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Ethereum Classic (ETC) Price Analysis – April 7, 2021

Ethereum Classic (ETC) is an open-source, blockchain-based distributed computing platform featuring smart contract functionality. It was officially launched in July 2016 as the hard fork of Ethereum.

ETC has experienced a substantial price increase in the past week, with a 55.52% increase on a seven-day basis and a 20.59% increase within 24 hours.

Source:Bybt

According to Bybt’s data, despite ETC’s strong price increase, Grayscale, one of the largest digital asset management companies in the United States, has slightly reduced its ETC holdings. Grayscale decreased its ETC holdings by 7,153 in 7 days. At press time, Grayscale holds a total of 12.43 million ETC, worth $222.7 million.

Ethereum Classic (ETC) Price Analysis

Source: ETC/USD Daily via TradingView

Judging from the daily chart, ETC has successfully broken through the resistance level of $17.00 in mid-February of this year.

As the cryptocurrency market boomed in 2018, numerous investors have accumulated their holdings in the early period. As shown in the figure above, $21.00 will be a relatively important resistance level with a huge trading volume anticipated around this level compared to the previous two-day trading volume. If this resistance level is successfully broken, the bulls will eye the next resistance level of $25.185 for ETC.

But currently, it seems that the bulls lack sufficient momentum to push ETC/USD higher than $21.00 today. If a large number of selling orders occur, the resistance level of $17.00 will be converted into a support level for ETC.

Source: ETC/USD 4-Hour via TradingView

From the 4-hour chart, despite some corrections, ETC quickly regained its upward trend. However, the biggest question will be whether the upward trend of ETC can be sustained in the long term.

ETC has experienced several price fluctuations since the beginning of 2021. Although the MACD indicator is bullish, the Stochastic RSI Indicator has entered the overbought zone of 80, and it is very likely that a bearish crossover will form in the short term.

However, there is also a short-term correction phase. If a long green candlestick is closed today and accompanied by a larger trading volume than yesterday, ETC is likely to break through the $21.00 resistance level soon.

On the contrary, if there is a decline in trading volume, ETC/USD will likely consolidate between $18.00-$21.00. Then the buyers will gain momentum to break through the pressure level of $21.00 and start a new round of gains for ETC. If the bears are stronger and push the price lower than the opening price, then ETC/USD will test the $17.00 support level.

Grayscale's Parent Company DCG Plans to Purchase $50M Shares of Ethereum Classic Trust

Digital Currency Group (DCG), the parent company of the cryptocurrency asset management company Grayscale, announced Monday it would buy Grayscale Ethereum Classic Trust shares with a total value of $50 million.

This purchase will use realizable cash on hand of DCG and comply with the provisions of Article 10b-18 of the Securities Exchange Act of 1934 (“Exchange Act”) through the decision of management whether to purchase on the open market.

At present, the digital currency group did not disclose the specific time plan of the purchased shares and specific indicators such as quantity and price. The shares purchase the authorization will depend on the current company’s realizable cash level, price, market sentiment, and other factors.

Barry Silbert founded the Digital Currency Group in 2015, a well-known investor in the blockchain field. It owns companies, for instance, Genesis (a global digital asset brokerage) Foundry (a leader in Bitcoin mining and collateral).

Ethereum Classic (ETC) is an open-source, blockchain-based distributed computing platform featuring smart contract functionality. It was officially launched in July 2016 as the hard fork of Ethereum.

According to Coinmarketcap, the Ethereum Classic ranked as the 22nd largest cryptocurrency with a market cap of $4,671,648,056.

Ethereum Classic has dropped by 12.49% within 24 hours as China intensified law enforcement against domestic crypto mining activities and related crypto trading.

Ethereum Classic (ETC) price hit an all-time high of $175 on May 6 before falling by approximately 77% to a low of $38.52, which is still the case today. During the intraday, ETC was trading at $39.85.

Although the return of ETC so far this year has multiplied by 602% from $5.68 to $39.88, higher than ETH’s 163% increase from $736.42 to $1943.25. Many crypto analysts regard the ETC rebound as similar to Dogecoin (DOGE) fanatic speculation, not wide investment based on the potential of blockchain technology.

