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Ethereum Enters 25% Rally, But Not One You Would Expect

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Tue, 6/09/2022 - 12:33
Ethereum Enters 25% Rally, But Not One You Would Expect
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Another 25% rally has been noticed on Ethereum Classic as Ethereum's PoW alternative keeps on gaining traction after most ETH miners decided to migrate to the established network rather than waiting for a release of the PoW fork.

Ethereum Classic hashrate

Since Aug. 18, the network saw more than a 50% surge in the hashrate as mining pools started their massive migration to the classic coin. Obviously, the main reason behind the explosive growth is the disposal of the PoW consensus algorithm on Ethereum, which makes mining operations on the network unavailable.

Article image
Source: 2Miners

As most mining pools are moving to the network, investors bet on the long-term growth of Ethereum Classic and the increase of its fundamental value. Most PoW enthusiasts believe that mining is the only thing that can provide intrinsic value to a digital asset.

Despite the great migration, some analysts believe that the PoW fork of Ethereum will still attract much more hashrate after the Merge goes live than alternative networks.

ETC's placement on market

According to the most recent price action of the asset, ETC is close to becoming overbought as it spikes far above the 50-day moving average, almost reaching the previous high we saw on Aug. 13.

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In the meantime, ETC might enter a short-term correction cycle and reach the local support level from which it will move upward once again. Unfortunately, we can clearly see an RSI divergence with the price, which might bring some problems if ETC does not find enough fuel for growth in the foreseeable future.

As for now, ETC is trading at $40.6 with a 2.6% price increase in the last 24 hours.

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