Ethereum Classic Market Update: ETC/USD on retreat after the third attack 51% in a month

  • Ethereum Classic network experienced another massive attack 51%.
  • ETC/USD holds the ground despite the hack attack.

Ethereum Classic (ETC) is changing hands at $6.68, down nearly 2% since the start of the day. Despite the retreat, the coin is still in a green zone on a day-to-day basis amid strong bullish sentiments amid the altcoins market. ETC now takes the 30th place in the global cryptocurrency market rating with the capitalization of $775 million.

The third attack 51% in a month

The Ethereum Classic blockchain suffered the third attack 51% in a single month. According to the mining pool operator Bitfly, hackers managed to take over the network and reorganize more than 7,000 blocks, which is equal to two days of mining. 

Today another large 51% attack occurred on the #ETC network which caused a reorganization of over 7000 blocks which corresponds to approximately 2 days of mining. All lost blocks will be removed from the immature balance and we will check all payouts for dropped txs, they tweeted on Sunday, August 30.

While many industry players questioned the credibility of the network, ETC holds the gound and value, which is remarkable under present circumstances. However, several larger cryptocurrency exchanges, including OKEx, have already threatened to delist ETC due to security reasons. 

ETC/USD: The technical picture

On the intraday charts, ETC/USD dropped below 1-hour SMA50 amid the sell-off during early Asian hours. The next local support is created by 1-hour SMA100 located on the approach to $6.50. Once it is out of the way, the downside momentum is likely to gain traction with the next focus on psychological $6.00. On the upside,  a sustainable move above $6.8 is needed for the upside to gain traction. If this is the case, the price may regain $7.00 and recover the recent losses. 

ETC/USD 1-hour chart

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