Ethereum Classic faces a strong resistance after it started approaching the $12 level, right after ETC Labs announced a partnership with Fantom Foundation as we are reading in our Ethereum classic news today.
The ETC/USD pair is well supported on the current levels but the upside could be limited. Ethereum Classic is not the 15th largest digital asset with the market value of $1.3 billion which gained 1.3 percent in the recent 24 hours and it is one of the few top-20 altcoins in the green zone on Tuesday. The reported trading volume for the Ethereum classic reached $2.9 billion. ETC labs even announced a new partnership with Fantom Foundation that is expected to bring the crypto-related DeFi features to the Fantom ecosystem. This foundation is a non-profit project and an open-source platform that is meant for DLT products.
However, Ethereum Classic will only be used as collateral on the Fantom platform which will use a DeFi framework Xar Network specifically developed for the project but Ethereum Classic faces strong resistance in the price since it started increasing. CMO of the Fantom Foundation, Michael Chen commented:
‘’We’re collaborating with ETC Labs to bring DeFi, including all aspects of our tech stack (e.g., stablecoins, lending, staking, asset issuance, collateralization, etc.) to the Xar ecosystem.’’
Fantom provides solutions for bigger companies and governmental outlets as well while the Ethereum classic protocol will be used to mint the stablecoin on a permissioned network. They will be hosted on the XAR network which is a blockchain-based stablecoin protocol. The ETC/USD pair bottomed at $11.03 on February 5 and has been range-bound with the bullish bias ever since. The altcoin is trading inside a channel with the upper boundary at $12 and once it gets out of the way, the upside will gain traction with the next focus on $13 followed by the recent high of $13.18.
The strong short-term support is located below the current price and was created with a combination of SMA50 and SMA100 charts and the lower line of the 1-hour Bollinger which is sustainable to move lower expecting to increase the downside pressure and will push the price to $11.
Antminer E3 Stops ETC Mining While ETH Has 1 Month Left
‘’E3 is related to eth algorithm, and DDR capacity is up to the upper limit, so E3 will not be able to continue mining (...) the meaning is E3 only can mine to January 2020, then will not mine again.’’2Miners calculated that Ethereum (ETH) mining will be terminated in about five weeks as it is a few epochs later than the older version. Among the first speakers within the crypto community that discussed the story was the author of Ethereum’s mining algorithm Kristy-Leigh Minehan who considered that this could lead to the launch of more capable miners. Bitmain is more focused on Bitcoin mining solutions and Mrs. Minehan suggested waiting for the release of the main competitors Canaan and Innoscilion. As per the previous reports, The hashrate is one of the metrics that can assess how healthy a network is. The higher the hashrate, the more secure a network will become and it also becomes much expensive to mine the cryptocurrency. Ethereum Classic saw its hashrate explode previously during a sign of growing strength so the ETC network is arguable now more secure than ever before.
Ethereum Classic’s Bob Summerwill: What Is Happening With ETC?
“My slides for what is happening with Ethereum Classic? Deploying an ETH dapp on ETC will be trivial after the Aztlan+Phoenix hardforks scheduled for June 2020.''The ETC/USD pair is well supported on the current levels but the upside could be limited. Ethereum Classic is not the 15th largest digital asset with the market value of $1.3 billion which gained 1.3 percent in the recent 24 hours and it is one of the few top-20 altcoins in the green zone on Tuesday. The reported trading volume for the Ethereum classic reached $2.9 billion. ETC labs even announced a new partnership with Fantom Foundation that is expected to bring the crypto-related DeFi features to the Fantom ecosystem. This foundation is a non-profit project and an open-source platform that is meant for DLT products.
Ethereum Classic Is With Solid Fundamentals Despite Recent Losses
"Coinbase detected a deep chain reorganization of the Ethereum Classic blockchain. In order to protect customer funds, we immediately paused interactions with the ETC blockchain. At time of writing, we have identified a total of 15 reorganizations, 12 of which contained double spends, totaling 219,500 ETC (~$1.1M).”There have been two hard forks and necessary software upgrades which highlight their ambition of coupling with the dominant fork of Ethereum (ETH) as well as strengthening their bases and building a solid foundation. Named Atlantis and Agharta, the two hard forks show that Ethereum Classic is with solid fundamentals and the network is now more interoperable with Ethereum. The ETC chain also has multiple block explorers and within the next few months, the team plans to introduce state channels which could scale the network. What is also hot in the Ethereum Classic news is the increased social activity on the network. On average, there are around 41 ETC related posts an hour which means that there is a strong buzz with this coin in the crypto community. https://twitter.com/LunarCRUSH/status/1229480607815585793 Ethereum Classic is ranked on the 17th position now and ETC is trading at $8.84 with 8% losses on the day in the recent market breakdown which saw Bitcoin (BTC) lose $800 in two hours and again fall in the $9,000 region.
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