Ethereum chain split is possible after the Merge, survey finds — but will ETC price keep climbing?

But that does not take away the fact that Ethereum Classic is a very small project compared to Ethereum.

As of June 29, the Ethereum Classic had over 53,000 daily active addresses versus Ethereum's 763,000.The difference suggests that ETC's ongoing price boom is purely speculative since Ethereum Classic remains largely underutilized as a chain and with only a handful of projects. Therefore, ETC is certainly at risk of a"sell the news" event after the Merge.

Nonetheless, a breakout move increases the token's potential to hit $75 next, due to its proximity to the 0.618 Fib line.Conversely, a pullback move from either the resistance confluence or the 0.618 Fib line could have ETC eye a drop toward the support area illustrated above. It is defined by the red bar, the multi-year rising trendline support , and the descending channel's lower trendline .

In other words, ETC risks dropping toward the $10-$12 area by September, down 75% from today's price. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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