETC also breached the daily 100 EMA for the first time since March and stands the chance of prompting a momentum change if it closes the day’s candle above this line. Better still, ETC could put $30.00 back into focus if it manages a candle close above the $23.00 mark.

ETCUSD – 4-Hour Chart on Coinbase. Source: TradingView.

However, the price appears to be in overheated conditions (see stochastic indicator), warranting some cautions on bullish bets. Regardless, the cryptocurrency stands a real chance of sustaining the newly acquired bullish momentum. As mentioned earlier, the price rejuvenation comes after the confirmation of a possible launch date for the Ethereum Merge upgrade.

Meanwhile, my resistance levels are $23.00, $25.00, and $30,00, and my support levels are $20.00, $18.00, and $17.00.

Total Market Capitalization: $1.01 trillion

Ethereum Classic Market Capitalization: $3.06 billion

Ethereum Classic Dominance: 0.3%

Market Rank: #24

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.