Ethereum Classic Developers Focus on Atlantis, Failure Could See ETC Prices Halve

Dalmas Ngetich

1 year ago

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Ethereum Classic (ETC) down 4.7 percent
Interoperability through Atlantis could be the shot in the arm for ETC bulls

Atlantis will signal the beginning of Ethereum Classic-Ethereum interoperability. Beneficial for both networks, ETC prices will likely edge higher. That’s despite the overwhelming sell pressure threatening to drive prices to $3.

Ethereum Classic Price Analysis

Fundamentals

As long as blockchain transactions are collaborative and on-chain, solving scalability related frictions will always be daunting. For now, there is progress. Different networks with varying objectives are implementing solutions they see fit.

Of the many, Ethereum classic is diverging. Their first aim is to be interoperable with Ethereum for it to be competitive in the dApp arena. Luckily, Vitalik and team are already in advanced stages, trudging towards the ideal Ethereum 2.0. Then, the network would be scalable by several orders.

However, the immediate and the most pressing task at hand- and which analysts interpret as bullish for ETC, is the decision of Vitalik and team to rope in other networks for temporary scalability fixes. Ethereum, as a dominant smart contracting platform, is struggling. There is even a level of desperation, according to observers, when Vitalik proposes Bitcoin Cash blockchain to scale Ethereum.

All the same, Ethereum Classic and Ethereum interoperability implementation via the Atlantis hard fork in September will be massive. While the developer community is hard at work with Atlantis, ETC Labs-the incubator of Ethereum Classic blockchain will be collaborating with Metronome towards the interoperability goal.

Candlestick Arrangements

Presently, ETC is down the liquidity leader board but trading 4.8 percent higher from last week’s close. Nonetheless, the coin is down 2.6 percent in 24 hours. From the chart, it is evident that ETC is under pressure.

The status of the currency is even clearer from the weekly chart. There, ETC is trading within a bear break out pattern against the USD with an important reaction point at $10. As it is, ETC is at the third phase of a typical breakout pattern: The trend continuation phase.

Reaffirming this and confirming the retest from $10 was the three-bar bear reversal pattern by the week ending June 30. After that, the week ending July 14 bear candlestick cemented bears’ position. Therefore, while ETC could edge higher because of Atlantis, sellers have the upper hand from an effort versus result point of view.

To that end, every high is a selling opportunity with the first target at $3. However, any reaction, rejecting lower prices lifting ETC above the week ending July 14 extensive candlestick could spur further demand to $10 canceling this trade plan.

Technical Indicators

Because of this candlestick arrangement, week ending June 30 bear candlestick anchors this trade plan. It has high trade volumes of 2.5 million. As a result, for bulls to be in charge, the reversal of week ending July 14 losses ought to be with high participation surpassing 2.5 million.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.