Ethereum Classic (ETC) may Retest $7.80 Ahead of Phoenix Hardfork
With less than 2 weeks to go till the Phoenix hardfork, ETC might attempt to retest its early May peak of $7.80.
The Ethereum Classic hardfork will happen around the 1st of June at block number 10,500,839.
No new coins will be minted during the network upgrade.
However, ETC might just rally to its local top of $7.80 experienced in early May.
The Ethereum Classic (ETC) upgrade known as Pheonix, is now approximately 10 days away and has been expected to occur on the 1st of June this year. The upgrade will be triggered on block 10,500,839 and the current countdown indicates that there are approximately 62,000 blocks to go at the time of writing this.
No New Coins Will Be Issued
Many crypto traders and investors are always on the lookout for network upgrades for they is usually a high chance that new coins will be airdropped to holders of the coin as a new blockchain with a new digital asset is created. However, in the case of the ETC Phoenix upgrade, the team has clarified that there will be no new coins minted during the Phoenix upgrade. The tweet by the team at ETC Labs explaining this event can be found below.
No new coins. – Atlantis ✅ non-contentious & no new coins – Agharta ✅ non-contentious & no new coins – Phoenix ⌛️ non-contentious & no new coins
Further checking the daily ETC/USD chart courtesy of Tradingview.com, we observe the following.
The three moving averages of 50-day, 100-day, and 200-day look set to converge in the coming days.
For the 50-day and 200-day MA, it will be a Golden Cross.
Trade volume is low and indicates that selling pressure has reduced around ETC’s current price of $6.46.
Both MACD and MFI indicate that ETC is in a consolidation zone that could determine the next big move for the digital asset.
In terms of support zones, ETC has the following: $6.32, $5.90, $5.58, $5.39 and $5.24.
ETC’s current resistances are $6.50, $6.63, $6.79, $6.90, $7.11, $7.34, $7.40, $7,61 and $7.80.
In conclusion, with the upgrade less than 2 weeks away, it is likely that Ethereum Classic will have a mild rally leading up to the event. However, traders and investors are also advised to have an eye out for any sudden move down by Bitcoin in the coming days. Major moves by BTC affect the entire crypto markets. Additionally, stop losses are advised to protect trading capital.
(Feature image courtesy of Unsplash.)
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.