Huobi confirms Ethereum Classic Agarata update; ETC/USD on the bullish spree

Ethereum Classic, now the 20th largest digital asset with the current market value of $591 million, is one of the best-performing altcoins out of top-20. ETC/USD has gained nearly 3% on a day-to-day basis and 2.5% since the beginning of the day, while Bitcoin and the vast majority of the rest top altcoins are flashing red. 

At the time of writing, ETC/USD is changing hands at $5.075, off the intraday high reached at $5.150. The coin has gained over 20% in the recent seven days and became one off the fastest-growing coins on a month-to-month basis (+34%). 

Ethereum Classic network is slow to get ready for Agarata

A major network upgrade known as Agarata is less than four days away; however, the node operators are in no hurry to update their software ahead of the event. According to the information from https://etcnodes.org/agharta, less than 50% of clients are ready. To speed up the process, the team published an announcement on the official website, urging the operators to update. their software.

Node operators must update their nodes to stay in consensus with the rest of the ETC network.  To be crystal clear, this is not a contentious hard-fork. There is no group within the ETC ecosystem who oppose these changes.  “New coins” will not be created. This is a routine protocol upgrade. 

Huobi backs up the update

Meanwhile, cryptocurrency exchange Huobi confirmed the Agarata support. The exchange detailed its preparations for the upcoming event and notified the users of what to expect during the scheduled hard fork. 

The deposit and withdrawal of ETC will be suspended on Huobi Global at 12:00 on January 12, 2020 (GMT+8). The resumption time will depend on how fast the ETC mainnet stabilizes.

Deposit and withdrawal services will be resumed as soon as the ETC mainnet becomes secure and stable. The resumption time will be notified via another announcement.

ETC/USD: technical picture

ETC/USD has been moving within the upside trend since December 18. The coin bottomed at $3.36 and hit $5.150 during early Asian hours on Thursday, which is the highest level of 2020, and also the best price since November 10. If the price settles above critical $5.00, the upside momentum may gain traction with the next focus on $5.4 (SMA200 daily). The retreat below the said pivotal area will bring bears back to the market and push the price towards $4.40 (SMA100 daily).

ETC/USD may be volatile and vulnerable to corrections ahead of the hard fork.

ETC/USD daily chart