Ethereum Classic's recent updates look promising, but will they be enough

Antpool converted $5 million worth of USDT to ETC  Metrics gave hopes to investors, but the market indicators suggested otherwise Ethereum Classic ETC, which came into the spotlight a few months ago thanks to the Ethereum Merge, made headlines once again because of several developments in its ecosystem.

Timeline of Ethereum-classic

Similarly to Bitcoin and other altcoins, ETC (Ethereum Classic) has been severely impacted by the FTX liquidity crisis. CoinGecko data show that the historical performance of the coin on the daily, weekly, biweekly, and monthly time frames is not promising for the ETH fork.

Ethereum Classic (CRYPTO: ETC) is trading sharply lower by 14.03% to $21.49 Tuesday afternoon amid concerns over the financial condition of cryptocurrency exchange FTX. What Happened?

Ethereum Classic [ETC] witnessed a death cross on its EMAs, can the buyers stop the bleeding? The altcoin saw an uptrend in its social volumes while the long/short ratio affirmed a bearish edge.

ETC's price shows strength as it bounces from a downtrend range with high volume, aiming for a rally to $30. ETC faces a major test to trend higher above $30 after the price broke out of its descending triangle price movement.

Ethereum Classic (CRYPTO: ETC) is trading higher by some 12.29% to $29.47 during Tuesday afternoon. Shares of several altcoins are trading higher in sympathy with apex cryptocurrency Bitcoin (CRYPTO: BTC) and second-largest market cap crypto Ethereum (CRYPTO: ETH) and U.S. equities.

The price of Ethereum Classic [ETC] increased by 6.71% despite Charles Hoskinson throwing tantrums over the coin's Twitter account suspension. The controversial Cardano [ADA] founder tweeted his observation of the suspension.

Things are not going well with Ethereum Classic as the coin's community struggles to regain a suspended twitter account. At the center of the issue is one Charles Hoskinson, who happens to be the founder of Cardano.

At least four weeks have passed since the Ethereum Classic [ETC] hash rate peaked after Ethereum's merge. It has pulled back significantly since then and a look at its current hash rate reveals some interesting observations.

Ethereum Classic had a September filled with hardships as the altcoin had to bear the brunt of the ongoing bear market. However, it seems like the bearish momentum will continue for ETC, and one of the reasons for that could be ETC's declining social engagements.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. Bearish market structure on higher timeframes ETC trades near the Fibonacci golden pocket as well Ethereum Classic [ETC] saw a lackluster performance in the markets on 15 October.