Finally, the ethereum ethereum Blockchain NetworkTechnology Followers : 0 View profile network has completed its most anticipated merge which has helped the network to transform from a proof-of-work to a proof-of-stake consensus mechanism.
The merge has pushed the Ethereum Classic (ETC) hash rate to spike at 222.50 hashes per second which is a more than 200% rise from September 13. This is because Ethereum miners are now moving towards ETC.
Sustainability has remained one of the main aspects due to which many chose Layer 1 solutions like solana solana Blockchain Network Followers : 0 View profile (SOL) and polygon polygon Crypto / Blockchain SolutionScaling Solution Followers : 0 View profile (MATIC) against Ethereum (ETH). However, now with Ethereum getting into proof-of-stake (PoS), the electricity usage will be reduced by 99.95% and this will be the main attraction over its competitors.
Now, let’s dive in to understand the status of these competitors after the merge.
After Solana (SOL), a public blockchain.com blockchain.com Crypto trading and Information Followers : 1 View profile was pulled down to its lowest on June 13, has been increasing within its ascending wedge pattern. On August 13, SOL reached $48.38 before plunging and moving away from the wedge.
On Sept 13, the currency was yet again rejected at $39.25 which created the bearish candlestick. This is where the 0.5 Fib retracement level hit along with forming a horizontal resistance area. Hence, it can be said that the day Solana re-enters this area it will start its bullish run.
Another Ethereum competitor, Cardano (ADA) hit an all-time high of $3.09 in August 2021 and now the currency seems to be in wave four. If the prediction is accurate, ADA will see a fall around its immediate support area of $0.32 or $0.22.
If Cardano surpasses $0.594 or falls below $0.427, either way it will decide the future price movement.
Ethereum Classic (ETC)
The present price action of Ethereum Classic suggests that ETC has completed its five-wave bull run and also the A-B-C corrective structure. To Know Ethereum Classic’s future price action, the currency should either move above $45.71 or plunge below $30.34
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