Ethereum Classic (ETC): Hashrate Leaves Investors Shocked

Messari, a blockchain company, said that the hashrate for ETC (Ethereum Classic) recently reached an all-time high of 45.98 H/s. Six years after the first Ethereum Classic block was mined, the network’s hashrate reached an all-time high (at 1,920,000 block height).

The alternative currency has gained almost 10% in the previous day, according to statistics from Coinmarketcap, and is currently trading near $40.44. However, the market is showing signs of weakness, and buyers of ETC should prepare for a precipitous drop in the hours ahead.

ETC Merger Preparations

In recent times, Ethereum Classic’s price rose dramatically, and its trading volume increased dramatically. The number of trades on the network increased by more than 592% on September 6. As a result of this increase, the metric was floating about $2.8 billion (Coinmarketcap data). According to Santiment, this level of trading volume for Ethereum Classic was last seen a month ago.

The daily graphic showed that demand for Ethereum Classic had increased. Important signs also show that the alternative token is on an upward trajectory. At the time of writing, the relative strength index was at 63. Despite this, ETC’s Money Flow Index (MFI) is at 67.

The Chaikin Money Flow of the asset has been rather stable recently, with the dynamic line sitting around -0.03, below the 0.0 zero-sum line. However, if the buying momentum is kept up, the CMF will eventually cross over the zero line.

Daily traders are rapidly buying the 17th largest digital coin, as depicted by the four-hour chart. At the time of writing, the 4hr Relative Strength Index was around 78. In addition, its Money Flow Index wavered in the overbought region, sitting at 93. ETC’s Chaikin Money Flow also remained above zero, with a 0.26 reading, which is positive.

On-Chain Analysis

Development on Ethereum Classic has slowed down steadily over the past month, just before the much-anticipated Merge is due to occur between September 10 and 20. Santiment data shows that over the past 30 days, development activity in the ETC has dropped by 14%, to a current level of 2.78. More so, the social measure hasn’t been getting much attention over the past month.

At 1.498%, Ethereum Classic’s 30-day social media dominance has dropped by 12%. There was also a 66% drop in its social volume at that time. The weighted sentiment estimate for the 30 day moving average is -0.29, indicating that investors are pessimistic about the price of Ethereum Classic.