• Tue. Oct 4th, 2022
1660682311353 2bbb3215 288b 46d3 a43a 5cb1010082aa
1660682311353 2bbb3215 288b 46d3 a43a 5cb1010082aa

  • Ethereum Classic gains are cooling but maintain double-digit surges in the week.

  • Ethereum Classic has been benefiting from the expected Ethereum shift to PoS.

  • ETC may correct further, but momentum is still strong for buyers.

Ethereum Classic ETC/USD is up 12.70% in the past week. However, the token has been weakening. ETC was trading at $41.27 as of press time, below its previous top above $45. The decline elicits questions on whether the recently bullish momentum is now over.

Reflecting, Ethereum Classic gains have largely been attributed to the expected Ethereum merge. Ethereum Classic is a Proof-of-Work blockchain. Investors project that Ethereum’s move to PoS will allow miners to move to Ethereum Classic. The speculation has attracted some disagreements. Some analysts have warned Ethereum Classic carries limited applications. The migration of miners is also faulted and seen to cause negligible impacts.

It remains unclear how much Ethereum’s PoS shift will benefit Ethereum Classic. Nonetheless, the latter continues to enjoy positive publicity. 

Overbought Ethereum Classic slides after meeting resistance.

1660682328373 a27ec5fb cdf9 4ab5 864d 80106216552f

Source – TradingView

From the technical outlook, the Ethereum Classic token entered the overbought level at $45. There is no bear trigger for the cryptocurrency, which also remains supported by the moving averages. ETC has formed a double top at the $45 resistance and is sliding.

We consider the current slide as an action by traders to take profits after the latest gains. Further gains are possible after a correction. The next level to watch for the cryptocurrency is $34 and further down to $26. 

Summary

Ethereum Classic has been benefiting from the expected move of Ethereum to PoS. The cryptocurrency is sliding from an overbought region. Further retracements are possible if the cryptocurrency fails to break past $45. Watch for price action at $34 next.

The post Is the Ethereum Classic’s bull run over, or do buyers have a chance? appeared first on CoinJournal.

Ndasi Tata

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist. He earned an M.Sc from the University of Nicosia in Cyprus in Blockchain and Digital Currency. He uses a variety of social media channels to promote his ideas and projects , and he's a major proponent of Bitcoin in Africa.

Need Help?
Scan the code