33% of respondents believe that the Merge will result in an Ethereum chain split, a new survey says.
But that does not take away the fact that Ethereum Classic is a very small project compared to Ethereum.
As of June 29, the Ethereum Classic had over 53,000 daily active addresses versus Ethereum's 763,000.The difference suggests that ETC's ongoing price boom is purely speculative since Ethereum Classic remains largely underutilized as a chain and with only a handful of projects. Therefore, ETC is certainly at risk of a"sell the news" event after the Merge.
Nonetheless, a breakout move increases the token's potential to hit $75 next, due to its proximity to the 0.618 Fib line.Conversely, a pullback move from either the resistance confluence or the 0.618 Fib line could have ETC eye a drop toward the support area illustrated above. It is defined by the red bar, the multi-year rising trendline support , and the descending channel's lower trendline .
In other words, ETC risks dropping toward the $10-$12 area by September, down 75% from today's price. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ethereum dev confirms Goerli merger date, the final update before the MergeThe Merge is close. The years-long journey reaches the final stage with the announcement of the final testnet merge to the Beacon chain. (Reporting via _prashantjha)
Read more »
Ethereum Reaches New Important Milestone Ahead of Merge EventICYMI: Ethereum hits a new all-time high in daily active addresses, with their number 48% higher than the previous record $ETH ETH
Read more »
Ethereum Devs Finalize Merge Testnet Details as ETH Surges 14%ETH developers announced the final details for the network’s last dress rehearsal before the long-awaited Merge, and the asset surged 14%.
Read more »
Ethereum options data show pro traders ready to go long into ETH’s MergeEthereum price is expected to struggle at the $1,600 resistance level again, but noshitcoins says ETH options data reflects traders' willingness to be long on the upcoming Merge transition.
Read more »
UT Dallas will merge two schools, creating the School of Arts, Humanities and TechnologyUniversity officials say the goal of the merger is “a strong, single academic presence for the arts while taking advantage of UTD’s arts and performance...
Read more »
Ethereum Just Surged Past $1,700. What's Happening?The Ethereum price has topped the $1,700 level for the first time since early June
Read more »