Ethereum Classic

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Ravencoin (RVN) and Ethereum Classic (ETC) were operated as a safe haven for miners seeking shelter from “The Merge” fallout. The event that completed Ethereum’s transition to Proof-of-Stake (PoS), “The Merge” locked out miners from the ecosystem.

Leading into the event, Ravencoin, Ethereum Classic, and other Proof-of-Work (PoW) cryptocurrencies were recording double-digit gains. The new participants onboarding the networks drove their hashrate to new highs, and their price followed as demand for PoW tokens followed.
However, as more miners flocked into these networks, it became more difficult to obtain rewards. In that sense, and with “The Merge” out of the way, miners might be seeking new alternatives to carry on with their operations and maximize their gains.
At the time of writing, Ravecoin and Ethereum Classic traded at $0.03 and $28, respectively. The cryptocurrencies record a 30% loss for RVN and a 22% loss for ETC over the past week. The tokens gave back a large portion of the gains obtained in previous weeks.
RVN’s price is trending to the downside on the 4-hour chart. Source: RVNUSDT Tradingview
Ravencoin (RVN) And Ethereum Classic (ETC) Might Be Losing Market Share
As the price of Ravencoin and Ethereum Classic trend to the downside, their hashrate trend lower which hinted at the current bearish price action. Miners that were prompting the value of these cryptocurrencies seem to be existing or diversifying their participation across multiple networks.
Data from CoinWars shows a decrease in the hashrate for Ethereum Classic and Ravencoin. The former has seen a steadier decline in hashrate since September 17th, two days after “The Merge”.
As seen below, ETC’s hashrate reached a high of 210 terahash/s (TH/s) and an all-time high of 220 TH/s before trending lower. Over the same period, ETC’s price recorded massive losses, as mentioned.
Ethereum Classic’s hashrate trends to the downside. Source: CoinWarz
Ravencoin hashrate saw sideways movement after an aggressive push to the upside. The network saw an all-time high of 20 TH/s before starting a descend into its current levels at around 15 TH/s. Both cryptocurrencies might experience losses if their network’s hashrate sustains their current momentum.
Ravecoin hashrate moving sideways and trending to the downside over the past week. Source: CoinWarz
Where Are Ravencoin And Ethereum Classic’s Hashrates Fleeing?
As computer power leaves Ravencoin and other PoW cryptocurrencies, it must be finding new networks to increase the miners’ chances of obtaining rewards. Data from Coingecko indicates that a couple of PoW tokens have benefited from this crash in price and hashrate from RVN and ETC.

The best-performing token seems to be CLO from Callisto Network. This project has seen a surge in trading volume and hashrate that has supported a 30% rally over the past 7 days. In the coming months, traders might benefit from frontrunning these spikes and crashes in PoW tokens hashrate.

#CallistoNetwork is the most profitable #ETHASH coin on Whattomine 
Network #hashrate and trading volumes are growing, don’t wait and start mining $CLO now!
P.S. ZPoW is coming, so make sure you aren’t late 
 https://t.co/Wj0zgNANzu pic.twitter.com/hIs6jqNBtI
— Callisto Network Official (@CallistoSupport) September 22, 2022 


Ravencoin (RVN) and Ethereum Classic (ETC) were operated as a safe haven for miners seeking shelter from “The Merge” fallout. The event that completed Ethereum’s transition to Proof-of-Stake (PoS), “The Merge” locked out miners from the ecosystem. Related Reading: Displaced ETH Miners Seek Refuge...

newsbtc.com

PoW Tokens Take A Hit: Ravencoin and Ethereum Classic Crash Over 20%


Ethereum Classic (ETC) and EthereumPoW (ETHW) are showing signs of a potential breakout, while EthereumFair (ETHF) is trading at an all-time low.



The Ethereum (ETH) merge went live on Sept. 15, switching the consensus mechanism from proof-of-work (PoW) to proof-of-stake (PoS). Despite the switch, some of the miners decided to stay with the old proof-of-work protocol, in turn creating the EthereumPoW fork (ETHW). 



However, since the Merge, ETH has been greatly outperforming ETHW, the old fork Ethereum Classic (ETC), and EthereumFair (ETHF). 



EthereumPoW (ETHW) price could break out



ETHW has been falling sharply since the Merge and is currently 77% below its all-time high price of $27.99. Conversely, the price has been moving upward since its Sept. 19 lows but was rejected by the $7 horizontal resistance area (red icon).



