Ethereum Classic (ETC): Latest Updates Appear Lucrative, But Are They Enough for Uptrends?
- Antpool converted USDT worth $5 million to Ethereum Classic.
- Metrics gave investors hope, whereas market indicators confirmed otherwise.
Ethereum Classic came into the limelight over the last few months following the ETH Merge. The alt hit the headlines again due to multiple developments within its ecosystem. Meanwhile, the Ethereum Classic Cooperative revealed the Safe Multisig Wallet App launch on the ETC blockchain.
An Ethereum infrastructure firm Gnosis built the Safe Multi-Signature App. Users might create multi-sig wallets within Safe utilizing a mix of their desktop-based, browser-based, hardware, or mobile wallet addresses to heighten the safety of their digital assets.
Furthermore, one of the leading mining pools, AntPoolofficial, revealed converting USDT worth $5 million to Ethereum Classic – held in ETC mainnet’s safe wallet. Nevertheless, ETC’s mining sector didn’t record growth within the past few weeks.
The latest sessions saw Ethereum Classic’s hashrate plummeting following upsides for months, confirming reduced active miners on the blockchain. While publishing this blog, Ethereum Classic’s hashrate dropped to 135.59 TH/s (2miners data).
When is ETC’s Next Bullish Rally?
Investors might have cheered within the past day as Ethereum Classic’s price recorded an attractive upsurge. Coinmarketcap data showed the alt gained 5% over the last 24 hours. While publishing this content, ETC traded at $21.43, with its market cap beyond $2.95 billion.
If nothing changes, Ethereum Classic might see a bullish rally soon. Santiment confirmed Ethereum Classic’s Binance funding rate climbed on November 11, following a swift plunge. That indicated increased interest in the derivatives marketplace.
Besides that, the token’s social volume remained high within the past seven days, reflecting ETC’s popularity within the cryptocurrency market. Messari’s data showed miners enjoyed a slight revenue increase over the past month.
What’s the Caveat?
Though on-chain metrics demonstrated an optimistic outlook for Ethereum Classic, market indicators revealed a contrary tale. For example, the RSI (Relative Strength Index) and the CMF (Chaikin Money Flow) recoded declines, resting beneath their respective neutral levels – a bearish sign.
Also, the EMA (Exponential Moving Average) showed bears dominate the marketplace as the 20d EMA swayed beyond the 55d EMA, reducing the probability of a northward breakout soon.
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