The upcoming Magneto upgrade could catalyse a caller upside for ETC terms aft a stellar 2nd quarter.
Ethereum Classic terms is up 3.8% successful the past 24 hours, presently changing hands astatine astir $44.82. The 17th ranked cryptocurrency has an intraday trading measurement of $2,841,958,907, the sixth-highest successful the marketplace today.
While ETC’s terms is 15% successful the reddish implicit the past week, a caller study shows that the Ethereum hard fork coin outperformed each the large cryptocurrencies by marketplace headdress during the past quarter.
According to CoinMetrics’ State of the Network report, ETC terms grew 297% betwixt April and the extremity of June to outshine Bitcoin arsenic bearish sentiment deed the market. Per the report, the terms of Bitcoin shrunk astir 39% successful Q2, adjacent arsenic Ethereum Classic among different altcoins benefitted from a imaginable superior rotation.
Only ETC, alongside Dogecoin (DOGE) +326% and Polygon (MATIC) +226%, registered triple-digit gains to pb the marketplace implicit the past quarter.
Can the ETC terms rebound higher?
Even with the May-June terms crash, ETC inactive boasts awesome year-on-year gains. CoinGecko data shows that ETC/USD surged to an all-time precocious of $167 connected 6 May, earlier wide bleeding wiped disconnected astir of the gains.
As of writing, the altcoin’s existent terms of $45 is astir 73% down from the ATH reached successful May. However, ETC/USD is 614% up since this clip past year, and investors could spot further gains successful the abbreviated word if the bullish sentiments astir the network’s upcoming Magneto upgrade acts arsenic a caller catalyst.
Save the date! July 20th is #EthereumClassic Independence Day. The Magneto hard-fork is besides expected astir this time. So, lets hole to observe work and update our #ETC node software! #Cryptocurrency #CryptoNews #Crypto pic.twitter.com/Uy44xjSxcA
— Ethereum Classic (@eth_classic) July 6, 2021
The Magneto hard fork is acceptable to hap astir 20 July and volition see updates from Ethereum’s Berlin upgrade. The ECIP-1103 seeks improvements meant to optimise state usage and transaction processing, boosting web show and security.
ETC regular chart
Looking astatine the charts, the regular chart, the ETC terms is trading beneath some the 50 and 100-day moving averages and is hinting astatine an hold of the antagonistic crossover formed successful the past 2 sessions.
The 50 SMA is somewhat sloped to suggest buyers look an uphill task if they effort to scope the $54.65 terms level. The 100 SMA is connected the different manus suggesting an upturn, frankincense expanding the anticipation of sideways trading, with the $56-$80 portion forming a captious proviso zone.
But the RSI is bearish beneath the 50-mark, suggesting that the apt way for ETC could beryllium downwards. If that happens, the Ethereum Classic terms could diminution beneath $40. The superior enactment levels successful this lawsuit volition beryllium astatine $35.87 and $28.33.