Ethereum Classic might be the next big breakout in the cryptocurrency markets. The token has gathered a lot of exposure and bullish momentum for a rally. This action has caused the coin price to increase, and it’s currently moving to the $38 price zone.
However, this run seems related to the upcoming merge on its predecessor network, Ethereum. The transition from proof-of-work to proof-of-stake consensus protocol on the Ethereum blockchain is expected to trigger an effect. ETC is being seen as a good substitute for migration for miners after September.
Ethereum Classic Bulls, Almost At $38 With Good Momentum
The two-hundred days moving average of the token Ethereum Classic movement has broken a high-level resistance. This movement is necessary to allow an upsurge in the coming months. However, there are speculations that the new bull run will spike the price and create a possible bull run.
According to crypto experts and platforms, there may likely be a breakout in the token market price in the coming days. After the successful escape from its present resistance, ETC will create a new resistance and support level. This new resistance level will be situated around or above the $30 price zone in the marketplace.
Judging from the analysis from the past few months, ETC has once made a move to soar above the $30 price zone. However, bears in the market plummeted all cryptocurrencies, causing the token to fall below $15.
After the breakout, the next resistance to be broken by ETC is the fifty WMA. Holders, investors, and Ethereum Classic enthusiasts should be on high alert as the next movement of the token will be determined by the WMA.
ETC Breakout, Relations with Upcoming Ethereum Merge
Ethereum Classic has always been regarded as an Ethereum minion, which made it insignificant in the cryptocurrency marketplace. However, ETC was launched on the Ethereum blockchain but was later separated permanently from the chain to become independent.
Investors and buyers regarded it as an alternate, which caused the coin to crumble, with low usability as Ethereum was always preferred. Even the bull rally in the cryptocurrency market in November 2021 couldn’t spike the token price.
However, the ETC token might be the next ‘big thing’ in the markets after the transition of its predecessor to Ethereum 2.0. A few days ago, Ethereum blockchain network founder Vitalik Buterin advised that the ETC blockchain was a good one for crypto enthusiasts and miners for migration.
Vitalik revealed that the ETC blockchain runs like the ETH blockchain on a proof-of-work consensus protocol. Buterin stated that after transitioning to a proof-of-stake consensus protocol, ETC is a good substitute.
Its blockchain network runs similar to ETH; can support tokens, smart contracts, and decentralized applications. After the Ethereum merge upgrade in September, miners and crypto users may migrate heavily to the ETC blockchain.