Ethereum Classic price has been gradually improving since its lowest level in June. Its total market capitalization is at $5.78 billion. It ranks as the 23rd largest cryptocurrency sandwiching it between Theta token and Vechain.
Ehtereum’s Hard Fork
Ethereum Classic has a close correlation to Ethereum. ETC was formed after Ethereum’s hard fork in 2017. Unlike Ethereum, Ethereum Classic is cheaper to purchase hence many people opt to use it as a proxy.
Ethereum, being the world’s second-largest crypto, has a total market capitalization of about $305.28 billion. One Ether token currently sells at $2,618 making it unaffordable to most crypto traders. Due to its close relationship with Ethereum, Ethereum Classic price is affected by the overall performance of the former.
At the time of writing, Ethereum’s London Hard fork had just been activated. The software upgrade has seen Ether’s price jump 3.9% in the last 24 hours. According to experts, the London hard fork is a gamechanger for Ether.
The upgrade will alter the way transaction fees are calculated by smoothing them out and making them less volatile. Experts hope that the fork will shift Ether from a proof-of-work to a proof-of-state. In the Proof-of-state algorithm, mining will be rendered useless as coins will be minted using a consensus mechanism.
Ethereum Classic Price Outlook
Ethereum Classic price has been on an ascending trend since its jump from its lowest level in July. It slipped 7.25% on July 20, before rebounding. At the time of writing, it was up 2.22% at $51.119.
On the four-hour chart, it is trading alongside the 15 and 25-day exponential moving averages (EMAs) which is a bullish signal. A move above the $52.235 resistance level will most likely push the prices higher to find resistance at $54.00.
However, the bears need to gather momentum to push the price past its intraday soft of $48.810 to find support at $48.500.