Over 200% of growth has actually taken place month for Ethereum Classic (ETC) and its owners. ETC’s price increase can be attributed to ETH’s rise because there is a statistically significant positive correlation between ETC and ETH.
Miners are supporting Ethereum Classic in preparation of the upcoming chain-merge of Ethereum, which will kick Proof of Work (PoW) miners off the network in favor of Proof of Stake (PoS) validators. Since July 13, the price of Ethereum Classic, a frequently disregarded fork from the early days of Ethereum, has increased by more than 200%. Actually, its performance isn’t all that mysterious. The Ethereum Classic community is placing a wager that the Merge will be beneficial for their dormant cryptocurrency.
Traders have already bet their money on Ethereum Classic succeeding in the Merge. In the past two and a half weeks, the value of its native ETC token compared to ETH has doubled. Let’s take a look at the ETC price levels.
ETC Price Prediction
On July 13, the ETC price jumped from the $13.45 support. As a result of the comeback bounce, the altcoin passed the $25 crucial resistance and recently exceeded the $41.89 resistance level.
The bulls gave up at the upper level near $41.89 and slowed the most recent upward movement. On the other hand, the price’s encounter with the resistance area between $40 and $41.89 resulted in a big decrease. To reach their target price of $48.88, the bulls must keep the price of ETC above the $30.91 support level. Otherwise, the $25.66 support level would be reached by the price.
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