Ethereum Classic Receives $10m Capital Boost from AntPool

Layer-1 blockchain protocol, Ethereum Classic has received a new $10 million capital boost for its ecosystem as announced by AntPool, the mining pool offshoot of Bitmain.

The capital pledge was made as a show of gesture to support the blockchain protocol, which will continue to use the Proof-of-Work (PoW) consensus model of validating transactions.

Ethereum Classic is the product of the hard fork of the Ethereum protocol back in July 2016. It carved a name for itself as a protocol that aimed to help maintain the integrity of the Ethereum protocol at the time, but over the years, it has grown into a smart contract protocol that now supports the growth of DApps.

Ethereum Classic will soon become one of the top protocols to be using Bitmain’s mining rigs after Bitcoin, as Ethereum is scheduled to transition into a Proof-of-Stake (PoS) network by September.

As a PoS network, Ethereum will be free from the endless criticism that Bitcoin and Ethereum Classic face with respect to their high carbon footprint. The PoW transaction validation model requires the use of highly advanced machines that are manufactured by tech giants like Bitmain to solve complex computations before transactions are approved, added to the block, and generated a new token as a reward for the miners.

This system will be replaced by the more energy-efficient PoS model, which will now position Ethereum over Ethereum Classic concerning sustainability concerns.

However, the bet on Ethereum Classic by AntPool and Bitmain is a show of confidence in what the world holds for PoW networks as many are beginning to explore avenues whereby clean energy will be used to mine the coins in the near future.

Specifically, the funding from AntPool will be deployed into the development and exploration of applications of the Ethereum Classic mainnet, in a bid to promote the overall performance of the network.

Ethereum Classic Hash Rate Surges 200% Ahead of Ethereum Merge

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According to data from mining pool 2miners, Ethereum Classic’s hash rate has experienced a 200% growth in the last 30 days, jumping to now at its all-time high of 64 TH/s from 30 TH/s on August 15.

Ethereum Classic has hit an all-time high hash rate of 65.49 terahashes per second (TH/s), having grown more than 40% during September ahead of The Merge.

Hash rate refers to the computational power used to mine a cryptocurrency on a proof-of-work blockchain. Cryptocurrencies such as Bitcoin, Ethereum Classic, and Ether (before the merge) use a proof-of-work system, which requires lots of powerful computers and energy to process transactions.

Today, Ethereum is set to make its long-awaited shift from its proof-of-work consensus to an energy-friendly proof-of-stake blockchain consensus mechanism.

Ethereum’s move to shut down its proof-of-work consensus is set to leave Ether miners with potentially nothing to do. So, miners have announced their intent to migrate to Ethereum Classic, amongst several other proof-of-work blockchains.

These miners plan to mine Ethereum Classic and other compatible coins like Ravencoin. According to 2Miners, mining on Ethereum Classic and others like Ravencoin and Ergo is the “safest post-Merge strategy” at least in the first few days after the Ethereum Merge event.

“Currently, the most profitable coins after Ethereum are Ravencoin, Firo, Cortex, Ergo, Aeternity, Beam, Bitcoin Gold, Ethereum Classic, and Callisto,” 2Miners elaborated.

The Merge Getting Ready

The mass migration of crypto miners to Ethereum Classic has been one of the major driving forces pushing its hashrate to reach new highs.

As a result, the Ethereum Classic’s native cryptocurrency (ETC) was also up by 7.53%, trading at $38.12 at the time of writing.

In July, AntPool, a mining pool based in China and owned by Bitmain, signalled support for Ethereum Classic and injected a $10 million investment in the ecosystem. Ethermine, the world’s largest Ether (ETH) mining pool, also announced support for Ethereum Classic.

Ethereum Classic’s algorithm, Ethash is compatible with equipment used for mining Ethereum. Due to this, ETC can be mined using the same GPU and ASIC machines designed for Ethereum mining.

Ethereum is about to change its consensus from proof of work to proof of stake, an update called The Merge. The upgrade is estimated to take place around 4:23 UTC on Thursday, late into the evening of September 15.

