Tanya Abrosimova
Independent Analyst
- ETC developers team announced two significant updates.
- ETC/USD broke above SMA50 weekly for the first time since August 2018.
Ethereum Classic developers have released Astor testnet update to make the network resistant to 51% attack. Astor is based on ECIP-1059 and uses SHA3 or Keccack256 cryptographic signature.
“SHA3 Mining on Astor Testnet has begun! My 2 CPU miners are currently putting out a combined 435,000 hashes per second. A remarkable performance from SHA3 – a true mark of quality,” Alex Tsankov tweeted.
He also said that SHA3 protocol would ensure transparency and allow for equal opportunity to the miners around the globe.
In a separate development, the team behind Ethereum Classic announced the last call before a major Atlantis upgrade. ETC Core Developers are supposed to finalize the update today during a conference call. They will have to either accept or reject Atlantis (ECIP-1054) which is in the last call state.
Meanwhile, Ethereum Classic (ETC) has gained over 10% in recent 24 hours and hit $8.89 during early Asian hours, which is the highest level since November 2018. By the time of writing, ETC/USD retreated to $8.5, though the upside momentum remains strong as long as the coin stays above $8.00.
ETC broke above SMA50 (Simple Moving Average) on a weekly chart for the first time since August 2018. If the price manages to settle above this barrier, the long-term technical picture will improve significantly with the next focus on $10.00. Once it is cleared, the upside is likely to gain traction and take the price to $13.00-$13.20 (23.6% Fibo retracement for the significant downside movement from all-time high).
ETC/USD, weekly chart
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