Data from blockchain analytics platform, Messari, revealed that Ethereum Classic’s [ETC] hashrate reached an all-time high with a current hashrate of 45.98 H/s. The all-time high (ATH) in hashrate was logged six years after ETC miners mined the first ETC block at a block height of 1,920,000.
According to data from CoinMarketCap, ETC traded at $40.44, with its price increasing by 26% in the past 24 hours.
ETC gearing up for the Merge
With significant price action in the past 24 hours, trading activity for the ETC coin also rallied significantly within the same period. At the time of writing, trading volume on the network was up by over 592%.
In the last 24 hours, ETC trading volume stood at a total of $2.8 billion, as per data from CoinMarketCap. According to Santiment, the last time ETC went this high in trading volume was about a month ago.
On a daily chart, buying pressure for ETC was spotted on the rise, with key indicators positioned in uptrends. As of this writing, the Relative Strength Index (RSI) was at 63. However, ETC’s Money Flow Index (MFI) was pegged at 67.
Although flat, with its dynamic line below the center line at -0.03, if the momentum for buying pressure is maintained, the coin’s Chaikin Money Flow (CMF) can cross the center line northward.
Source: TradingView
On the four-hour chart, daily traders have taken to aggressively accumulating the #17 largest cryptocurrency. Its RSI was 78 at press time.
Moreover, its MFI was in the overbought region at 93, while the coin’s CMF was above the center line with a positive reading of 0.26.
Source: TradingView
On-chain analysis
With the date of the Merge fixed and scheduled to be completed between 6 and 20 September, developmental activity on the ETC network has declined consistently in the last month.
According to data from Santiment, in the past 30 days, developmental activity dropped by 14%. As of this writing, it stood at 2.78.
Source: Santiment
Furthermore, on a social front, not much traction has been made in the last month. At 1.498% at press time, ETC’s social dominance fell by 12% within the 30-day period. Its social volume also went down by 66% within the same period.
On a 30-day moving average, investors remain skeptical about ETC’s price action as weighted sentiment posted a negative value of -0.29.
Source: Santiment
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