{"id":490527,"date":"2022-09-05T22:30:00","date_gmt":"2022-09-05T19:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ethereum-classic-books-12-rally-as-mining-support-for-etc-gains-pace\/"},"modified":"2022-09-05T22:30:00","modified_gmt":"2022-09-05T19:30:00","slug":"ethereum-classic-books-12-rally-as-mining-support-for-etc-gains-pace","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ethereum-classic-books-12-rally-as-mining-support-for-etc-gains-pace\/","title":{"rendered":"# Ethereum Classic books 12% rally as mining support for ETC gains pace"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a41017655348\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a41017655348\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/ethereum-classic-books-12-rally-as-mining-support-for-etc-gains-pace\/#%E2%80%9D_Ethereum_Classic_books_12_rally_as_mining_support_for_ETC_gains_pace_%E2%80%9C\" >&#8221; Ethereum Classic books 12% rally as mining support for ETC gains pace &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/ethereum-classic-books-12-rally-as-mining-support-for-etc-gains-pace\/#Top_mining_pool_supports_Ethereum_Classic\" >Top mining pool supports Ethereum Classic<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/ethereum-classic-books-12-rally-as-mining-support-for-etc-gains-pace\/#ETC_price_could_rise_another_60\" >ETC price could rise another 60%<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Ethereum_Classic_books_12_rally_as_mining_support_for_ETC_gains_pace_%E2%80%9C\"><\/span>&#8221; Ethereum Classic books 12% rally as mining support for ETC gains pace &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-3511d6da>Ethereum Classic (ETC) price rallied on Sept. 5 on back-to-back positive reports concerning its adoption among crypto miners.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Top_mining_pool_supports_Ethereum_Classic\"><\/span>Top mining pool supports Ethereum Classic<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On the daily chart, ETC&#8217;s price surged 14.5% to nearly $37.25 per token. Its massive gains came days after\u00a0BTC.com, a blockchain explorer and crypto mining pool, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/help.pool.btc.com\/hc\/en-us\/articles\/10045562849305-BTC-com-Pool-Mining-Benefits-is-Coming-Enjoy-ETC-Mining-0-Rate-\">launched<\/a> a specialized Ethereum Classic pool with &#8220;zero-fee&#8221; mining for three months.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-09\/caf5abcb-80fd-4cfd-a5ee-7ffa93618e3e.png\"><figcaption style=\"text-align: center;\"><em>ETC\/USD daily price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>The announcement <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>eared after &#8220;the Merge,&#8221; a long-awaited network update that would switch Ethereum&#8217;s energy-intensive proof-of-work (PoW) protocol to a &#8220;cost-efficient&#8221; and scalable alternative, the proof-of-stake (PoS), on Sept. 19 or before.<\/p>\n<p>But the switch to PoS will make Ethereum&#8217;s PoW miners futile. On the other hand, Ethereum Classic, the original version of Ethereum, which still uses PoW, could become a haven for the miners affected by the Merge.<\/p>\n<p>The network is already attracting PoW miners en masse, confirmed by its hashrate, which touched a record high of 41.81 Terrahash per second (TH\/s) on Sept. 4. For the unversed, hashrate is\u00a0the total computational power used to mine and process transactions on a PoW blockchain.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-09\/2b5082fc-ce44-4e81-a3dc-94868483c898.png\"><figcaption style=\"text-align: center;\"><em>Ethereum Classic hashrate. Source: CoinWarz<\/em><\/figcaption><\/figure>\n<p>This migration has helped ETC rally incredibly in recent months; it is up 200% since mid June.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"ETC_price_could_rise_another_60\"><\/span>ETC price could rise another 60%<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>From a technical perspective, Ethereum Classic looks ready to undergo a circa 60% price rally in September.<\/p>\n<p>Notably, ETC&#8217;s price has formed a &#8220;bull flag&#8221; in recent weeks. Bull flags appear when the price consolidates lower after a strong uptrend. Meanwhile, they resolve after the price breaks out in the direction of its previous trend and are thus considered bullish continuation patterns.<\/p>\n<p>As of Sept. 5, ETC tested its bull flag&#8217;s upper trendline for a potential breakout move. Suppose the token does it. Then, its likelihood of rising further will be higher. Also, as a rule of technical analysis, the price could rise by as much as the previous uptrend&#8217;s length, as shown below.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-09\/46d94587-8359-4c51-8aa9-679f6dfc89b0.png\"><figcaption style=\"text-align: center;\"><em>ETC\/USD daily price chart featuring &#8216;bull flag&#8217; breakout setup. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>In other words, the ETC bull flag&#8217;s profit target comes to be at around $58.50, up almost 60% from Sept. 5&#8217;s price.<\/p>\n<p><strong><em>Related: ETH Merge: CoinGecko co-founder shares strategy for forked tokens<\/em><\/strong><\/p>\n<p>Conversely, a decisive break below the bull flag&#8217;s lower trendline risks invalidating the upside setup explained above.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/ethereum-classic-books-12-rally-as-mining-support-for-etc-gains-pace\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Ethereum Classic books 12% rally as mining support for ETC gains pace &#8220; Ethereum Classic (ETC) price rallied on Sept. 5 on back-to-back positive reports concerning its adoption among crypto miners. Top mining pool supports Ethereum Classic On the daily chart, ETC&#8217;s price surged 14.5% to nearly $37.25 per token. Its massive gains came&#8230;<\/p>\n","protected":false},"author":1,"featured_media":490528,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDkvYjhlM2VkYjUtZWI1NS00YjEzLWJmZWMtZDE0Yzc5YjIxNGJjLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,88119,74863,74891,75499,75462,74939,75042,75164,74876,75578,78261,73785],"class_list":["post-490527","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoin-watch","tag-cryptocurrencies","tag-ethereum","tag-ethereum-classic","tag-hash-rate","tag-market-analysis","tag-mining","tag-price-analysis","tag-proof-of-stake","tag-proof-of-work","tag-tech-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/490527","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=490527"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/490527\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/490528"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=490527"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=490527"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=490527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}