Ethereum Classic

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Ethereum co-founder Vitalik Buterin said the upcoming blockchain’s merge to proof-of-stake consensus would not adversely affect miners minting new tokens on the blockchain’s predecessor, Ethereum Classic.



Speaking at a webinar on Saturday, Buterin noted that he doesn’t expect any adverse effects on the blockchain since most of the Ethereum community is supportive of the merge. The merge to proof-of-work negates the need for Ethereum miners that currently secure the network using expensive mining equipment and earn ETH in the process, for whom the merge could result in significant financial loss.



As a result, many miners could flock back to the original Ethereum blockchain, Ethereum Classic, which still uses proof-of-work. Ethereum Classic’s roots can be traced back to a philosophical divide in the Ethereum community following the 2016 hack of The DAO, a decentralized autonomous organization whose rules of operation were encoded in code contained in a smart contract.



The DAO was hacked to the tune of $3.6 million and divided the Ethereum community. One faction voted to move funds from The DAO’S smart contract to another smart contract. In contrast, others elected to preserve the existing smart contract. The first group selected to move the funds from the smart contract to a smart contract on a new chain or “fork,” while others elected to preserve the old blockchain, known as Ethereum Classic, which still uses a proof-of-work consensus mechanism.



Users should not notice any differences, Beiko says



There are concerns that miners flocking back to Ethereum Classic could disrupt the merge. Ethereum underwent a spate of denial-of-service attacks after the 2016 fork, and crypto exchanges are expected to proceed cautiously when the merge occurs. Ideally, users should not notice anything different, says developer Tim Beiko.



Buterin added that Ethereum Classic has a strong community and a robust product for proof-of-work diehards. The community strongly promotes proof-of-work values. Nevertheless, the market could still split.



Buterin hopes people don’t lose money



Declining revenues from Ethereum mining caused by the extended downturn in Ethereum prices have already put miners under financial pressure. Institutional bitcoin miners have had to sell bitcoins to strengthen liquidity on balance sheets. Others are taking loans against bitcoin mining machines, known as Application-Specific Integrated Circuits.



Buterin said he hopes that, in any event, people don’t lose money.



In May 2022, he said that, barring any problems, the merge could happen in August. Problems could mean that the merge gets pushed back to Sep. or Oct. 2022.



At press time, Ethereum was hovering around the $1718 mark.



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The post Buterin Says PoW Validators Flocking Back to Ethereum Classic Won’t Disrupt Merge appeared first on BeInCrypto.


Ethereum co-founder Vitalik Buterin said the upcoming blockchain’s merge to proof-of-stake consensus would not adversely affect miners minting new tokens on the blockchain’s predecessor, Ethereum Classic.
The post Buterin Says PoW Validators Flocking Back to Ethereum Classic Won&#8217;t Disrupt M...

beincrypto.com

Buterin Says PoW Validators Flocking Back to Ethereum Classic Won’t Disrupt Merge

This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Ethereum Classic.

