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Ethereum Classic Celebrates Rally – Course Follows Hashrate

 


Ethereum Classic is actually a small, weak and almost forgotten network. There has simply been no reason to rely on the ETC blockchain in the last three years. But that could change with the forthcoming merger of the Ethereum blockchain. The miners have to think about what to do with the gigantic computing power of their GPUs.


When Ethereum turns its back on mining, there are few alternatives. JPMorgan recently identified Ethereum Classic along with Ravencoin as an alternative. In the case of Ravencoin , however, that must be wishful thinking, because the hashrate has been on a downward path since January 2022. It’s different with Ethereum Classic, where miners are scratching the ceiling and about to break the April 2021 high.


The price always follows the hashrate. This is an old saying among traders in the crypto market. This is true to a certain extent, but should not be taken as a general thesis for an investment.


Ethereum Classic lacks approval

Miners alone cannot create a decentralized ecosystem from scratch. It doesn't just need DApps and developers, but also stablecoins and users. Here Ethereum Classic has a deficit that probably cannot be made up for.


Nevertheless, the market is bullish and that has less to do with the non-existent qualities of Ethereum Classic and more to do with the possible failure of its much larger sister. If the merge turns out to be a debacle, then perhaps the ETC blockchain could be a safe haven.


However, this idea is torpedoed by one man. Chandler Guo, an influential miner from China, wants to fork Ethereum and do his own thing. This gives Ethereum Classic competition. However, the competition between the two blockchains is not based on who can make the better offer, but is a competition for the more attractive narrative. EthereumPOW is still a pipe dream and not available at all. If you urgently want to place a bet on the possible success or failure of ETHPOW, you can try your luck with BitMEX advertising . There you have highly speculative contracts for a cryptocurrency on offer that does not even exist yet.


The narrative is crucial

A possible price target for Ethereum Classic is 52 US dollars. However, this only applies in the short to medium term and can only succeed if the remaining framework conditions remain consistent. If the inflation data for August should be worse or if the Fed takes a tough stance in September, the entire market is likely to suffer.


At press time, Ethereum Classic is trading at $42.29 and facing resistance at $44.50. If the bulls manage to break out with a successful retest, the price target of $52 is within reach. In the event of a failure, try not to close below $34 on the daily chart. Then there would be the possibility that the market would remain in a range for the time being.


If we see an exodus of miners towards Ethereum Classic in the coming weeks, that would be great because it would likely be taken as confirmation that the ETC blockchain will succeed Ethereum and continue mining. However, one should be aware that Ethereum Classic cannot be a full replacement.

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