It is possible that ETHW is trading inside an ascending triangle, since it is already following an ascending support line. So, if the line remains intact, an eventual breakout from the $7 area would be likely. If one occurs, it will likely take ETHW toward the next resistance area at $10.40.



ETHW/USDT Chart By TradingView


Ethereum Classic (ETC) price is looking to move higher



ETC has been decreasing inside a descending parallel channel since reaching a high of $45.36 on July 19. Such channels usually contain corrective movements, meaning that an eventual breakout from it would be likely.



On Sept. 19 and 21, ETC bounced twice above the support line of this channel (green icons), creating what resembles a double bottom pattern. 



Moreover, the pattern was combined with bullish divergence in the RSI (green line) and was made at a confluence of support levels between $27-$28. The support is created by the 0.5 Fib retracement support level and a horizontal support area. 



Due to these factors, it is likely that an upward movement will commence. An increase above the middle of the channel at $33 would indicate that an eventual breakout is expected.



ETC/USDT Chart By TradingView


EthereumFair (ETHF) price has fallen to an all-time low



ETHF has decreased massively since Sept. 5 and is currently 91% below its opening price. ETHF reached an all-time low of 0.59 on Friday and is showing no signs of a potential bullish reversal. 



Furthermore, the price is following a descending resistance line. There is crucial resistance at $1.15, while due to being at an all-time low, there is no support below the current price.



ETHF/USDT Chart By TradingView


For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here
The post Ethereum Proof-of-Work, EthereumFair, and Ethereum Classic Underperform Since the Merge appeared first on BeInCrypto.


Ethereum Classic (ETC) and EthereumPoW (ETHW) are showing signs of a potential breakout, while EthereumFair (ETHF) is trading at an all-time low.
The post Ethereum Proof-of-Work, EthereumFair, and Ethereum Classic Underperform Since the Merge appeared first on BeInCrypto.


beincrypto.com

Ethereum Proof-of-Work, EthereumFair, and Ethereum Classic Underperform Since the Merge


Terra Classic (LUNC) has regained its footing after decreasing sharply for nearly two weeks. On the other hand, Terra (LUNA) shows no signs of a bullish reversal and is trading inside a bearish pattern.



Terraform Labs’ stablecoin UST and cryptocurrency LUNA imploded in May, after a death spiral caused the price of LUNA to decrease by more than 99.99%. 



Since then, Do Kwon, the founder of Terraform Labs, has attempted to initiate a revival of the ecosystem with Terra 2.0. He has not taken any responsibility for the aforementioned crash.



Last week, South Korean authorities issued an arrest warrant for Do Kwon claiming that he is on the run. Do Kwon himself has denied these rumors, however he has failed so far to provide his location. 



South Korean prosecutors have refuted these claims, instead stating that Do Kwon is not cooperating with the authorities and has no intentions of appearing for questioning. As a result, they have asked the  foreign ministry to revoke his passport. 



LUNC bounces at support



LUNC has been falling since reaching a high of $0.00059 on Sept. 8. The high was made at a confluence of important Fib levels, created by the 4.2-4.618 extension of the original upward movement (red) and the 1.61 length of waves one and three (white). Therefore, it was expected to act as a significant local top. 



The ongoing downward movement has led to a low of $0.00024 on Sept. 15. The low and ensuing bounce served to validate the $0.00027 support, which is both a horizontal support area and the 0.618 Fib retracement support level. 



Additionally, the daily RSI has bounced at the 50 line (green icon). Therefore, if LUNC does not reach a daily close below this level, it is likely that it will initiate a significant bounce and potentially resume the upward movement that began on Aug. 15 (white). 



LUNC/BUSD Chart By TradingView


LUNA shows signs of weakness



LUNA has also decreased sharply since Sept. 9, falling by 66% so far. However, unlike LUNC, it is not showing any bullish signs. On the contrary, the price has created consecutive lower highs, a sign of weakness that supports the continuation of the downward movement. 



Moreover, the six-hour RSI is below 50, a bearish sign that indicates that a breakdown is likely. If LUNA falls below the current support of $2.60, the next closest support area would be at $1.60. 



LUNA/USDT Chart By TradingView


For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here
The post What’s Next for LUNA and LUNC Prices with Do Kwon on the Run? appeared first on BeInCrypto.