Ethereum (ETH)
After a significant rally, Ethereum seems to have found a local top above $1700, which has so far acted as strong resistance. The price did not manage to move beyond this level and fell by 3.4% in the past seven days. The key support is found at $1,400.
Despite the ongoing pullback, Ethereum still managed a very strong performance since the bottom in June. Even if the price falls to the key support, the expectation is that buyers will return to the market and attempt a breakout beyond $1,700. The key support at $1,400 can act as a reversal point to trigger the next leg up for the cryptocurrency.
The indicators show some weakness right now on the daily timeframe, but the sellers are not very convincing. This shows that buyers may return in force again to take ETH above the current resistance and even towards $2,000.
Chart by TradingView
Ripple (XRP)
Ripple has not managed to break free from the key resistance at $0.38 despite several attempts. There was a massive wick on July 30th that went above this critical level, but the bears quickly pushed it back down. For this reason, the price action for XRP has remained relatively flat in the past seven days with only a 1.4% increase.
While the indicators remain bullish, the volume does not bring enough confidence that buyers will manage to break free from this range. With the approaching weekend, it is unlikely we will see a breakout unless the market leaders (BTC and ETH) attempt a significant rally.
Looking ahead, XRP fans will likely have to accept more sideways price action until a clean breakout takes place that will turn the key resistance at $0.38 into support. Until then, XRP may continue to move within this large channel between $0.38 and $0.30.
Chart by TradingView
Cardano (ADA)
Cardano continues to struggle below the $0.55 resistance. Multiple attempts failed to produce a successful breakout, and this has kept the price relatively flat below the important level in the past seven days. The support levels remain at $0.50 and $0.45.
Looking at the price action, we can see that ADA did manage to make higher highs and higher lows which places the price in a clear uptrend. Therefore, another battle between bulls and bears in the days ahead at the key resistance seems likely.
While the volume is not great right now, buyers may attempt another breakout next week. The indicators such as the MACD and RSI remain bullish despite the most recent pullback. This could build up into a strong upward momentum if buyers remain interested.
Chart by TradingView
Solana (SOL)
There is finally some good news for Solana. After suffering a market downturn due to the most recent exploit of some Solana-based wallets, the price managed to find support at $40 and avoid a breakdown below the ascending triangle. Nevertheless, in the past seven days, SOL still lost 6% of its valuation.
It is critical for the cryptocurrency to break above this ascending triangle as there are not that many days left for it to do so. Should it manage, then its price will likely enter a much-needed rally to bring back attention and buyers. Any breakdown from the key support of $44 will likely take Solana back to the support at $35.
Looking ahead, expect to see the volatility increase for Solana as it approaches the apex of this formation. By counting the number of days left within the triangle, we can see that SOL has around another week within the triangle before a major break becomes much likely happen.
Chart by TradingView
Ethereum Classic (ETC)
With Ethereum expected to transition to Proof of Stake in September, there is a lot of speculation about what will happen to all those miners currently mining ETH. Vitalik, the founder of Ethereum, recently stated (July 21st) that one option could well be for them to move to Ethereum Classic.
After Vitalik’s statement, ETC’s price shot up from $25 and topped at $45. Soon after that, the cryptocurrency entered a pullback, and in the past seven days, ETC lost 10% of its valuation. Nevertheless, the price found good support at $34, which could act as a pivot towards the key resistance at $48.
Looking ahead, with the merge approaching for Ethereum, proof of work networks such as ETC are expected to perform quite well as attention moves to the alternatives. Moreover, ETC broke its massive downtrend set in May 2021. This is a major change in the price action and gives a strong bullish bias.
Chart by TradingView


This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Ethereum Classic. Ethereum (ETH) After a significant rally, Ethereum seems to have found a local top above $1700, which has so far acted as strong resistance. The price did not manage to move beyond this level and fell by ...

cryptopotato.com

Crypto Price Analysis August-5: Ethereum, Ripple, Cardano, Solana, and Ethereum Classic

Signals that Bitcoin is in classic capitulation mode are everywhere, and each is a "rare event," says Capriole's Charles Edwards.

cointelegraph.com

'Insane evidence' Bitcoin has capitulated in past 2 months — analysis

A closely tracked crypto strategist is predicting dips for two altcoins while updating his forecast for Solana (SOL) and ApeCoin (APE).
Pseudonymous crypto analyst Altcoin Sherpa tells his 180,700 Twitter followers that smart contract protocol Ethereum Classic (ETC) looks poised for a significant pullback after its steep rally over the past few weeks.
 
