Ethereum Classic
$4.83 -0.05%
ETC · 20w

Ethereum Flippening: Can ETC Take Over ETH?

Ethereum Classic (ETC) broke years of downtrend against Ethereum (ETH) during the recent correction. While both cryptocurrencies declined heavily from their all time highs. Ethereum (ETH) showed a lot more weakness compared to Ethereum Classic (ETC) which resulted in Ethereum Classic (ETC) gaining against Ethereum (ETH). In fact, Ethereum Classic (ETC) entered a clear uptrend against its rival, Ethereum (ETH) during the month of May. This uptrend has held so far but recently ETC/ETH has lost its bullish charm. The price of Ethereum Classic (ETC) broke the 10 Week EMA against Ethereum (ETH) and is now on the risk of further decline. However, it is important to note that ETC/ETH has already formed a double bottom. Any downside is going to be short lived unless critical market structures are broken.

The first critical level that ETC/ETH needs to defend in order for the uptrend to hold is the 21 Week EMA. If ETC/ETH breaks this critical level, all Flippening bets are off and Ethereum Classic (ETC) investors might have to face serious disappointment. Wave trend analysis for ETC/ETH readily supports a break below the 21 Week EMA. If it was all down to charts, then betting on Ethereum Classic (ETC) taking over Ethereum (ETH) might appear to be a silly bet. Ethereum Classic (ETC) has had an impressive rally against Ethereum (ETH) and appears to have topped out now. If there were no other variables to take into account, then the reasonable thing to do would be to expect Ethereum (ETH) gaining against Ethereum Classic (ETC).

Chart for ETH/USD (1W)

However, as it happens, there are other more important reasons besides the charts that are not as simple. First of all, Ethereum (ETH) is switching over to PoS (Proof of Stake). This means that most Ethereum (ETH) miners will readily switch over to Ethereum Classic (ETC) after this transition. This is already a positive for Ethereum Classic (ETC) whether Ethereum (ETH)’s PoS (Proof of Stake) arrangement work...

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