classic Ethereum [ETC] Invincible Ascension – Solve his mystery

classically ethereal [ETC] He has tried to recoup all the losses he has experienced over the past few months. ETC was halfway to making it happen. Surprisingly, however, investors recently decided to take a break.

This has caused a sudden drop in chain performance.

Ethereum Classic on the rise

On the charts, ETC has been beating expectations for the past two weeks.

The token surged more than 96.6% while other altcoins like Ethereum struggled to surge even 40%.

On July 27, ETC was trading at $27.1. It managed to erase half of the losses it posted between March and June, when the altcoin suffered a 72.24% plunge. Thus, it fell from $49.3 to $13.6.

Ethereum Classic Price Action | Source: TradingView – AMBCrypto

Coincidentally, the pattern of ETC’s rise and fall is very similar. Every time the cryptocurrency goes up, you notice excessive buying pressure.

This results in the altcoin being overbought. Immediately thereafter, ETC begins its downtrend, which lasts between one and three months.

Well, in the month of July, ETC also entered the overbought zone. And ETC is expected to repeat historical patterns thanks to the continued rise.

However, there seems to be one exception: ETC doesn’t have much room to recover at the moment as it needs to cool down. And it seems that investors were already expecting the same thing.

While ETC was stuck in sideways trading this week, its investors began to withdraw from the network.

Over the week, the chain’s active users, already declining since March, fell nearly 30%, leaving just 19,000 active investors.

Active addresses from Ethereum Classic | Font: Coinmetrics – AMBCrypto

This also affected the transactions observed on the network.

After surging to over 80,000 early last week, the number of transactions fell 40% in seven days, falling to a 14-month low of 35,000, last seen in May 2021.

Classic Ethereum Transactions | Font: Coinmetrics – AMBCrypto

What ETC needs now

Therefore, what Ethereum Classic needs is the presence of its investors as its demise will create a sell-off atmosphere.

Also, the market value of the asset is below 1.0 and if something goes wrong, the market value will fall again.

Ethereum Classic Market Value | Font: Coinmetrics – AMBCrypto

Source: ambcrypto.com

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