Ethereum Classic (ETC) Soars 9% As ETH Crashes, Here’s Why
Ethereum Classic’s (ETC) price surged more than 9% in the last 24 hours, with trading volume jumping 40%. The rally is fueled by instability in the Ethereum Beacon Chain that underwent block reorganization, questioning the stability of transitioning to proof-of-stake (PoS). While the Ethereum (ETH) price slips below $1800, the proof-of-work (PoW) ETC price continues to soar higher.
Ethereum Classic (ETC) Defies Market Wide Correction
The Ethereum Classic (ETC) price has risen more than 15% in the last week from the $20 level, making a high of $25.54. Despite a slight pullback, the price is trading strongly near the $22 level, fueled by instability in the Ethereum chain and the possibility of miners moving into the proof-of-work (PoW) chain. Moreover, it’s key to note that ETC’s social dominance has also been on the rise.
Moreover, the ETC price breaking above the downward channel on March 24 brought a rally to Ethereum Classic. The price was sliding since early April, but a reversal helped gained positive investor sentiment on the Ethereum Classic (ETC). If the ETC price breaks above the $25.50 resistance level, more upside can be seen.
Meanwhile, the Ethereum (ETH) price continues to slide downwards amid delays in the Ethereum merge and uncertainty over the stability of the transition to proof-of-stake. These factors may be causing investors to flock to Ethereum Classic (ETC). Also, miners supporting the Ethereum Classic are pushing prices higher. Miners believe the hash rate is going to grow orders of magnitude over the next few months.
Ethereum (ETH) Price Under Pressure
Ethereum witnessed massive liquidation in the last 24 hours. The Bitcoin market dominance has jumped to 45.75%, the highest since October 2021. Meanwhile, the Ethereum dominance has plunged from 19.18% to 17.67% in just two days. The market sentiment on Ethereum has also plunged with several analysts disclosing that the Ethereum price could fall to $1500. GMI Head of Research Remi Tetot is even claiming that ETH price could possibly drop to three digits.
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