Price for Ethereum Classic Might See a 35% Rise in Profits

Price for Ethereum Classic Might See a 35% Rise in Profits

Currently, the price for Ethereum Classic is seeing a slow down as it reaches the resistance level of $70.22. The momentum of the Ethereum Classic price seems to be slowing as the resistance level of the cryptocurrency exchange nears.  The developers of the Ethereum Classic are considering improving the cryptocurrency exchange.

To update the Ethereum Classic exchange, developers plan on implementing the Mystique hard fork. They believe that a jolt in the system from $62.05 will trigger an uptrend of digital assets to $83.48, a monumental rise. Retracing the structure of the cryptocurrency exchange seems the most viable move for developers.

On July 24th, the Magneto hard fork was successfully established and implemented by the developers onto the Ethereum Classic blockchain. Developers of the cryptocurrency blockchain are now contemplating the addition of the Mystique hard fork for further improvement. The upgrade provides the necessary support that the Ethereum blockchain requires after undergoing the London hard fork. 

As per the official blog, Mystique will be an instrumental tool for providing additional support to a host of changes that will affect the protocols of the Ethereum Foundation (ETH) network by the London hard fork. Another point in favor of the Mystique hard fork is that it will offer a variety of operation codes to the Ethereum Classic blockchain. These operation codes will allow for several improvements in the Ethereum Virtual Machine (EVM) and enhance the compliance standards, interoperability, and immutability of the blockchain.

The recent data of Ethereum Classic price shows some difficulty in overcoming the resistance level at $70.23 at which the price fell on August 17th. The recent slump indicates that buyers of Ethereum Classic assets are exhausted and a retracement of the system is due.  The selling pressure may abate with the help of the $62.05 support barrier. The fall in price may attract a new set of investors and can also provide the perfect foundation for an upswing from the $62.05 barrier.

Experts predict that this fall and subsequent rise are likely to break the current resistance level and kick start an uptrend up to $83.48. However, a fall in price to the support barrier of $62.05 may seem like buyers are no longer interested and spark a further drop in prices. If this fall in price drops further than the $58.86 support barrier, the downtrend will only continue.

Wilbur Harris

Wilbur Harris is an journalist. Wilbur belief that Cryptcurrencies technology will be the driving force of the next technological wave and it is the obligation of journalists and writers to write about the news related to currencies.

View All Posts

Leave a Reply

Your email address will not be published. Required fields are marked *