• Ethereum Classic’s hash rate has recently experienced a slight increase, indicating an uptick in network activity.
• Ethereum Classic [ETC] recently experienced a significant price pump due to whale activity, outperforming Ethereum [ETH] and Bitcoin [BTC].
• Ethereum Classic has encountered resistance from its 50-day simple moving average, indicating that the bullish momentum might be limited.
Ethereum Classic (ETC) is a decentralized cryptocurrency that was created in 2016 as a result of a hard fork of the Ethereum blockchain. It is blockchain-based, open-source, and enables users to make transactions without the need for a central authority. In the last few days, Ethereum Classic’s hash rate has experienced a slight increase, potentially indicating increased network activity. This could be because of higher miner profitability, which would indicate that there is a significant surge in transactions.
The recent increase in activity has been further demonstrated by a surge in Ethereum Classic’s trading volume. This has been especially noticeable in the past two days, during which ETC’s volume soared to a new monthly high. The strong volume surge resulted in a sizable uptick in ETC’s price action, which traded at $18.63 at the time of writing.
However, it is important to note that this bullish momentum might be limited, especially now that ETC has come into contact with its 50-day moving average. The price has also crossed above the 50% RSI level, indicating that the upside of ETC might be restricted. Every once in a while, Ethereum Classic [ETC] registers a large price pump that is usually associated with whale activity. The latest such event occurred on 4 January, when ETC bulls pulled off a surprise attack and pushed the token up by over 20% in one day.
Overall, the recent uptick in Ethereum Classic’s hash rate and volume indicate increased network activity. Although this may have resulted in a short-term price pump, it is important to remember that the bullish momentum might be limited due to the token’s encounter with its 50-day simple moving average.