Title: Ethereum Classic Is Ready To Explode as Ethereum Merge Draws Close
Jul 19, 2022 02:30AM ET
The price of Ethereum Classic could see an explosive rally, with a 55% rise to cross the $32 level.
Once Ethereum moves from proof-of-work to proof-of-stake, the Ethereum Classic network could witness a mass migration of ETH miners.
The Ethereum Classic remained a "true" version of the altcoin blockchain, maintaining its integrity after the theft of 3.6 million ETH.
The developers of Ethereum Classic consider the project a continuation of the unchanged history of the original Ethereum chain. The price of Ethereum Classic has exploded, rising over 17% overnight.
The Ethereum community is facing a key transition as the merger is scheduled to begin in September 2022.
In July 2016, the Ethereum community disagreed on how to move forward after 3.6 million ETH tokens, and the Ethereum Classic developer and builder community believed in preserving the integrity of the blockchain by moving forward with an unfiltered blockchain.
In the meantime, the Ethereum community moved forward with a hard fork and separated the project from Ethereum Classic.
The price of Ethereum Classic could explode ahead of the merger. The Ethereum core developers have finalized the timeline for the Ethereum merger, and the event is scheduled for September 2022.
The price of Ethereum Classic is likely to explode, heading for a 55% rise as the altcoin transitions from proof-of-work to proof-of-stake.
The current price trend of Ethereum Classic is extremely bullish, and the altcoin soared to $22.39 overnight. The altcoin climbed from a low of $13.61 to $22.39, revealing a bullish trend.
If the ETC price drops below the bottom of the $12.50 range, it is likely to witness a reversal of the bearish trend. Until then, however, altcoins will climb higher, eyeing the $32.50 target.
The next bullish target is $52.6, which is the April 2022 high, and bitcoin will likely reach that level if the rally continues uninterrupted.
A daily candle closing above $12.50 is the only sign that could signify a bearish takeover of ETC.