In a few days, Ethereum will switch from Proof of Work to Proof of Stake. Additionally, a lot of Proof of Work projects get the attention of miners. This is the situation with FLUX or ETC, whose prices have increased. Let’s examine Ethereum Classic’s charts today to ascertain its current state and what the upcoming weeks hold for it.
Key resistance is still present for Ethereum Classic.
You can see that ETC reached a new high in 2021 at over $179 following the protracted period of accumulation between $3.29 and $13. However, Ethereum Classic was so poor that it was unable to rebound in November 2021 as a result of the market having now started a slump. Before bouncing back in recent weeks, the asset recently returned to the upper limit of the previous accumulation zone at $13.
Currently, the asset is up against an oblique resistance level and pivot level at $41.90 (indicated in black) (shown in red). Ethereum Classic has been unable to get rid of it in order to pursue higher price levels since the end of July. If it does, the first target is at $48, however.
Ethereum Classic not only descends beneath these resistances but also maintains its position above the upward trend of the EMA13/25/32. As The Merge approaches, nothing has been determined, and volatility is likely in order over the next days. However, if it reverses the trend by dropping below $30, it won’t bode well for the upcoming few months.
A Price Reduce That Does Not Simplify The Task.
We can better comprehend the price movement between resistance at $341.90 and support at $32 when we go to a daily chart (High Volume Node). Additionally, Ethereum Classic is unable to maintain a position above its POC for the time being. The region with the highest trading volume since the start of 2022 is indicated by the horizontal red line. It is possible for Ethereum Classic to rebound to $41.90 and then, in the case of an upside break, to $46.85/$48 if the price is accepted above this level at $36.75.
However, we should be on the lookout for a powerful recovery from the sellers if the asset fails to break out of these levels and loses the EMA trend once more on the daily scale. We may think about bearish targets if the price is allowed to remain below $32 and if there is a bearish breach of $30 (in confluence with the EMA200, which is not shown on the chart). The High Volume Node, priced at $26.10/$26.80, comes first. We will keep a watch on the Volume Area Low, which is now at $23.32, if this level is not maintained.
How Does Ethereum Compare To Ethereum Classic ?
We may quickly review the Ethereum Classic against Ethereum chart to wrap up our research. This makes it feasible to ascertain the capital turnover and if one of the two assets performs better than the other. Against the backdrop of the pro-fork Ethereum narrative, it is clear that ETC has performed quite well lately (excellent strategy?). The Merge is anticipated to cause volatility spikes on both assets as well as on this chart, although nothing has been determined yet.
We can see that ETC is below a crucial level by looking at the key levels and utilizing the volume profile since 2018 on a weekly scale. ETC will likely return to 0.03 ETH if he succeeds in breaking free and regaining the POC (red line). It won’t be difficult for an ETC to recover to 0.035 ETH if it maintains its momentum throughout the month of September. However, nothing has been made yet, and Ethereum might seize the initiative at any time. ETC is set aside beneath its pivot zone to retrace to lower price tiers.
The conclusion of this ETC technical study is at hand. As The Merge draws near, it appears more important than ever to examine both Ethereum and Ethereum Classic in order to understand the relative strength between the two assets. Compared to the dollar, the asset is unsure. He is uncertain of his next move as he moves in a range. However, we may anticipate some extremely intriguing volatility spikes to reappear when it breaks up or down one of the levels we have highlighted.