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Ethereum Classic’s recent updates look promising, but will they be enough

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Ethereum Classic's recent updates look promising, but will they be enough
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  • Antpool converted $5 million worth of USDT to ETC 
  • Metrics gave hopes to investors, but the market indicators suggested otherwise

Ethereum Classic [ETC], which came into the spotlight a few months ago thanks to the Ethereum Merge, made headlines once again because of several developments in its ecosystem.

The ETC Cooperative announced the launch of the Safe Multisignature Wallet app on the Ethereum Classic network. Gnosis, an Ethereum infrastructure company, developed the Safe Multisig App. 

 

Read Ethereum Classic’s [ETC] price prediction 2023-24

To strengthen the security of their crypto assets, users can create multi-signature wallets inside Safe using a mix of their own browser-based, desktop-based, mobile, or hardware wallet addresses.

Moreover, AntPoolofficial, one of the largest mining pools in the world, announced that it has converted $5 million worth of USDT to ETC, which was being held in a safe wallet on the ETC mainnet. 

However, Ethereum Classic’s mining industry did not register growth over the last few weeks. After skyrocketing for months, ETC’s hashrate declined lately, indicating that a lower number of miners were active on the network. According to 2miners, at press time, ETC’s hash rate marked a downtick and was at 135.59 TH/s.

When is the next bull rally for ETC?

Investors also had a great time in the last 24 hours as ETC’s price registered a promising uptick. CoinMarketCap’s data revealed that ETC‘s price increased by over 5% in the last day.

At the time of writing, it was trading at $21.42, with a market capitalization of over $2.95 billion. 

Interestingly, if things continue the way they are headed, ETC’s next bull rally might be around the corner.

As per Santiment’s data, ETC’s Binance funding rate, after marking a sharp decline, went up on 11 November. Thus, indicating higher interest from the derivatives market.

Not only this, ETC’s social volume was also consistently high over the last week, which reflects the popularity of ETC in the crypto community.

Messari’s data suggested that the miners had a good time after their revenue slightly increased over the last month.  

Source: Santiment

What is the catch?

While the on-chain metrics painted an optimistic picture for ETC, the market indicators suggested otherwise. For instance, the Relative Strength Index (RSI) and the Chaikin Money Flow (CMF) both registered downticks and were resting below the neutral position, which was a bearish signal.

According to the Exponential Moving Averages Ribbon (EMA), the bears had an upper hand in the market as the 20-day EMA was above the 55-day EMA, decreasing the chances of a northbound breakout soon. 

Source: TradingView

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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