Ethereum PoW Fork Token Price Drops Over 60% A Day after Mainnet Launch

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Based on data from CoinMarketCap on Friday, the price of ETHW tokens from Ethereum’s proof-of-work fork has dropped by over 65% since the launch of its mainnet hardfork after the highly-anticipated Ethereum Merge took place on September 15th.

ETHW spiked as high as $60.68 in the early hours of Thursday morning following The Merge. At the time of writing, the tokens were trading at $12.80, a loss of 61% in the past 24 hours, according to CoinMarketCap.

The lowest point the price of ETHW exchanged hands was $8.20. The tokens traded at over $42 on Thursday before the Merge but plunged as much as 78% to as low as $8.20 in early European hours Friday.

ETHPoW is a separate Proof-of-Work (PoW) blockchain, forked from Ethereum’s Merge on September 15. However, its chain suffered technical issues after the launch, which put downward pressure on its ETHW token.

The team behind ETHPoW recognized the issue and fixed the network’s ChainID later on the same day. But several miners appeared to have abandoned the network despite a few major pools continuing to mine the PoW chain.

As a result, the ETHPoW hash rate dropped to 66.64 TH/s on Friday after peaking at 80.56 TH/s earlier in the day.

Meanwhile, the hash rates of other PoW alternatives for Ethereum miners like Ethereum Classic (ETC), Ravencoin, and Ergo, have experienced all-time high levels after the merge. After Ethereum’s successful merge, miners started switching their rigs to other blockchains such as the above mentioned.

According to data from crypto mining pool 2miners, the Ravencoin blockchain’s hashrate doubled from 8.29 TH/s to 18.47 THs over the past 24 hours.

Ergo (ERG), another PoW blockchain that supports GPU mining, also saw its hash rate rise over 372% in the last 24 hours from 29.05 TH/s to 157.56 TH/s currently. ERG, the native coin of Ergo, is also up 14.51% to $4.93 over the past 24 hours.

Eric Wall, the Chief Investment Officer at cryptocurrency investment firm Arcane Assets, explained that ETHPoW miners could not sustain the chain at current ETHW prices. He further added: “The daily rewards are 13100 ETH, $354k instead of $20m. There is no way miners can just ‘keep mining’ the ETHPoW chain, no matter how you adjust the difficulty. There simply aren’t enough rewards in the system to pay for the electricity bills.”

The price of ETHW fell in the past 24 hours, likely because users received the new tokens and instantly sold them on the open market. The tokens are listed on several major cryptocurrency exchanges, including FTX, Huobi, and OKX.

Charles Hoskinson Changes Ethereum Classic Twitter Account to Ergo's

Charles Hoskinson, the blockchain leader known as one of the key figures responsible for creating Ethereum Classic and Input Output Hong Kong (IOHK), the parent company of Cardano recently converted the Twitter account of Ethereum Classic ( ETC) to that of Ergo Proof-of-Work network on the 6th of October.

In a Twitter thread, Ethereum’s Classic Cooperative executive director Bob Summerville alerted the change of account. According to Summerville, the conversion of the Twitter account is an aftermath of ETC’s withdrawal of support for the 20% treasury protocol proposed by Hoskinson. This is the second time IOHK would be withdrawing from the ETC community, the first was in 2018 for similar reasons.

Summerville also claims that the account change by Hoskinson will damage both communities because Hokinson is creating drama to feed on his ego.

He, therefore, asked Hokinson to stop using ETC’s Twitter account of over 600k plus followers as opposed to Ergo’s actual 60k plus Twitter account because Hoskinson wasn’t the creator of the account, a Twitter user @ChuckSRQ created and built it in July 2016 up to the level where the account was verified.

Hoskinson has responded by saying that he would not give up the account because he has put in so much time and millions of dollars in efforts to support the ETC blockchain community. He, therefore, promised to be even with ETC because of their stand in preserving their status quo.

Support for Ethereum Classic

So many Twitter users are condemning Hoskinson for his refusal to give back the account.

According to a Twitter user (@CryptoHolon), many people have given their free time to the ETC network and supporting principles of decentralization.

