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Ethereum Classic Faces Strong Resistance Approaching $12

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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.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Ethereum Classic News

Antminer E3 Stops ETC Mining While ETH Has 1 Month Left

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Antminer E3 mining rigs reported a sixfold hash-rate drop and immediately contacted their producer, Bitmain. What does this mean for Ethereum classic mining, we are about to read further in the Ethereum classic news below. The altcoin mining pool 2Miners reported to Bitmain but the company made no official comment. The 2Miners altcoin mining firm started receiving unusual requests from the Antminer E3 mining rigs users of Ethereum Classic and according to requests, the hashrate declined by a factor of 6-7. The company launched an investigation as well. From the start of the investigation, the miners were sure that this problem was caused by an increase in the volume of the DAG file. The Directed Acyclic Graph file or DAG file is generated and it is used to start a dagger hashimoto algorithm to find block solutions in the mining process. The volume of the file is increased with every mining epoch which lasts about 30,000 blocks or 5 days for Ethereum Classic and Ethereum. The growth of the DAG files limits the usage GPUs for mining in 2017-2018. 2Miners reached Bitmain support and received a response which stated:
‘’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.
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Ethereum Classic News

Ethereum Classic’s Bob Summerwill: What Is Happening With ETC?

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Ethereum Classic’s Bob Summerwill wrote to twitter a few days ago, wondering what is really going on with Ethereum classic and its price so in our Ethereum classic news we try and find out more about it. Ethereum Classic has the technology that Ethereum has but uses the Bitcoin philosophy. ETC is basically hard money with a fixed supply and it is decentralized. The platform values censorship resistance and mostly focuses on trust minimization. They prefer to have strong safety features since they value security. The protocol focuses on the multi-decade stability and they also focus on ensuring social scalability within the ETC system itself which never had ICO or a pre-mine. ETC has rich statefulness which has a major selling point for ETH since it facilitates transparency at the blockchain level. In order to improve the functionality that is facilitated, complex logic in smart contracts can be implemented. The flexibility in the Turing-complete system is commonly criticized as being unsafe and the code can be expressed by enabling the smart contracts, thus being dubbed as unpredictable. The rules for the code can be written in any way so any conceivable algorithm can be run on the when enough memory. The critics consider the flexibility to be a huge part of freedom and they feel that the conditions which will not change can bring meaningful results. The main concern was that the attackers will write a code that would shut miners or nodes by forcing them into a loop, so a problem never gets solved. Ethereum Classic’s Bob Summerwill commented:
 “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.
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Ethereum Classic Is With Solid Fundamentals Despite Recent Losses

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One of the coins which is in focus of our altcoin news and rumors now is Ethereum Classic (ETC). Despite being down by double digits up to 21% last week of trading, Ethereum Classic is with strong fundamentals now as the charts show and is full of support from many sides. The top brass behind the coin is always assertive and trying to maintain the project's core of being decentralized, useful and above all, being guided by code. And as code becomes law, the likes of Charles Hoskinson who is one of the top co-founders of Ethereum before the fork and his path of creating DLT projects - is to stick with a Proof-of-Work consensus algorithm and improve the interoperability. Despite the insistence, Ethereum Classic suffered a hack where elements succeeded in executing what the Coinbase team said was a Deep chain re-organization or simply, a reputational damaging 51% attack.
"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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Ethereum Classic Price Analysis Show 5% Increase To $13

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The Ethereum Classic price analysis shows that the altcoin gained more than 5 percent and became the leader of the altcoins in terms of growth among the top 20 coins as we are reading further in the Ethereum classic news. The technical and fundamental indicators show that the growth of the altcoin could continue but the downside correction is imminent. Ethereum Classic is one of the best-performing assets today since it gained 5 percent since the start of the day and hit a new high of 2020 to $13.18 price level. The ETC /USD pair is also changing hands at $12.89 amid the strong bullish trend. Despite the price increase, about 47 percent of the Ethereum classic holders make money at the current price with more than 79% of ETC owners keeping the coins for a year. In the meantime, the Ethereum Classic price analysis shows that social engagement reached a new level in the recent three months and keeps on growing. At the time of writing, the figure exceeded 6 million engagements that can be seen by the LunaCrush stats. The metrics show the total social activity related to the asset and if you are seeing well, the sentiments show a climbing value of bearish sentiments which could signal that the coin is ready for a downside correction. From the long-term point of view, the pair broke free from the consolidation pattern and printed two major bullish candles on the daily charts. The price moved within the upside trend since 2018 but the bullish momentum started snowballing later and resulted in a 200% price increase since the start of the year. The RSI on the daily charts for Ethereum classic entered overbought territory and there are still no signs of reversal which means that the price of the altcoin could climb higher before the correction begins. The closest resistance is created by $13.00 and it is followed by the recent high of $13.18. once this area is surpassed, the upside will likely start to gain traction with the next focus on the $14.00. looking at the downside, the support waits at $11.20 which is the lower boundary for the consolidation channel. A lower move means a slight increase to the downside momentum and push the price towards the lower line of the daily Bollinger band indicator at $10.30.
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