- Ethereum Classic price could witness an explosive rally, with 55% gains crossing the $32 level.
- Once Ethereum transitions from proof-of-work to proof-of-stake, the Ethereum Classic network could witness a mass migration of miners from ETH.
- Ethereum Classic has remained a “true” version of the altcoin’s blockchain, preserving its integrity after the theft of 3.6 million ETH.
Ethereum Classic developers consider the project a continuation of the unaltered history of the original Ethereum chain. Ethereum Classic price has exploded, with over 17% gains overnight. The Ethereum community has a key transition fast approaching as the Merge is scheduled to go live in September 2022.
In July 2016, the Ethereum community disagreed on how to move forward after 3.6 million ETH tokens, and the Ethereum Classic community of developers and builders believed in preserving the integrity of the blockchain, moving forward with the unfiltered blockchain. Meanwhile, the Ethereum community went ahead with a hard fork and separated the project from Ethereum Classic.
Once again, the Ethereum community is at a crossroads, where the community has voted for the asset to transition from proof-of-work (PoW) to proof-of-stake (PoS). It is likely that a sect of Ethereum holders and miners would therefore transition to Ethereum Classic, the blockchain that uses proof-of-work as its consensus mechanism.
Ethereum Classic price could explode ahead of the Merge. Ethereum core developers finalized a timeline for Ethereum Merge, and the event is scheduled for September 2022. The Ethereum Classic price will likely break out, targeting a 55% climb as the altcoin transitions from proof-of-work to proof-of-stake.
The current Ethereum Classic price trend is extremely bullish, and the altcoin has climbed to $22.39 overnight. The altcoin climbed from a low of $13.61 to $22.39, revealing a bullish trend. If the ETC price drops below the range low of $12.50, it is likely to witness a bearish trend reversal. However, until then, the altcoin is set to climb higher, eyeing the $32.50 target.
The next bullish target is $52.6, which is the high from April 2022, and the altcoin is likely to hit this level if the rally continues uninterrupted. A daily candlestick close above $12.50 is the only sign that could indicate an ETC takeover by bears.
ETC-USDT Perpetual Futures (Source: TradingView)
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.