A month to Agharta, Ethereum Classic (ETC) is up the market cap leaderboard and perched at 23rd. At this level, ETC is changing hands at $3.77 from a market cap of $435 million. In the last trading day, the coin attracted 126,760,283 ETC in trading volumes meaning the coin, despite recent upheavals and a 51% attack it suffered early this year, is liquid and attracting users.
Agharta Hard Fork
The recovery of ETC prices can be pinned and attributed to the tireless effort of developers. The Ethereum Classic community will activate the Agharta hard fork in mid-January 2020. In late October, Ethereum classic developers had a call to discuss the scope and timing of the hard fork. Through a blog post, Stevan Lohja, the Technology Coordinator at ETC core said:
“Ethereum Classic and Ethereum are evolving from the same ancestry, and further technical compatibility will provide a stronger bridge to collaborate on shared infrastructure as well as maintain our unique differences. The recent Atlantis hard-fork was to increase ETH Compatability and Agharta will be the second half of that goal.”
However, the call that was announced this week is aimed at reaching full consensus on ECIP 1056, a code improvement that “add support for a subset of protocol-impacting changes introduced in the Ethereum Foundation (ETH) network via the Constantinople and Petersburg hard forks.” The goal here will be to enhance the Ethereum Virtual Machine capabilities and that requires the addition of several opcodes to the Ethereum Classic source code.
The Agharta hard fork will be the second system-wide upgrade in two consecutive years following Atlantis that went live in Q3 2019. According to the Ethereum Classic team, the overarching goal is for complete compatibility with Ethereum. Specifically, Agharta will include adding features of the Ethereum Constantinople.
ETC Downtrend is Strong
While there is optimism, ETC prices are flat. Trending inside a wedge, trend direction would be defined when prices break above or below the two limiting trend lines. Any surge past the resistance trend line and the 20-day MA could see ETC soar to $5.5 or Nov 2019 highs.
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Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through his writing insights and coin price chart analysis. Follow him at @dalmas_ngetich