Ethereum Classic (ETC/USD) Breaks Above Crucial Trendline, Miner Activity Up

• Ethereum Classic (ETC/USD) has seen an 18% increase in the week, breaking above a crucial descending trendline.
• The network has seen an increased hash rate indicating increased miner activity and ETC transactions.
• However, buyers may need to exercise caution at the current price level as ETC still faces bearish pressure.

Ethereum Classic (ETC/USD) has been experiencing a surge of bullish activity in the last two days, gaining 18% in the week. On January 04, 2023, the cryptocurrency was able to break above a crucial descending trendline that has contained ETC for a while, reigniting hopes of miner activity on Ethereum Classic.

The increased miner activity and ETC transactions can be seen in the network’s hash rate, which has improved from 97.5975 TH/s on December 27 to 111.7497 TH/s on December 30, according to CoinWarz data. This indicates that more miners are joining the network and more transactions are being made with the cryptocurrency, thus boosting its prices after the new year.

The initial surge in ETC’s price was expected when Ethereum shifted to the Proof of Stake protocol as it is a Proof of Work protocol, which means miners could move to Ethereum Classic. However, the subsequent crash of Ethereum Classic’s price has dampened the speculation of miner activity.

Despite the bullish activity of Ethereum Classic, buyers may need to exercise caution at the current price level as the cryptocurrency still faces bearish pressure. The long-term trend of Ethereum Classic still remains bearish, so any further gains could be short-lived if market conditions remain the same.

Overall, it is important to monitor the activity of the network closely, as any further miner activity could be indicative of a potential reversal of the bearish trend of Ethereum Classic in the long-term. Until then, traders should remain wary and exercise caution when investing in the cryptocurrency.