Roughly six years ago in July 2016, an Ethereum hard fork was used to address the infamous DAO hack. The fork resulted in the chain being split into two distinct factions and the introduction of a new crypto asset, ethereum classical. Both chains have been co-existing for years using the same proof of work (PoW), and with The Merge approaching, speculators believe that Ethash PoW miners would transition to ethereum classical mining. During the last two weeks, ethereum classic has climbed more than 124% against the U.S. dollar, and the network’s hashrate has spiked a great deal as well.
Ethereum classic catches triple-digit gains during the last two weeks
While ETH has seen a significant double-digit 45.7% gain in two weeks, ETC has jumped 124.2% in that same period of time. Despite the 124% rise, year-to-date, ETC is still down 34% and around 80% lower than the crypto asset’s all-time high at $167 per unit.
ETC/USD weekly chart via Coinbase on July 27, 2022. ETC‘s 24-hour price range today has been between $25. 10 to $33. 07 as of 11: 00 p.m. (ET) on July 27, 2022.
ETC shares the same consensus algorithm as ETH and it seems PoW miners that used to miner ether, are starting to transition and are now mining on the ETC chain. In mid-July, when the preliminary Merge date was penciled-in, ETC‘s hashrate was 17. 39 terahash per second (TH/s) and today, it’s 20% higher at 20. 88 TH/s.
The Merge is when Ethereum (ETH) transitions from proof-of-work to proof-of-stake (PoS) and after it is implemented, ETC‘s hashrate is expected to benefit. Despite the increase, Ethereum’s hashrate is considerably larger than ETC‘s as there’s currently 991. 05 TH/s dedicated to the ETH chain, while ETC‘s network hashrate today is 20. 88 TH/s.
ETC hit a high this week at 21. 41 TH/s and the network is also nearing the all-time high it tapped last year. ETC‘s all-time hashrate high was 28. 53 TH/s on May 7, 2021, at block height 12,695,074. It’s possible that the Ethereum Classic hashrate will surpass its current high at this rate.
Korean Won Represents More Than 20% of Ethereum Classic Trades
ETC‘s average fees are much cheaper than ETH‘s average fees, as the average ETH fee today is 0. 002 ETH or $3. 31, while the average ETC fee is 0. 000096 ETC or $0. 0031 per transfer. Tether (USDT) is ETC‘s largest trading pair, as the stablecoin captures 59. 17% of all trades today. Following USDT is the Korean won with 20. 82% of all ETC trades, and the U.S. dollar is ETC‘s third-largest trading pair as it commands 7.84%.
11. 53% of the volume on the South Korean exchange Bithumb stems from ETC swaps and 22. 96% of Upbit’s volume derives from ETC trades against the Korean won (KRW) as well. The Ethereum Classic network is far behind the eight ball when it comes decentralized finance (defi) development.
Ethereum Classic defi stats according to defillama.com on July 27, 2022.
Ethereum (ETH) has the largest value locked out of all the blockchains today with $56. 62 billion total value locked (TVL). That’s more than 65% of the $87. 56 billion locked across the myriad of blockchains that support defi protocols. Meanwhile, Ethereum Classic’s has a very small TVL, with only $175,483 on July 27, according to defillama.com statistics.
There’s a total of three ETC defi applications compared to Ethereum’s 523 protocols. Over 92% of the value locked in ETC defi applications is held on the Hebeswap, an automated token exchange. The rest of ETC‘s defi TVL or a mere $12,366 is held on Etcswap and Swap Cat.
If miners continue to find value in ETC‘s PoW security, it is possible that ETC-based defi protocols and smart contract applications could see more development. ETC also has a supply cap set at 210,700,000 while Ethereum’s supply is infinite. Today, 136,026,596 ETC is currently in circulation which means there’s only 74,673,404 ETC left to mine.
Ethereum (ETH) network and community is much larger than Ethereum Classic (ETC) ecosystem in a variety of ways, and in terms of market capitalization, ETH is a behemoth in comparison to ETC. ETH, the second-largest crypto asset by market cap represents 17.7% of the $1 trillion crypto economy with $193. 36 billion. ETC, on the other hand, represents 0. 402% of the crypto economy’s value with $4. 39 billion today.
What do you think about ETC‘s recent price spike and the hashrate climbing higher? Are you expecting ether miners switching to the Ethereum Classic chain in the future? Comment below to let us know your thoughts on this topic.
Jamie Redman
Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.
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Ethereum Price Analysis: What Lies Ahead for ETH on its Way to $3K?
Ethereum is showing signs of short-term exhaustion after a strong impulsive rally. Although the buyers have managed to break through major resistance levels, the price is currently stalling around a key structure and could be at risk of a local top if momentum fades.
Technical Analysis
The Daily Chart
ETH has decisively broken above the 100-day moving average, located around the $2,100 area, and is also trying to reclaim the 200-day moving average near the $2,600 mark. Moreover, the RSI is hovering in the overbought territory, signalling that the rally might be overextended in the short term.
Currently, the asset is consolidating just below the lower boundary of the previously broken long-term ascending channel. A daily close above this level would invalidate the idea of a pullback and open the door toward the $3,000 zone, which coincides with a prior supply area. On the downside, the $2,150 zone now acts as solid support and could serve as a potential re-entry point for buyers if the market pulls back.
The 4-Hour Chart
The 4-hour timeframe shows ETH consolidating within a narrow range around the $2,600 level. The price is maintaining its gains following the breakout from a descending channel and a series of bullish imbalances filled along the way.
The RSI has also cooled off, showing a decline in bullish momentum but no immediate signs of bearish divergence. If ETH can break and hold above the $2,600 zone, it may gather enough strength to run toward the key $3,000 resistance level soon.
