Ethereum Classic Books will increase the speed of ETC by 12% with mining support

Ethereum Classic (ETC) price rallied on September 5 on back-to-back positive reports about its adoption among crypto miners.

High mining pool supports Ethereum Classic

On the daily chart, the price of ETC increased by 14.5% to $37.25 per token. The big gain comes days after, a blockchain explorer and crypto mining pool, launched a special Ethereum Classic pool for three months of “zero fee” mining.

ETC/USD Daily Price Chart. Source: TradingView

The announcement comes after the “merger” that will transform Ethereum’s power-based Proof-of-Work (PoW) protocol into a “cost-effective” and scalable alternative, Proof-of-Stake (PoS) on or before September 19.

But switching to PoS will render Ethereum’s PoS mines useless. On the other hand, Ethereum Classic, the original version of Ethereum, still uses PoW, which can be a refuge for miners affected by the merger.

The network is attracting massive numbers of PoW miners, confirmed by Hashrate by hitting a peak of 41.81 Terrahash per second (TH/s) on September 4th. Transactions on the PoW blockchain.

Ethereum Classic Hashrate. Source: CoinWarz

This migration has helped ETC tremendously in recent months; It’s up 200% since mid-June.

The price of ETC may rise another 60%

From a technical perspective, Ethereum Classic looks poised for a price rally around the 60% mark in September.

In particular, the price of ETC has formed a “bull flag” in recent weeks. Bull flags are seen when the price consolidates lower after a strong rally. Meanwhile, they resolve after the price moves in the direction of the previous trend and are thus considered as bullish continuation patterns.

In the year Since September 5, ETC has tested the upper trend line of the bull flag. Let’s say the token does. Chances are higher than that. Also, according to technical analysis, the price can increase as much as the previous height as shown below.

The ETC/USD daily price chart shows a distinct ‘bull flag’ setup. Source: TradingView

In other words, the ETC bull flag profit target comes in around $58.50, which is about a 60% upside from today’s price.

Related: ETH Integration: CoinGecko Co-Founder Forks Tokens Shares Strategy

Conversely, a critical break below the bullish flag low trendline can invalidate the reversal configuration discussed above.

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