In the dynamic world of cryptocurrency, Ethereum Classic (ETC) has recently experienced significant fluctuations. Despite a sharp 2.42% drop in a single day, mirroring the broader market’s downturn, ETC showed resilience.
It briefly recovered, though it lost the bullish momentum it had gained the previous week. However, the outlook for Ethereum Classic is not all bleak. Looking ahead to 2024, the network is poised for a major update, which could serve as a significant catalyst for growth.
Ethereum Classic is gearing up for a pivotal event: the Spiral hard fork, scheduled for January 31, 2024, at block 19,250,000. This upgrade is more than just a routine update; it represents a major step towards aligning with the Ethereum mainnet.
The Spiral Network Upgrade will be activated on block 19,250,000, which is estimated to arrive January 31, 2024.
— Ethereum Classic (@eth_classic) December 12, 2023
Node operators, please ensure your software is updated to the latest version.https://t.co/w4KVMLV5D5
By enhancing compatibility with the Ethereum hard fork chain, the Spiral Upgrade aims to bring Ethereum Classic to parity with the Ethereum Virtual Machine (EVM) standards. This alignment is crucial for the network’s future, facilitating easier contract development and migration.
Market analysts are keenly observing how Ethereum Classic’s upcoming upgrade might influence its market value. Presently valued at $19.58 and boasting a market capitalization exceeding $2.7 billion, Ethereum Classic has witnessed a 3.67% decrease in its price over the last 24 hours and a 3.84% decline over the previous week.
These recent fluctuations are seen as components of a larger trend. With predictions of an overall market upturn, the anticipated upgrade to Ethereum Classic is expected to bolster market confidence in the cryptocurrency.
Volume and momentum indicators offer insights into ETC’s market behavior. The trading volume, marked by green and red bars below the price chart, indicates buying and selling pressure. Additionally, the Relative Strength Index (RSI), currently at 37.71, suggests that Ethereum Classic is neither overbought nor oversold. This is complemented by the Know Sure Thing (KST) indicator, currently showing negative values, which could point to bearish momentum.
Ethereum Classic stands at a crossroads. The upcoming Spiral Upgrade is more than a technical enhancement; it’s a strategic move towards greater alignment with Ethereum. This, coupled with the broader market trends, could be the catalyst needed for ETC to regain its bullish momentum. As always in the crypto market, the future holds both challenges and opportunities, and Ethereum Classic is a token to watch.
