Is Ethereum Classic’s [ETC] next pump sooner than expected
Ethereum Classic, which seems to have benefited the most from the Ethereum Merge, has the potential to surprise investors in the coming days.
With the Merge completed and miners shifting from ETH to the ETC network, ETC is now the largest PoW smart contract network in the world.
— Ethereum Classic DAO (@EthClassicDAO) September 15, 2022
ETC witnessed a massive surge in its hashrate right after the Merge as it reached an all-time high of over 300TH/s. However, since then, the hashrate has declined, and at the time of writing, it was 233 TH/s. This new achievement brought joy to both miners and investors as traders have been in anticipation of the next bull rally.
Though ETC’s chart was painted red as its value declined by over 5% in the last 24 hours, the positive developments in the community might help it bounce back in the coming days. At the time of writing, ETC was trading at $34.36 with a market capitalization of $4,704,587,302.
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After the Ethereum Merge, the entire crypto market somewhat registered a decline as prices of most of the tokens registered a negative value.
However, several analysts and influencers are hoping for a comeback from ETC. For instance, Alt Coin Gems, a famous Twitter handle, recently posted a chart pointing out a possible pump in the coming days.
$ETC Analysis! ?
Checking the daily timeframe we see that a correction is forming while moving above the 200MA, which also creates a bullish pennant, and a possible breakout after it's completed. ? pic.twitter.com/St9U5ef7uq
— Alt Crypto Gems (@AltCryptoGems) September 15, 2022
According to the chart, a bullish pattern formed, which indicated a possible surge in the token’s price. Not only this chart, but several on-chain metrics also suggested a possible trend reversal in the near future.
Though ETC’s development activity has moved downward lately, it has grown considerably over the past month, reflecting developers’ efforts to improve the network. ETC has been the center of attraction recently, a look at its social volume revealed.
Interestingly, there was a movement in the NFT space too. The total NFT trade count on ETC also increased during the last week.
Therefore, looking at the recent developments and metrics, we can expect ETC to push its price upwards soon.
Investors need to keep a close eye on the coin’s price action to make the most out of the current market.
Additionally, ETC’s RSI and stochastic were also in neutral positions, further increasing the possibility of a spike in the days to come.