Onchain Analysis
Exchange netflows remain negative on aggregate, with a recent reading showing a net outflow of over 170K ETH. This indicates a broader trend of accumulation and long-term holding, as coins continue to leave centralized exchanges and move into self-custody. Persistent outflows during a price rally typically support the case for bullish continuation as they reflect a lack of intent to sell.
However, it’s worth noting that this behavior also raises caution, as extreme bullish positioning can lead to sharp corrections if the sentiment becomes too one-sided. Traders should monitor changes in netflows closely, especially if inflows begin to spike around major resistance levels, as that could mark local tops and signal profit-taking.
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Crypto Price Analysis May-16: ETH, XRP, ADA, SOL, and HYPE
This week, we examine Ethereum, Ripple, Cardano, Solana, and Hype in greater detail.
Ethereum (ETH)
Ethereum had another impressive week with a 15% price increase after it managed to hold above $2,500, which is currently acting as a key support. As long as this level holds, buyers have a good chance to take the asset higher.
The resistance is found at $2,870, which will likely put sell pressure on the price if it arrives there in the future. Considering that the recent rally was quite aggressive, it would be unlikely for ETH to continue up uninterrupted without a pullback.
Looking ahead, Ethereum remains bullish, but the momentum has been decreasing lately. This is why a consolidation between $2,500 and $2,870 should be expected before the next attempt at higher levels.
Chart by TradingView
Ripple (XRP)
XRP managed to move briefly above $2.6 this week, but sellers were quick to return at that key resistance and pushed the price back under $2.5 at the time of this post. Nevertheless, the asset closes the week with a 5% increase.
With another higher high confirmed on the chart, XRP seems determined to get closer and closer to the $3 resistance, which acts as a magnet for the price. As long as the support at $2.3 holds, buyers have a good shot at that.
Looking ahead, XRP wants to revisit $3. To be successful it will have to turn $2.6 into a key support. For now, this level still acts as a resistance, but will likely break if this bullish momentum persists.
Chart by TradingView
Cardano (ADA)
ADA is found between two key levels: the support at $0.64 and the resistance at $0.9. So far, the price has failed to escape this large range and only managed to book a 2% increase this week.
Cardano also entered a pullback after it reached $0.86, and sellers managed to take it down to $0.75, where buyers returned to defend the price. Despite this correction, ADA remains bullish with clear higher highs. The next push will likely test the resistance at $0.9 for the first time since March.
Looking ahead, ADA’s uptrend continues, and its first major test is still to come. If buyers break above $0.9, then this coin has a good shot at reclaiming a price above $1, like it did in late 2024.
Chart by TradingView
Solana (SOL)
After Solana touched the resistance at $186, the price entered a pullback, which is still ongoing at the time of this post. Still, SOL managed to secure a respectable 5% price increase this week.
The pullback could continue for some time before buyers regain control. This can be seen on the momentum indicators, such as the MACD and RSI, which are currently falling. Until they reverse, the correction is likely to continue.
Solana’s native token has rallied by 80% since its bottom at $95. Considering this recent performance, it’s possible SOL corrects to the $152 support before buyers dare to challenge the resistance at $186.
Chart by TradingView
Hype (HYPE)
HYPE is the second-best performer on our list with an impressive gain of 10% this week. This has allowed the price to stay above the $24 support and grind higher with a clear target at $28.
This latest push could be the last one before a major correction starts. This is likely considering that the last time HYPE visited $28, its price entered a sustained downtrend that saw it crash by 67%. If buyers initiate another leg-up, then the $28 resistance is a prime candidate.
Looking ahead, HYPE can remain bullish until the $28 resistance is tested. At that point, it’s best to be cautious as bears could return to push this cryptocurrency into a major pullback, which hasn’t happened since early April.
Chart by TradingView
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Here’s What Can Send ETH Above $3K: Ethereum Price Analysis
Ethereum has extended its bullish rally, rising sharply toward a critical multi-timeframe resistance zone. The asset is showing strong momentum, but it’s now approaching a confluence of technical barriers that could either trigger a continuation breakout or a healthy retracement.
Technical Analysis
The Daily Chart
ETH has pushed through multiple resistance zones and is now testing the $2.6K—$2.7K region. It aligns with the 200-day moving average and the lower boundary of the long-term channel, which was broken to the downside weeks ago.
The RSI is also now in overbought territory, printing above 75, hinting at potential exhaustion. A daily close above $2.7K would confirm a bullish breakout and open the door to $3K+, while rejection from this level could pull ETH back toward the $2.2K support level.
The 4-Hour Chart
The 4-hour chart shows a textbook breakout from a descending channel followed by strong bullish follow-through. The asset is consolidating just above the $2.6K zone after a vertical leg higher.
There’s still room to stretch toward the $2.8K area, but the current sideways price action combined with a declining RSI suggests cooling momentum. A break below $2.6K could trigger a short-term correction toward $2.1K before the next leg.
Sentiment Analysis
Funding rates across all major exchanges remain slightly positive, reflecting bullish market sentiment. However, they are not yet at extreme levels, indicating the rally may still have fuel left. Ethereum’s open interest has also climbed significantly alongside the price, suggesting new positions are entering the market rather than closing out shorts, typically a sign of genuine momentum.
That said, traders should remain cautious. The elevated RSI on the daily chart and crowded positioning shown by the rise in funding rates could set the stage for a short-term flush if ETH gets rejected at key resistance. Historically, such sentiment surges have been followed by local tops or consolidation phases.
Monitoring funding spikes and open interest behavior over the next 24–48 hours will be critical to gauge whether this rally can extend further or if a pullback is on the horizon.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.