- Ethereum Classic price has breached the 50-day EMA, indicating a major revival of bullish momentum.
- With the Merge approaching, Ethereum miners are likely to shift to ETC, which could be a reason for the next rally.
- Investors can expect ETC to trigger a 55% ascent to $32.62, the midpoint of the 76% downswing.
Ethereum Classic price has popped over the weekend, rallying a whopping 47%. In fact, the rally seems to have begun on July 13, hinting at more gains to come. The reason for this could be Ethereum miners jumping ship to Ethereum Classic due to the fast-approaching network upgrade known as Merge.
Fitting Ethereum, Merge and Ethereum Classic together
Ethereum, the second-largest cryptocurrency by market capitalization, is set to shift from Proof-of-Work (PoW) to Proof-of-Stake (PoS) via a network upgrade known as “Merge.” Although this update has been touted for a long time, an Ethereum Beacon Chain community health consultant recently confirmed the timeline and noted that the Merge could occur on September 19.
This merge timeline isn't final, but it's extremely exciting to see it coming together. Please regard this as a planning timeline and look out for official announcements!https://t.co/ttutBceZ21 pic.twitter.com/MY8VFOv0SI
— superphiz.eth (@superphiz) July 14, 2022
