- Ethereum Classic merger with Ethereum 2.0 is technically possible according to co-founder Vitalik Buterin.
- Ethereum Classic bulls fight to break the 61.8% Fib level resistance in a bid to reclaim support above $10.
Ethereum Classic surge is still on despite the bearish wave across the cryptocurrency landscape. The digital asset has corrected 4.47% higher on the day. Recovery comes after a few days of consolidation around the 50% Fib retracement levels taken between the last drop from $12 to a low at $5.41.
At the time of writing, ETC is doddering at $9.32. The surge emanates from the 50 SMA support (was vital in the last two days). A break past the 100 SMA in the same 1-hour timeframe, blasted ETC above the resistance at $9.000.
The bulls desire to pull ETC above $10 in the course of the European session. Before that, they must overcome the resistance presented by the 61.8% Fib retracement level. While the correction above will be a massive move for ETC amid the generally bearish crypto environment, it cannot be compared to the recovery from lows around $5 to $12 last week.
In the event, the 61.8% Fibo and $10 resistance prove to be an uphill task, ETC bulls are likely to welcome a dip back to $8,00 in order to create fresh demand and allow room to plan another significantly bullish attack.
The Relative Strength Index is hanging onto 70. The motion north seems to have hit the absolute ceiling and a reversal could be around the corner. On the brighter side, if the 50 SMA continues to hold above the 100 SMA, the bulls will have the power to establish support above $9.00 and focus on $10.00.
ETC/USD 1-hour chart
"Ethereum 2.0 shard presents a possible merger with ETC"
The co-founder of Ethereum, Vitalik Buterin says that it will be technically possible to marge Ethereum 2.0 and Ethereum Classic (ETC) in the same way the new shard-like ETH Proof-of-Work (PoW) protocol will be integrated. Buterin explained:
“You can just use the same merger process to import the Ethereum Classic state that is planned for ETH. Then, the ETC execution environment code would enforce a different exchange rate vs beacon chain eth, based on the rate at the time of the merger (or some other pre-agreed formula). This is if you want to re-merge the currencies.”
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