Ethereum Classic, one of the top 35 cryptos of the global crypto market, is seen trading with a bearish crossover on the daily chart. This Proof of Work-based blockchain can be rented by hash power used by hackers to carry out 51% attacks, which costs around $3,800.
About this 51% attack on Ethereum Classic, Terry Culver, CEO of ETC Labs, said, “It’s actually a huge vulnerability in the system.” With three 51% hacks on the Ethereum Classic network over the last months, costed a loss of a massive amount of dollars. Alongside the cryptocurrency market is seen amplifying, but the hash rental market is seen directly rowing too.
As per the recent ETC news updates, the ETC labs have come up with a strategic procedure and plan to shield Ethereum Classic from further 51% hacks. The price of Ethereum Classic reflects a negative sentiment due to lack of traction and is facing a tough time to breach the $5 price area over the past four weeks now. One of the top 35 cryptos is seen trading with a downward correction after having hit a 5-month high in August above $8 at $8.3.
Ethereum Classic Price Analysis
At the time of penning down this analysis, the price of Ethereum Classic was seen trading at $5.17 after a gradual pullback from trading around $8.3. Over the past three months, from breaching the five-month high, the currency has now lost over 35% as it corrected to 7-month support. In the previous week, the ETC price was seen breaching the lower Bollinger Band at the price level of $4.64.
After having gained over the past seven days, the price trend rose from the utter bottom on the daily chart. However, the momentum remains sluggish, and therefore, the Ethereum Classic lacks support from 50-day and 200-day MA lying at $5.5 and $6.2, respectively.
The MACD chart reflects bearish crossover, irrespective of the 7-day rise from the 7-month support price marked at $4.6. The RSI is inclined towards the oversold zone but has raised above 30 after a gain in price from $4.69 to currently trading at $5.17, lying at 42.89.