The catalyst for the April rally in Ethereum Classic (ETC) price – CryptoSaurus | CPT PPP Coverage
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The catalyst for the April rally in Ethereum Classic (ETC) price – CryptoSaurus appeared on cryptosaurus.tech by CryptoSaurus.
Ethereum Classic (ETC/USD) price moved higher on the first day of April as investors are focusing on the upcoming Shanghai upgrade. ETC jumped to a high of $21.54, which is the highest point since March 19 this year. The coin has gained ~30% from the lowest it hit in March.
ethereum shanghai upgrade
Biggest Cryptocurrency News The March decision followed a warning by the Securities and Exchange Commission (SEC) to Coinbase about its staking products. The warning comes a month after the SEC settled a settlement with Kraken, a major crypto exchange. The agreement saw the company end its solution to the Americans.
Most importantly, the SEC’s Gary Gensler warned about Ethereum’s staking products just days after the 2022 merger. He warned that Ethereum has effectively become a financial security, which means it should be regulated.
Therefore, April will be an important month for Ethereum’s network as the network will undergo its biggest upgrade since the merge. The developers will unveil the Shanghai upgrade, which will unlock tokens that users have staked.
In most cases, the price of Ethereum Classic does well when there is a major development in the industry. For example, it was one of the best performing cryptocurrencies before Ethereum merged with the Beacon chain to join the traditional network.
The idea is that if there is a big action on Ethereum then developers may decide to move to Ethereum Classic. There is some evidence that many Ethereum miners migrated to Ethereum Classic and Litecoin after the merger.
However, the challenge for Ethereum Classic is that its ecosystem is relatively small compared to other networks such as Arbitrum and Optimism. Turbineswap, GhostNFT, SoyFinance and Fusion are some of the top dApps in its ecosystem. These DApps have minimal market share in their industries.
ethereum classic price prediction
The four-hours chart shows that the price of ETC has been in a slow bullish trend over the past few days. It has moved above the ascending trend line shown in blue. The coin has also jumped above the 50-period moving average and 50% Fibonacci retracement level. At the same time, it has formed a short inverted head and shoulders pattern, while the Relative Strength Index (RSI) has moved above the neutral point.
Therefore, there is a possibility that the coin will continue to climb in March as buyers target the key resistance point at $25, which is about 20% upside from current levels.
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