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Ethereum Classic (ETC) Slips 15.20% in Seven Days: Here’s Why!

Ethereum Classic Price Chart

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Ethereum Classic (ETC) is one of the possible ones after merging hiding places for miners. It is a digital asset suffering double-digit losses, whose price has fallen due to the crypto bear market. As the Ethereum merger approaches, the leading blockchain of NFTs, DAOs, and DApps would transition from energy-intensive proof-of-work consensus to more environmentally friendly proof-of-stake.

Miners began looking for Ethereum-compatible proof-of-work blockchains such as Ethereum Classic to continue their previously profitable mining operations. ETC/USD opened at $29.12. It ranged between a high of $29.42 and a low of $28.07 in one day. ETC/USD is at $28.83, down 3.45%. During the week, the value of ETC/USD has fallen by 18.4472%.

Connect Iincreased Ethereum Classic’s Hasrate

On September 15, Ethereum, the second most popular cryptocurrency after Bitcoin, released its most significant update, changing the network’s consensus algorithm from Proof of Work (PoW) to Proof of Stake (PoS). According to statistics, the hashrate of Ethereum Classic, which measures the computing power used in mining, increased as a result of the Ethereum merger.

According to industry estimates, ETC’s terahash per second (Th/s) rose from 64 to 174.31 Th/s. Ethereum miners still work with the mining chip of the Ethereum Classic network; Ethash shows that miners who abandoned the ETH network have migrated to the ETC network.

Additionally, it resulted in a significant number of miners on the Ethereum network losing their positions as the PoS update removed the need for mining. However, miners usually choose Ethereum Classic to continue their work. That’s because they can’t drop billions of dollars on mining rigs.

A higher hashrate means more security. Ethereum Classic is favored by investors due to its increasing hashrate, which positively affects ETC/USC.

Miners switch to Ethereum Classic

Vitalik Buterin, the creator of Ethereum, has also advocated for miners to switch to Ethereum Classic to continue their work and highlighted the move to PoS. Miners not only switched to Ethereum Classic after the merger, but also expressed interest in Ergo, Ravecoin, and Flux, three other PoW platforms.

Miners can perform ETC mining quickly using previously developed Ethereum accessories. ETC requires mining rigs built with ETH that are GPU and ASIC based. Additionally, Etheremine, the largest mining pool on the Ethereum network, is now the leading producer at 57 Th/s.

The organization relies on a total of 30,647 miners. The increased number of miners will benefit the network, slowing down the decline in the value of ETC/USD.

Ethereum Classic (ETC) Price Review and Tokenomics

Ethereum Classic currently has a price of $28.56 with a 24-hour trading volume of $499,770,796. In the last 24 hours, Ethereum Classic is down 0.65%. CoinMarketCap is now ranked #21 with a live market cap of $3,914,302,014 USD. There are 137,051,011 ETC coins in circulation, with a cap of 210,700,000.

Ethereum classic price chart

Ethereum Classic Price Chart – Source: Tradingview

Technically, ETC/USD is trading sideways in a narrow range between $30.77 and $27.25. Furthermore, the descending triangle pattern is raising strong resistance at $30, so a break of the $27.25 level could extend the selling trend to the $22.85 level.

Conversely, a breakout of the $30.75 level could push the ETC price to $34.75. ETC has formed a series of doji and shooting star candles that indicate investor indecision.

As a result, the MACD and RSI diverge, as the MACD is above zero, indicating a buying trend. While the RSI shows a selling trend. Consider looking for a sell trend if the $27.25 level is broken.

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