“You were trying to change ETC’s nature with your proposal, the intentions of ETC’s twitter handle were always seen as a community handle. It’s a simple gesture, Charles.”

AntPool, a Bitmain-run Chinese mining pool, declared its support for Ethereum Classic in July and contributed $10 million to the ecosystem. Ethereum Classic is also now supported by Ethermine, the largest ETH mining pool in the world.

Charles Hoskinson Officially Cut Ties with XRP Community

Barely a week after the news of the brawl with Ethereum Classic made the rounds, Cardano founder Charles Hoskinson has publicly declared he is cutting ties with the XRP community.

According to the conversation gleaned from his tweet, Charles seems to have been the main figure behind a ton of trolls associated with the XRP community.

As an outspoken critic of many projects, it comes off as though many supporters of the XRP coin have been taking their pound of flesh on the legendary blockchain developer. Per his tweet, all of the trolling may be coming to an end.

“I think I’ve blocked most of the XRP trolls who continue to harass unprovoked. I’ve never seen a group so radically pick up a few words and run with it. Great job turning an ally into someone disgusted and totally checked out,” he said.

While many support Charles’ actions, a renowned XRP advocate, XRPcryptowolf, jumped into the conversation and advised Charles not to stereotype an entire community based on the behaviour of a selected few. However, Charles seems unperturbed in his stance, stating further;

“It isn’t a few trolls. It’s been an endless harassment campaign for days. I’m done with it. I want nothing more to do with XRP. The community has accomplished nothing but harming itself. Congratulations.”

Actions and reactions are often tagged as balanced in what comes off as an open industry. Charles earlier confiscated the Twitter account that has served the Ethereum Classic community since 2016 and recently re-purposed it for the Ergo Community. The account has over 600k followers forcing the Ethereum Classic protocol to start building its community all over again.

A number of industry observers were not cool with the events and how things played out, and for that reason, many may still be coming for Charles in ways he may not have envisaged.

Digital Currency Group Sells Shares in Subsidiary's Crypto Funds

The cryptocurrency conglomerate known as Digital Currency Group (DCG) is apparently getting ready to generate cash and maintain its liquidity by selling its assets in cryptocurrency funds that are managed by a subsidiary of the company known as Grayscale Investments.

According to a report that was published on February 7 by the Financial Times, which cited United States securities filings, DCG sold approximately one quarter of its shares in Grayscale’s Ether (ETH)-based fund for approximately $8 per share, despite the fact that each share held a claim to nearly double that amount in ETH. The filings were cited in the report.

In addition to this, it is said to have sold down small share parcels in Grayscale’s Litecoin (LTC), Bitcoin Cash (BCH), and Ethereum Classic (ETC)-based trusts. This is in addition to its Digital Large Cap Fund, which is a single fund that invests in Bitcoin (BTC), Ether, Polygon (MATIC), Solana (SOL), and Cardano (ADA).

The response that DCG gave when queried about the share sales was that “it is just part of our regular portfolio rebalancing.”

In spite of this declaration, there are others who feel that Barry Silbert’s DCG might be heading for some kind of financial difficulty.

Another of its companies, the cryptocurrency lending business Genesis Global Capital, filed a bankruptcy petition on January 19 and is reported to owe its creditors more than $3 billion.

Companies controlled by DCG have been significantly impacted by the contagion that has resulted from FTX’s downfall. Over the last several weeks, these companies have been forced to let go of over 500 people.

However, DCG has taken a number of actions to maintain liquidity in 2023, such as informing its shareholders in a letter dated January 17 that it would be discontinuing its quarterly dividend payments as it seeks to improve its balance sheets. This was one of the many initiatives that DCG has done.

After stating that it had received offers for the cryptocurrency media outlet CoinDesk that were greater than $200 million, DCG has reportedly sought the assistance of the financial advisory firm Lazard in order to assist it in weighing up options to sell CoinDesk, which is another of its subsidiaries.

According to the company’s website, DCG’s venture capital portfolio includes about 200 crypto-related startups, some of which include Grayscale, Genesis, and CoinDesk. Additionally, DCG has interest in a number of other businesses, such as the cryptocurrency exchange Luno and the advising company Foundry.