Cryptocurrency

Ethereum Classic’s recent updates look promising, but will they be enough


  • Antpool transformed $5 million value of USDT to ETC 
  • Metrics gave hopes to traders, but the market indicators urged in any other case

Ethereum Classic [ETC], which got here into the highlight a number of months in the past because of the Ethereum Merge, made headlines as soon as once more due to a number of developments in its ecosystem.

The ETC Cooperative introduced the launch of the Safe Multisignature Wallet app on the Ethereum Classic community. Gnosis, an Ethereum infrastructure firm, developed the Safe Multisig App. 


 

Read Ethereum Classic’s [ETC] value prediction 2023-24


To strengthen the safety of their crypto property, customers can create multi-signature wallets inside Safe utilizing a mixture of their very own browser-based, desktop-based, cellular, or {hardware} pockets addresses.

Moreover, AntPoolofficial, one of many largest mining swimming pools on this planet, introduced that it has transformed $5 million value of USDT to ETC, which was being held in a protected pockets on the ETC mainnet. 

However, Ethereum Classic’s mining business didn’t register development over the previous few weeks. After skyrocketing for months, ETC’s hashrate declined currently, indicating {that a} decrease variety of miners have been energetic on the community. According to 2miners, at press time, ETC’s hash fee marked a downtick and was at 135.59 TH/s.

When is the subsequent bull rally for ETC?

Investors additionally had a good time within the final 24 hours as ETC’s value registered a promising uptick. CoinMarketCap’s knowledge revealed that ETC‘s value elevated by over 5% within the final day.

At the time of writing, it was buying and selling at $21.42, with a market capitalization of over $2.95 billion. 

Interestingly, if issues proceed the way in which they are headed, ETC’s subsequent bull rally may be across the nook.

As per Santiment’s knowledge, ETC’s Binance funding fee, after marking a pointy decline, went up on 11 November. Thus, indicating greater curiosity from the derivatives market.

Not solely this, ETC’s social quantity was additionally constantly excessive during the last week, which displays the recognition of ETC within the crypto neighborhood.

Messari’s data urged that the miners had fun after their income barely elevated during the last month.  

Source: Santiment

What is the catch?

While the on-chain metrics painted an optimistic image for ETC, the market indicators urged in any other case. For occasion, the Relative Strength Index (RSI) and the Chaikin Money Flow (CMF) each registered downticks and have been resting beneath the impartial place, which was a bearish sign.

According to the Exponential Moving Averages Ribbon (EMA), the bears had an higher hand out there because the 20-day EMA was above the 55-day EMA, lowering the probabilities of a northbound breakout quickly. 

1668177538 537 Ethereum Classics recent updates look promising but will they be

Source: TradingView

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