“ETC: comfy in my short from $39s as a hedge. I think this goes to $33 and $30 (potentially) at a minimum. Taking profits there.”
Source: Altcoin Sherpa/Twitter
At time of writing, ETC is trading for $35.80, over 16% above Altcoin Sherpa’s downside target of $30.
Next up is Optimism (OP), a layer-2 scaling solution for Ethereum (ETH). The crypto strategist believes OP is also likely to witness a deep correction after surging over 286% in less than three weeks.
“OP: I think this thing goes to $1.12 at a minimum.”
Source: Altcoin Sherpa/Twitter
OP is trading at $1.55 at time of writing.
Looking at Ethereum rival Solana, Altcoin Sherpa says SOL is likely to experience more corrective moves in the coming days now that it is trading below a crucial level.
“For continuation, you really want to see this form a higher low around $39ish. If that level breaks, I think that things could get ugly quickly. I’m still cautiously bullish, and I would look to long around that level if you think things are bullish in mid-term.”
Source: Altcoin Sherpa/Twitter
At time of writing, SOL is valued at $37.99.
The last coin on the trader’s radar is Bored Ape Yacht Club (BAYC) offshoot project ApeCoin. According to Altcoin Sherpa, APE is primed for a rally to $10 before any significant retracements.
“Still mad I never got fully filled on my reloads in the low $5s. This one is continuing to grind up, but I’m still comfy in my entries in mid/high $5s.”
Source: Altcoin Sherpa/Twitter
APE is swapping hands for $6.71 at time of writing.
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The post Analyst Predicts Pullbacks for Ethereum Classic and One Low-Cap Altcoin, Updates Outlook on Solana and ApeCoin appeared first on The Daily Hodl.


A closely tracked crypto strategist is predicting dips for two altcoins while updating his forecast for Solana (SOL) and ApeCoin (APE). Pseudonymous crypto analyst Altcoin Sherpa tells his 180,700 Twitter followers that smart contract protocol Ethereum Classic (ETC) looks poised for a significant...

dailyhodl.com

Analyst Predicts Pullbacks for Ethereum Classic and One Low-Cap Altcoin, Updates Outlook on Solana and ApeCoin

Ethereum Classic (ETC), Filecoin (FIL), and Lido DAO (LIDO) have been dominating the altcoin sector as they outperform Bitcoin and other large cryptocurrencies. The first crypto by market cap has been recording its best month in 2022 but is still far from the monthly average return from these tokens.

According to Arcane Research, altcoins have seen an average of 40% performance over the past month as the crypto market experienced a “classic relief rally”. July has been a historical green month for digital assets.
During this period, the nascent asset class has seen the expansion of two critical sectors, decentralized finances (DeFi) and non-fungible tokens (NFTs). As seen below, the rally has been particularly positive for mid-cap cryptocurrencies.
Source: Arcane Research
This market rally has translated into a reduction of Bitcoin and stablecoins market share, suggesting an increase in risk appetite for crypto investors, and more strength for Ethereum. Arcane Research noted:
Ether’s lack of strength relative to bitcoin last week has been reversed this week, as ether has increased its market share by 0.43 percentage points, while bitcoin has lost 0.22 percentage points. Notably, bitcoin and stablecoin are losing market share this week (…).
Ethereum might be critical for understanding the current price action. The cryptocurrency has a tentative deployment date for “The Merge”, the event that will combine its execution layer (Proof-of-Work) with its consensus layer (Proof-of-Stake).
Altcoins, such as Lido Dao and Ethereum Classic, might benefit from the imminent shift in this blockchain. The former cryptocurrency has rallied because more users want to stake their ETH and participate in Ethereum (2.0) consensus model to receive rewards.
Ethereum Classic has seen positive performance because it might become a safe haven for ETH miners. This sector faces inevitable destruction as ETH’s new consensus model will validate transactions with a different mechanism.
ETH’s price moving sideways on the 4-hour chart. Source: ETHUSDT Tradingview
Will The Merge Provide Altcoins With Further Bullish Momentum
In that sense, and up to “The Merge” mainnet launch, altcoins might continue to extend their bullish trajectory. Data from a pseudonym user highlights the importance of this event and why it might inject fresh capital into this ecosystem further driving the price of Ethereum and the altcoin sector.

The user claims this cryptocurrency will become Environmental, Social, and Governance (ESG) friendly. This will provide new institutions with the confidence to bet on Ethereum’s long-term success. The user said:
No matter your personal thoughts on ESG, if you want mainstream cryptoasset adoption controlling the narrative around emissions and sustainability is essential. Bitcoin has decided to ignore the issue; Ethereum unlatching itself from PoW should be a positive for both assets.


Ethereum Classic (ETC), Filecoin (FIL), and Lido DAO (LIDO) have been dominating the altcoin sector as they outperform Bitcoin and other large cryptocurrencies. The first crypto by market cap has been recording its best month in 2022 but is still far from the monthly average return from these tok...

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