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Ethereum Classic Update: ETC/USD has a potential to reach $8.00 if move above $7.00 is sustained

  • A bug was revealed after Ethereum Classic hard fork.
  • ETC/USD settles above $7.00, focus on $8.00.
Ethereum Classic Update: ETC/USD has a potential to reach $8.00 if move above $7.00 is sustained
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

ETC discovered a bug that led to desynchronization of Parity Ethereum with ETC blockchain. The team has released a hotfix and asks all OpenEthereum node operators using this software to update to the latest version. The owners of Core-geth nodes were not affected.

ETC PSA: #OpenEthereum, is experiencing "poor syncing performance", NOT "a network split". A hotfix has just been released, v3.0.1.

The developers say that the chain split was avoided as OpenEthereum continues sending blocks to the main chain. However, there are issues with transaction confirmation and spontaneous blockchain reorganization.

The bug was discovered swiftly, thus no lost deposits were lost. Cryptocurrency exchanges continue accepting and withdrawing ETC.

ETC/USD: Technical picture

Ethereum Classic (ETC) has gained nearly 4% in the recent 24 hours to trade at $7.25, off the recent high of $7.28. A sustainable move above $7.00 is a positive signal, while 1-our SMA50 and the middle line of the daily Bollinger Band at $7.20 now serves as a will increase the downside pressure and push the price towards daily SMA200 and SMA100 at $6.7. 

On the upside, the next target is created by the recent recovery high at $7.56. followed by $8.00.

ETC/USD daily chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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