Before Ethereum’s move to proof-of-stake, the pseudonymous presenter of the famous crypto market analysis program Coin Bureau predicts that Ethereum Classic ($ETC) might surge.
According to a July 25 YouTube video uploaded by Coin Bureau’s “Guy,” Ethereum Classic might profit from Ethereum’s long-awaited update, known as “The Merge.” It is anticipated that the update would be a significant redesign of Ethereum, completing the blockchain’s move from proof-of-work to proof-of-stake and making the network more sustainable.
Guy said, as published by The Daily HODL, that The price of ETC is increasing because of expectations that Ethereum Classic would gain from completing the Ethereum merger. ETC was also one of the best-performing cryptocurrencies last week, so I’ll reaffirm what I stated then: exercise caution. In the following weeks, ETC might rise as high as $40 if the bull flag is confirmed on the daily time frame.
Guy also anticipated that Bitcoin’s price would decline in the run-up to The Merge, as all investor attention would be focused on Ethereum. He saw that the daily charts for $BTC indicated a short-term decline, which he anticipated would extend to Bitcoin’s weekly price performance.
Despite forecasting a decline, the host of Coin Bureau remained optimistic about Bitcoin’s long-term prospects. Following the short-term fall, he indicated that the price of Bitcoin will surge to as high as $30,000 in August or early September.
According to statistics from TradingView, $ETC is now (as of 5:37 a.m. UTC on July 31) trading on Coinbase for $40.48, an increase of 171.3 percent over the previous month.