Technical Analysis:
Ethereum classic went below our fib zone and gave good moment to the upside. Even if we get any dip below 0.5 fib zone we will look for buying towards $33-35 levels. Overall the trend is bullish and retracement is almost complete.
Fundamentals:
Ethereum Classic EETC is a hard fork of Ethereum ETHUSD, launched in July 2016 as a direct response to a major security breach. It serves as a smart contract network, capable of hosting decentralized applications (DApps). Its inception was grounded in preserving the original Ethereum blockchain without reversing the effects of the DAO hack, emphasizing blockchain immutability and integrity.
Ethereum Classic operates using a Proof-of-Work (PoW) consensus algorithm, similar to the original Ethereum before its shift towards Proof-of-Stake (PoS). This choice reflects ETC’s commitment to traditional blockchain principles, specifically decentralization and security. The network supports the development and deployment of DApps and smart contracts, aiming to offer a stable and unchanged protocol for developers and users. Its governance is more decentralized, with the community playing a significant role in decision-making processes.
The native token of Ethereum Classic, ETC, is used for transaction fees and as a reward for miners within the network. Unlike its counterpart Ethereum, which has moved towards a PoS consensus algorithm, Ethereum Classic continues to reinforce its PoW mechanism. ETC has found support among a faction of users and investors who advocate for the original ethos of Ethereum, particularly in terms of immutable transactions and a more traditional approach to blockchain governance.
Disclaimer: Trading carries risk. Practice effective risk management and consider your risk tolerance before trading.
