In recent weeks, the trading price of Ethereum Classic (ETC) has undergone a significant surge. ETC has managed to work even better than Ether (ETH), which is the arch-rival of ETC.
In the recent trading sessions, the value of the ETC/ETH pair has risen tremendously. The pair has reportedly hit its 10-month highs in the recent trading sessions.
The reason behind ETC’s Win over ETH
In the recent trading sessions, the trading price of ETC went up to $27. The price analysis data suggest that ETC’s value surged 100% in a matter of 9-days.
In just 9-days, the trading price of ETC has risen from a low of $13.35 to a high of $27, which is more than double the price of ETC.
Compared to the trading price of ETC, the trading price of ETH has not experienced a strong surge. The price chart for ETH shows that its value surged by 64% in the same period.
The rebound for Ethereum has been the sharpest among the performances of the top cryptocurrencies. The launch of Ethereum’s Merge is heavily anticipated by the investment community.
Once the Merge is implemented, the consensus protocol for Ethereum would change from proof-of-work to proof-of-stake modality.
It is being suggested that once Ethereum hard fork is in place, Ethereum Classic may gain more success and adoption. It will become the most liked and preferred cryptocurrency being offered on the Ethereum blockchain.
Technical Analysis for ETC Suggests a Short-Term Bearish Trend
If we look at the technical analysis of Ethereum Classic, it suggests that the trading price of the asset is expected to suffer from a bearish trend. At present, the trading price of ETC is hovering around $27.35, which is the 200-day EMA for the asset.
A look at the data for ETC/USD shows that the pair ended up suffering from a strong rejection from the bears’ end. It was near the resistance level of $27.47 where the pair found it difficult to break through the particular mark.
Current Consolidation of ETC
At the moment, the ETC is consolidating between the $22-$25 price range. The RSI suggests that in recent days, ETC was overbought, which has pulled it to the downside.
If the price of ETC is not able to push through the particular range, then its price may start experiencing a dip. In that case, its trading value may plummet to $19.
Price Surge as the Merge Approaches
On the other hand, the strong anticipation of the Merge is going to help the asset gain a huge surge. This would push the trading price of ETC over the $25 mark.
As the momentum keeps building, the price of ETC may rise over $30.