Ethereum Classic (ETC) price has been following the Ethereum price action for the past couple of weeks. Both cryptocurrencies tumbled in March 2023 before a strong rebound. However, when ETH made a new yearly high in April, the ETC price couldn’t show the same strength. Consequently, ETC crypto remains 18.8% below its February high of $24.95.
On Friday, most cryptocurrencies are trading in red as Bitcoin price is back below the $28,000 resistance. The biggest cryptocurrency made many attempts throughout this week to break above $28,500 but failed to do so. ETC price is also showing a negative price action today and is down 1.88% at the time of press.
ETC Price Lags Behind ETH
Despite a 25.5% surge since its March 2023 lows, Ethereum Classic is lagging behind Ethereum, which is up 35% during the same period. The upcoming Shapella upgrade is keeping the native asset of the biggest smart contract platform in limelight. This is also affecting the price action of its biggest fork, i.e., ETC.
Due to the ongoing ETH 2.0 upgrade, the mining hashrate of ETC has seen a significant increase. This is also positively affecting the Ethereum Classic price action, which is 29% up since the start of 2023. The network’s hashrate hit its all-time high of 234 TH/s in September 2022 when the EH merge occurred.
Ethereum Classic Price Breaks Uptrend
A simple trendline analysis on the ETC price chart shows that it has broken below the upwards trendline for the first time since March 10. The reason is a drop in Ethereum and Bitcoin prices in the last 24 hrs. If the price closes a day below this trendline, then I expect a retest of the $19 support in the coming day.
However, Ethereum Classic price prediction can become very bullish if ETH breaks above $1900 once again. In that scenario, ETC may tag its yearly highs that lie around $24. This will be a major resistance and might result in a pullback. This move is more likely to occur before the Ethereum Shapella upgrade.
In the meantime, I’ll keep posting my updated ETC analysis on my free Telegram channel, which you are welcome to join.
