- Ethereum Classic hash rate rebounds due to surge in network activity, experts believe altcoins are likely to rise.
- ETC typically records significant price increases every few weeks. The last such spike was recorded on January 4th.
- The proliferation of decentralized computing platform tokens means they have outperformed big assets such as Bitcoin and Ethereum.
Ethereum Classic, a decentralized blockchain-based open source computing platform, is witnessing a price spike. ETC has delivered his double-digit profits to holders in the last 24 hours.
Also read: Dogecoin is the fourth most popular crypto used for BitPay transactions. Here’s what you can expect from DOGE’s pricing:
Here’s Why Ethereum Classic’s Price Rebounded Significantly
Ethereum Classic (ETC), a blockchain-based cryptocurrency that allows developers to build and deploy smart contracts similar to the Ethereum network, has recently experienced a significant price increase.
The hash rate of the Ethereum Classic network declined throughout December 2022 before pivoting towards the end. Experts say he is waiting for ETC’s hashrate to recover significantly, but minor increases indicate a change in minor activity.
The hash rate surge indicates a significant surge in miner profitability and transactions.
ETC hash rate
ETC transactions increased in the last two days. The volume surge hit a monthly high, with the price of Ethereum Classic rising nearly 12% overnight. Therefore, the surge in trading volume was accompanied by a significant increase in his ETC price.
The ETC price has increased from $16.40 to $20.14 over the past two weeks. The price outlook for the token is bullish with the 50-day Exponential Moving Average (EMA) above the 200-day EMA at the golden cross. This means the asset is poised to go higher and usually marks a bullish trend reversal.
ETC is in overbought territory when the Relative Strength Index (RSI) is at 73.65.
ETC/USD price chart
A break below the lower trendline of the ascending channel could invalidate our bullish thesis on the ETC price. A breakout above the upper trendline of the ascending channel in the chart above could push ETC price higher and support a bullish thesis for decentralized smart contract platform token Ethereum Classic.
