Ethereum Classic (ETC) Hashrate Hits an All-time High of 33TH/s

Ethereum Classic’s hash rate has hit an all-time high of 33TH/s
This is the highest hash rate since ETC was launched in 2016
Ethereum Classic has also set a new all-time high of $179.83 – Binance rate
ETC is now ranked 13th in terms of market cap and still trading at a premium on Coinbase Pro
ETC could be gearing up for a correction according to the daily chart

The Ethereum Classic (ETC) network has hit a new milestone in terms of hash rate. According to data shared by ETC Cooperative, the Ethereum Classic network’s hash rate hit an all-time high of 33.22 TH/s and is the highest since the digital asset was launched in 2016. The team at ETC Cooperative shared this milestone of the Ethereum Classic network through the following tweet.

#EthereumClassic network hashrate rises to an incredible ~33Th/s. This is the biggest amount of hash rate its ever held in its existence! pic.twitter.com/ZNLxrj7cei

— ETC Cooperative (@ETCCooperative) May 7, 2021

Ethereum Classic Hits a New All-time High of $179.83

A few hours ago, Ethereum Classic (ETC) set a new all-time high of $179.83 – Binance rate.

A quick glance at Coinmarketcap.com reveals that Ethereum Classic is now ranked 13th in terms of market capitalization and right below Chainlink. Furthermore, Ethereum Classic is still trading at a premium on Coinbase Pro thus hinting that retail investors are still optimistic that ETC will continue gaining in the crypto markets.

However, the premium rate on Coinbase Pro relative to other crypto exchanges has dropped from yesterday’s 13% to 5% as seen in the following screenshot. Such a drop is a sign that FOMO might be reducing amongst retail traders.

What Next for Ethereum Classic in the Crypto Markets?

From a technical analysis point of view, the daily ETC/USDT chart has gone parabolic as seen through the screenshot below.

As with all parabolic moves, a pullback is the next logical event for Ethereum Classic as shall be explained.

To begin with, the daily MACD is overextended and ETC’s price has deviated in a big way from the three moving averages: 50-day (white), 100-day (yellow) and 200-day (green). Secondly, the daily MFI and RSI are in overbought territory at values of 100 and 98 respectively.

At the time of writing, Ethereum Classic is trading at $141. In the event of a correction, ETC will have the following price areas acting as short-term support.