- The price of Ethereum Classic saw a double-digit increase on September 5.
- Things really started looking great for ETC when BTC.com launched a specialized Ethereum Classic pool.
- The ETC price formed a “bull flag” in recent weeks.
The price of Ethereum Classic (ETC) saw a double-digit increase on September 5 after BTC.com added an ETC mining option to its servers a few days before. So far, ETC is up 200% since mid-June 2022.
When looking at the data from CoinMarketCap, ETC is up more than 25% over the last 24 hours to now trade at $40.48. The crypto is also up just under 20% over the last week. However, over the last hour, ETC is down 0.72%.
Things really started looking great for ETC when BTC.com launched a specialized Ethereum Classic pool with “zero-fee” mining for three months.
A factor that also could have contributed to ETC’s success over the last few days is that the Merge is drawing near. Ethereum’s upgrade to proof of stake (PoS) will basically render ETH miners useless. This means that ETC is becoming a haven for the miners that will be affected by the Merge.
This fact can already be seen when looking at the crypto’s hashrate. According to CoinWarz, ETC’s hashrate reached a new record high of 41.81 Terrahash per second (TH/s) on September 4.
When looking at ETC through a technical lens, it seems like greater things could still be in store for the crypto, considering that its price formed a “bull flag” in recent weeks. On Monday, ETC actually tested the bull flag’s upper trendline for a potential breakout move. If this were to happen, ETC has the potential to climb even more.
The bull flag’s estimated target is expected to be around $58.50, an almost 60% increase from the September 5 price.
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