Ethereum Classic Welcomes Magneto Network Update

Azeez Mustapha
26 July 2021 | Updated: 26 July 2021

Ethereum Classic (ETC) is back on a bullish trajectory amid the implementation of the “Magneto” network update. The Magneto upgrade, first announced on June 11, got activated at block 13,189,133. The update also includes the Ethereum Improvement Proposals (EIP) first observed in Ethereum’s (ETH) Berlin Upgrade at the beginning of this year. The team behind ETC recently tweeted that:

“Hash-rate stable, majority nodes updated, major service providers updated.”

The world’s largest exchange, Binance, announced that it supports the new hard fork shortly after the upgrade implementation.

Meanwhile, ETC prompted its users a day before the hard fork went live to overhaul their ETC nodes. The network cautioned that:

“If you are an exchange, wallet, pool, or another user that is operating Ethereum Classic nodes, then please update your node software for the Magneto hard-fork as soon as possible.”

Not surprisingly, Ethereum Classic recorded a price bump after the announcement and sparked interest in the crypto community as well. This new development comes on the heels of reports that ETC is the second-top gainer in the second quarter of 2021. At press time, the eighteenth-largest cryptocurrency trades at $53 (+9%) after an overnight spike across the crypto market.

Key Ethereum Classic Levels to Watch — July 26

Along with most of the crypto market ETC is on a dramatic bullish recovery following a positive development in Bitcoin (BTC). The cryptocurrency peaked at $56.00 earlier today before dipping to the $52.00 support.

ETCUSD – 4-Hour Chart

We expect a bullish continuation over the coming hours to the $56.00 level as bulls ramp up their activities. That said, any decline from the current price level should get repelled by the 50.00 psychological support.

Meanwhile, our resistance levels are $60.00, $62.00, and $65.00, and our support levels are $55.00, $54.00, and $52.00.

Total Market Capitalization: $1.53 trillion

Ethereum Classic Market Capitalization: $6.77 billion

Ethereum Classic Dominance: 0.4%

Market Rank: #18

 

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Azeez Mustapha

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.