Ethereum classic may retest the $7.80 position right before the Phoenix hard fork that is scheduled to happen in less than two weeks. ETH could attempt to reach the early May peak of $7.80 so let’s find out more in the ethereum classic news.
The Ethereum Classic hard fork will happen around the 1st of June at the block number 10,500,839 and now new coins will get minted during the upgrade. However, Ethereum Classic may rally to the local top of $7.80 which was experienced in early May. The Ethereum classic upgrade known as the Phoenix hard fork is now less than two weeks away and has been expected to happen on the 1st of June this year.
No new coins.
– Atlantis ✅ non-contentious & no new coins
– Agharta ✅ non-contentious & no new coins
– Phoenix ⌛️ non-contentious & no new coins
— ETC Core (@etc_core) May 12, 2020
The Phoenix upgrade will be triggered on the block 10,500,839 and the current countdown shows that there are 62,000 blocks more to go at the time of writing. Many crypto traders and investors are looking for the new network upgrade as a high chance for new coins to get airdropped to holders of the coin, as the new blockchain with a new digital asset is created. However, in the case of the ETC phoenix upgrade, the team has clarified that there will be no more coins minted during the upgrade.
Looking at the ETC/USD chart by Tradingview.com we can see that the three moving averages of 50-day, 100-day and 200-day look set to converge in the upcoming day. The trading volume is low and indicates that selling pressure reduced around ETC’s current price of $6.46. Both MACD and MFI indicates that the price of the asset is in a consolidation zone that could determine the next big move for the digital asset. Looking at the support zones, ETC has the following: $6.32, $5.90, $5.58.
To finish off, the latest Phoenix upgrade less than two weeks away, we can see that the Ethereum Classic price will have a mild rally that will lead up to the event. However, the traders and investors are advised to have an eye out for possible sudden moves by Bitcoin in the upcoming days. Some major moves by BTC affect the entire crypto markets and the stop losses are advised to protect the trading capital.
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 [email protected]