Ahead of the much awaited Ethereum Merge, traders look to time it right for the Ethereum Classic peak range. While one side Ethereum (ETH) price shows high volatility, Ethereum Classic (ETC) showed positive momentum recently. Going forward, as we approach The Merge, chances are that ETC could peak further to a certain extent and recover a bit. With the news of the Bellatrix upgrade going live on Ethereum on Tuesday, ETH price rose briefly.
Where Is Next Ethereum Classic Peak?
Ethereum Classic holds the distinct advantage of a potential shift of Ethereum miners to its fold post The Merge. Running on the proof of work consensus, and thus facilitating miners with an opportunity, could work well for the cryptocurrency. In this context, it would be really interesting to see how far will ETC could reach on the upward curve. If the Ethereum Classic peaks further and stabilizes at the range post The Merge, the community could benefit massively.
Meanwhile, CryptoLord, a crypto community insider, predicted that ETC could see a peak ahead of The Merge before crashing. The demand for ETC could be driven by miners and proof of work supporters, he added.
“Miners and proof of work maxis getting high on $ETC. How far can it go before crashing? I am thinking $46 – $52.”
Potential Spike For ETC In Short Term
Already, Ethereum Classic is witnessing huge traction in the form of buying pressure, as the date for The Merge approaches. In the recent times, ETC price rose massively, giving new hopes for the market ridden by bearish atmosphere in unprecedented levels. In a space of just around two months, ETC price has more than doubled. From trading at just above $15 in mid-July, ETC rose to a peak of $41.60 on Tuesday. As of writing, ETC is trading at $33.65, down 16.33% in the last 24 hours, according to price tracking platform CoinMarketCap.
The Ethereum Merge is expected to happen around September 15, as indicated by the developers. The Merge will mark the network’s transition from a proof of work consensus to proof of stake mechanism. This does away with the need for mining related operations on the blockchain network.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.