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Ethereum Classic: alive, but in intensive care
Ethereum Classic is balancing on the edge of a knife. After the aftermath of the attacks in 2020 and delisting on Coinbase, the price dropped to $8.31, though it later bounced back to $8.60. The network itself denies everything, but there is still a lingering feeling.
The Olympia Upgrade is the only light at the end of the tunnel. The client implementation of the three ECIPs is already ready, and the Mordor testnet has been launched. But does the code work when the hash rate is falling?
On the weekly chart $ETC is below all key EMAs. The MA-50 is far at $15.27. Sellers are controlling the trend, and the RSI is nearly oversold. Without a breakout at $8.65, the next stop is $8.35.
The only silver lining: ETC is holding up better than the market in the storm. A new listing on moomoo added liquidity. But when the largest exchange in the USA kicks you out for double spending, it hurts trust.
Those entering ETC now are buying the PoW legend and hope for a DAO by the end of the year. Others are watching and waiting for the hash rate to crash completely.
Buy or sell? ETC is not dead, but lying in intensive care. Risks outweigh returns unless you are a masochist for PoW.
p.s the first paragraph has been edited.
#ETC #51Attack #OlympiaUpgrade #PoWLegacy
Ethereum Classic is balancing on the edge of a knife. After the aftermath of the attacks in 2020 and delisting on Coinbase, the price dropped to $8.31, though it later bounced back to $8.60. The network itself denies everything, but there is still a lingering feeling.
The Olympia Upgrade is the only light at the end of the tunnel. The client implementation of the three ECIPs is already ready, and the Mordor testnet has been launched. But does the code work when the hash rate is falling?
On the weekly chart $ETC is below all key EMAs. The MA-50 is far at $15.27. Sellers are controlling the trend, and the RSI is nearly oversold. Without a breakout at $8.65, the next stop is $8.35.
The only silver lining: ETC is holding up better than the market in the storm. A new listing on moomoo added liquidity. But when the largest exchange in the USA kicks you out for double spending, it hurts trust.
Those entering ETC now are buying the PoW legend and hope for a DAO by the end of the year. Others are watching and waiting for the hash rate to crash completely.
Buy or sell? ETC is not dead, but lying in intensive care. Risks outweigh returns unless you are a masochist for PoW.
p.s the first paragraph has been edited.
#ETC #51Attack #OlympiaUpgrade #PoWLegacy
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