Ethereum Classic Records 100% Rebound Amid Excitement of ETH Merge Upgrade
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ETC tapped a $27 high this morning, giving it a 100% gain in the last nine days after plummeting to the $13.34 low. Within the same timeframe, its counterpart ETH has only seen a 64% rally.
Regardless, Ethereum’s rebound has been one of the most notable in recent days and is responsible for the recent market-wide rebound. This comes amid excitement ahead of the September 19 Merge upgrade. This highly-anticipated network upgrade will transition Ethereum from a Proof-of-Work validation method to a more scalable and streamlined PoS system.
The upgrade would replace Ethereum miners with stakers, potentially displacing numerous miners. However, due to the many similarities between both networks, analysts believe most Ethereum miners will migrate to Ethereum Classic. ETC is a hard fork of the ETH network, which occurred in July 2016, making it a near carbon copy of its predecessor
This expectation of miner inflow is the primary driving force behind the recent aggressive ETC rebound.
Key Ethereum Classic Levels to Watch — July 22
Ethereum Classic tapped the $28 mark for the first time since early May this week and fights to end the weekly candle above the $25 level.
That said, the coming weekend might not go so smoothly for ETC as I expect a bearish correction to $23, where the 100 EMA should extend some support and stabilize the price. This correction is supported by the fact that ETC has ventured into overbought conditions on the daily stochastic oscillator, warranting some easing.
Meanwhile, my resistance levels are $27.00, $30.00, and $32,00, and my support levels are $25.00, $23.00, and $20.00.
Total Market Capitalization: $1.04 trillion
Ethereum Classic Market Capitalization: $3.47 billion
Ethereum Classic Dominance: 0.33%
Market Rank: #22
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