By Alicia Maher
Data from blockchain firm Messari showed that ETC (Ethereum Classic)’s hashrate hit an ATH, currently at 45.98 H/s. The hashrate all-time high emerged six years after Ethereum Classic miners minted the initial ETC block (at 1,920,000 block height).
Coinmarketcap data shows the alt traded near $40.44 during this writing, gaining more than 10% over the past day. However, the market presents weakness, and investors can anticipate an ETC plunge in the upcoming hours.
ETC Readying for Merge
Ethereum Classic saw impressive price actions lately, and its trading activity noted a significant rally within that period. September 6 sessions had the network’s trading volume gaining more than 592%. Such an uptick had the metric hovering at $2.8 billion (Coinmarketcap data). Santiment revealed that Ethereum Classic last saw such trading volume highs one month ago.
The daily chart confirmed a rise in Ethereum Classic’s buying pressure. Also, crucial indicators suggest uptrends for the alternative token. The Relative Strength Index stood at 63 during this publication. Nonetheless, ETC has its MFI (Money Flow Index) at 67.
The asset’s Chaikin Money Flow remains flat, with the dynamic line hovering beneath the 0.0 center line at -0.03. However, maintaining the buying pressure momentum can see the CMF cross the center line upward.
The four-hour chart shows daily traders aggressively accumulating the 17th largest digital token. The 4hr Relative Strength Index stood near 78 during this publication. Furthermore, its Money Flow Index swayed in the overbought territory, reading 93. Also, ETC’s Chaikin Money Flow stayed beyond the center line, reflecting a positive 0.26 reading.
On-Chain Analysis
Ethereum Classic has seen its developmental activity slumping consistently over the previous month, with the anticipated Merge scheduled between September 10 and 20. Santiment data shows ETC development activity declined by 14% within the last 30 days, currently at 2.78. Moreover, the social metric hasn’t seen much traction over the past month.
The press time of 1.498% reflects a 12% drop in Ethereum Classic’s social dominance in a 30-day window. Also, its social volume slumped by 66% in that timeframe. The 30d moving average shows investors are skeptical about Ethereum Classic’s price, with the weighted sentiment positing a negative figure, -0.29.