Ethereum Classic Set to Integrate Magneto Upgrade in July

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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.

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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