Terra Classic (LUNC) has regained its footing after decreasing sharply for nearly two weeks. On the other hand, Terra (LUNA) shows no signs of a bullish reversal and is trading inside a bearish pattern.
The post What’s Next for LUNA and LUNC Prices with Do Kwon on the Run? appeared first on BeInC...

What’s Next for LUNA and LUNC Prices with Do Kwon on the Run?

A popular analyst and trader is predicting a final capitulation phase for Bitcoin (BTC) before the king crypto could realistically bottom out.
In a new video, crypto strategist Jason Pizzino tells his 275,000 YouTube subscribers that Bitcoin has failed to follow through on a classic bottom pattern and now looks poised to print a new bear market low.

“When you get a signal like this – double bottom, any particular signal like that fail – you can see the breakdown here, once this goes beneath that bottom level ($18,600), that is a failure of a double bottom. That usually means you’re going to see lower prices, significantly lower prices than this current low ($18,600).”
Source: Jason Pizzino/YouTube
Although the crypto analyst is predicting a fresh leg down for Bitcoin, he believes the correction will not be as drastic as what BTC witnessed from January to June of this year.
He also gives a range where Bitcoin could realistically bottom out.
“We always pay very, very, very close attention to what the market sentiment is doing, and the market sentiment is fearful. So the drop-down in price may not be that much. Maybe it goes to $13,000, $14,000, $15,000, $16,000, but in terms of the emotion, it will be extreme. People will feel really, really bad about the move down. 
But when you look at it in terms of dollar value, we’ve seen way bigger dollar moves on the way down. I’m not expecting like this (November 2021 to January 2022) or this like this to play out (March 2022 to June 2022).”
At time of writing, Bitcoin is changing hands for $18,929, down 3.51% on the day.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/NeoLeo/S-Design1689
The post Here’s a Realistic Bitcoin (BTC) Bottom Forecast, According to Crypto Trader Jason Pizzino appeared first on The Daily Hodl.


A popular analyst and trader is predicting a final capitulation phase for Bitcoin (BTC) before the king crypto could realistically bottom out. In a new video, crypto strategist Jason Pizzino tells his 275,000 YouTube subscribers that Bitcoin has failed to follow through on a classic bottom patter...

dailyhodl.com

Here’s a Realistic Bitcoin (BTC) Bottom Forecast, According to Crypto Trader Jason Pizzino

Ethereum classic fell to a two-month low to start the week, as prices in the cryptocurrency market continue to decline. Uniswap also slipped to a multi-month low on Monday, as the token hit its weakest level since July. As of writing, the global crypto market cap is down 5.08%
Ethereum Classic (ETC)
Ethereum classic (ETC) was one of the most notable movers on Monday, as the token fell by over 12% to start the week.
Following a high of $33.41 during the weekend, ETC/USD slipped to an intraday low of $27.91 earlier today.
The drop comes less than a week after ethereum classic was trading above $40.00, ahead of last Wednesday’s Merge.

Monday’s drop sees ETC move to its lowest point since July 27, when the token was trading near $24.00.
As of writing, earlier price declines have eased, with ETC now back above the $30.00 mark.
After a brief breakout, the 14-day relative strength index (RSI) is also tracking marginally above a support of its own at 40.95.

Uniswap (UNI)
Like ethereum classic, UNI was also in the red to start the week, as the token moved closer to a multi-month low.
On Monday, UNI/USD found itself trading below a support point of $5.50, with prices falling to as low as $5.42.
Similar to ETC, this is the lowest level UNI has hit since July, however in this instance the bottom occurred on July 11.

Looking at the chart, the sell-off led to the RSI hitting a floor of 36.15, with bears using this as a signal to secure previous gains.
Currently UNI is trading higher, with prices close to climbing above the aforementioned support point of $5.50.
Should this happen, bullish sentiment will likely begin to return, with traders likely looking to push the token above $6.00.
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Will Wednesday’s interest rate decision have a big impact on crypto prices? Let us know your thoughts in the comments.



























Ethereum classic fell to a two-month low to start the week, as prices in the cryptocurrency market continue to decline. Uniswap also slipped to a multi-month low on Monday, as the token hit its weakest level since July. As of writing, the global crypto market cap is down 5.08% Ethereum Classic (E...

Ethereum Classic price	$28.48
Low - High 24H	$28.21 - $29.28
Market cap	$3.90B
Volume 24H	$369.27M
All time high	$167.09 -82.96% May 6th 2021
All time low	$0.615038 4529.98% July 25th 2016
Genesis date	N/A

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