The ETC price has stalled. Ethereum Classic is trading at $49.73, which is about 70% below the year-to-date high of $175.3. Still, it is about 800% above the lowest level this year, bringing its total market capitalization to more than $5.8 billion.
ETC news. Activity in the Ethereum Classic industry has been relatively muted recently. The number of developers joining the network has dropped as many of them prefer other platforms like Polkadot, Solana, and Ethereum. A key challenge for the network has been insecurity that is associated with it.
Still, this could be about to change after the developers announced an upcoming upgrade or hard fork known as Magneto. The upgrade will be inclusive of the features in Ethereum’s Berlin upgrade. The goal of this upgrade is to optimize gas, transactions, and security enhancements. While it is not yet known when the upgrade will happen, some analysts expect it to happen in July 20th, the unofficial Ethereum Classic Independence day.
Ethereum Classic price will also likely react to the upcoming US inflation data that will come on Tuesday this week. These numbers are important for cryptocurrencies because they will have an impact on the statement by the Federal Reserve.
ETC price prediction
The daily chart shows that the ETC price has been under pressure recently. Indeed, the price has gone nowhere in the past few days. As a result, the Average True Range (ATR) shows that the coin’s volatility has dropped to the lowest level since May 3.
On the positive side, it has formed a small inverse head and shoulders and bullish flag pattern. Therefore, while the coin will likely remain at the current range for a while, there is a possibility that it will have a bullish breakout soon. On the flip side, a move below $40 will invalidate this prediction.
Ethereum Classic chart
Follow Crispus on Twitter.