ETC slips below key level amid Ergo controversy, but here's the catch

The Ethereum Classic ETC community can be considered in the middle of a controversy involving a smart contract platform called Ergo. This controversy might be a key reason for ETC's bearish performance and price slippage below $27.

Timeline of Ergo, Ethereum-classic

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. Ethereum Classic has already seen rejection at the $29 mark $27.3 also flipped to resistance, a retest could offer traders an opportunity Ethereum Classic [ETC] has been in a downtrend since early September.

Ethereum Classic's (ETC) Twitter account with over 670,000 followers was repurposed into a new account for rival proof-of-work network Ergo (ERG) on October 6. The post Ethereum Classic's Twitter account repurposed for Ergo appeared first on CryptoSlate.

Crypto miners who initially flocked graphics processing unit (GPU)-compatible proof-of-work tokens after Ethereum (ETH) Merge are fleeing those networks after the value of their tokens fell, according to available data. The post Miners flee PoW tokens as token prices tank, GPU value flounders appeared first on CryptoSlate.

The day of The Merge, Ethereum Classic's hashrate soared to new highs tapping 306 terahash per second (TH/s) ten days ago on September 15. Since then, however, Ethereum Classic's computational power has dropped 46.16% lower from the high to today's 164.75 TH/s. Furthermore, ethereum classic's market valuation has dropped by two positions and lost 26.

Ravencoin (RVN) and Ethereum Classic (ETC) were operated as a safe haven for miners seeking shelter from “The Merge” fallout. The event that completed Ethereum's transition to Proof-of-Stake (PoS), “The Merge” locked out miners from the ecosystem.

While the Ethereum network is cherishing its successful merge where the network completed its transition from proof-of-work (PoW) to proof-of-stake (PoS), the Ethereum Classic (ETC) is facing pressure. Amidst the ongoing bearish pull, the Ethereum Classic price might be pulled down even further.

Ravencoin (RVN) and Ethereum Classic (ETC) lead the market with gains, making them among the top gainers on Wednesday's session. Ravencoin (RVN) jumped 20%, while Ethereum Classic (ETC) made a 5% advance at the same time Bitcoin (BTC) nursed a 3% loss. Anticipation for The Merge is turning out positive for both RVN and ETC.

The transition of the Ethereum network into a proof-of-stake consensus mechanism on 15 September caused some Ethereum-linked assets to record growth.  Following the merge, Ethereum Classic saw a boom in mining activity on its network as former miners on the Ethereum mainnet sought new homes.

Ethereum classic fell to a two-month low to start the week, as prices in the cryptocurrency market continue to decline. Uniswap also slipped to a multi-month low on Monday, as the token hit its weakest level since July. As of writing, the global crypto market cap is down 5.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. Over the last two months, Ethereum Classic [ETC] saw a choppy movement as it compressed in the $30-$43 range.