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.
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
You can purchase crypto coins here: Buy Tokens
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.