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After Ethereum Merge, Bears Hover Around Ethereum Classic Price! What Next?

The post After Ethereum Merge, Bears Hover Around Ethereum Classic Price! What Next? appeared first on Coinpedia Fintech News

While the Ethereum network is cherishing its successful merge where the network completed its transition from proof-of-work (PoW) to proof-of-stake (PoS), the Ethereum Classic (ETC) is facing pressure. Amidst the ongoing bearish pull, the Ethereum Classic price might be pulled down even further. However, though ETC is experiencing decreasing volume and market cap, there is a surge in its social media dominance and sentiment.

At the time of writing, Ethereum Classic is selling at $27.98 after a plunge of 2.41% over the last 24hrs.

ETC Price Action Fails To Pick Up

Yesterday, September 22, an analytic platform, Santiment claimed via Twitter post that there were huge bets against Ethereum Classic, especially after the merge. This kind of behavior points toward a lack of trust among market participants towards Ethereum Classic as an alternative for PoW.

This is not the only reason for not believing in ETC’s capabilities cause another reason could be due to a drop in ETC miner revenue. Hence, as the miners lack incentives to mine ETC, the network might get into trouble. In the end, this might force miners to lose interest in ETC mining and turn toward other PoW chains.

Meanwhile, along with ETC price, even the market cap is facing a bearish pull that has resulted in a pullback of 29.27% in the last week. Also, the currency’s volume dropped by 90% during the same time.

The social media dominance couldn’t stand in favor of Ethereum Classic’s price action as the social media pressure failed to be consistent. Overall though there are a few positive developments, ETC price has not benefited.

However, with the number of active addresses increasing by nearly 38.29% in the last month, there are chances that this surge in activity will influence positively on ETC price action.

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