Although Ethereum classic down 74.04% from its all-time high, it was up 15% from its recent low on June 22nd. At the time of writing, the cryptocurrency was trading just above the $ 40 mark YTD returns of 618.36%.
Unlike most of the alts, ETC was one of the few stargainers of the second quarter, according to a recent report from CoinMetrics. The report reviewed the performance of Bitcoin and Altcoins in the second quarter of 2021, and analysts found that despite the sharp market correction on May 19, some assets ended the quarter in the green.
Ethereum Classic (ETC) was the second-best winner, just ahead of Dogecoin, and the former gained an impressive 297% despite a nearly 39% drop in Bitcoin price.
After the last stable release called Thanos in 2020, ETC is ready to launch the Magneto hard fork by the end of this month to improve its blockchain network. As of now, Magneto is planned for July 21st and will implement ECIP-1103.
With many propose a price hike for the asset by the end of this month the current sentiment after LunarCrush appeared bullish even amid the recent 25% decline. Most of ETC’s social metrics trended on the bullish side, with the altcoin posting a galaxy score of 63 on the charts.
That being said, it’s noteworthy that the on-chain metrics and development activity for Ethereum Classic doesn’t paint a healthy picture for the old. ETCs percent of the total The whale-held stablecoin supply of more than $ 5 million still hovered below May-June levels after plummeting towards the end of June. Although the indicator was still above pre-May highs, it moved sideways for most of the month.
Development activities for the Alt painted a worrying picture as they had plummeted to lower levels by January 2021. This indicated sparse activity and network development in the room despite the upgrades by the network.
A closer look at the ETC price action suggests that it is currently testing a critical level of support at $ 40.7. Since the asset is in the oversold area, a triggered rebound could drive the price of the asset higher. If it bounces off this support level, an uptrend could re-test the $ 47.6 resistance level. However, a collapse of the range at a lower $ 40 mark will invalidate the bullish thesis.