Increase in Hash Rate! The Potential Rise of Ethereum Classic
The Ethereum Classic hash rate has increased slightly, possibly indicating increased network activity.
ETC can be very limited, according to its MA indicator. From time to time, Ethereum Classic [ETC] registers a large price pump that is associated with whale activity.
The last such event happened on January 4, when the ETC bulls went on a sudden rampage and sent the index over 20% in one day. This ETC breakout means that the token has outperformed some major cryptocurrencies including Ethereum [ETH] and Bitcoin [BTC]. One possible way to do this is the Ethereum Classic hash rate pivot. The latter has an undeniable effect on the development of the ETC price.
The Ethereum Classic hash rate fell for most of December and reached a plateau. It may not reach a big rally, but a small rise indicates a shift in mining activity. This may be due to the high profit of the miners, which will show that there is a great increase in business. The perception that ETC transactions have increased in recent days supports the increase in volume. This was the case for the last two days, where Ethereum Classic volume fell to a new monthly level.
Why is ETC’s Potential Value So High?
This increase in volume has led to a significant increase in the price of ETC, which is trading at $18.63 at the time of writing. In contrast, it traded as high as $15.83 during the January 4 trading session. However, this rally may be limited, especially now that ETC has entered its 50-day moving average.
ETC price broke above the 50% RSI level. Meanwhile, the price is under some selling pressure, indicating that profit-taking has increased following the session. In addition, the IMF has bought a lot, so the probability of defending the session is very high.
There are other observations that indicate a greater chance of the bear to regain control. For example, the weighted effect indicates that most analysts are still leaning on the bearish side.
How Much Ethereum Classic Can You Get For $1?
Binance’s investment rate supports the increase in demand for ETC production. However, this rise is small, suggesting that the wave of demand may be strong. It doesn’t help that Ethereum Classic has seen low development activity over the past few weeks.
Lack of strong developmental work may not strengthen positive emotions. Therefore, we can conclude that the short-term outlook for ETC may still be bearish. However, this may not be true if the market sees an unexpected increase in demand.