Why did the price of ETC go up?

Ethereum Classic (ETC) increased by 0.7% in the last 24 hours, matching a 4.8% gain over the past week but still lagging behind the overall crypto market, which dropped by 0.54%. The main factors influencing this movement are:

1. Technical Signals Pointing to a Rebound – A bullish MACD crossover suggests short-term positive momentum.
2. New Earning Opportunities – Toobit introduced ETC staking with a 0.35% annual percentage rate (APR), attracting some additional interest.
3. Renewed Interest in Proof-of-Work (PoW) – Some investors remain interested in PoW blockchains as Ethereum transitions to proof-of-stake (PoS).

In-Depth Analysis

1. Technical Rebound (Positive Outlook)

Summary:
ETC’s price has stabilized above the $13 mark, with the MACD indicator showing a positive shift (+0.0199) for the first time in two weeks. The Relative Strength Index (RSI) is at 40.13, indicating neither overbought nor oversold conditions.

What this means:
The bullish MACD crossover signals that traders may be cautiously optimistic about a price recovery after a nearly 29% drop over the past 60 days. However, ETC faces resistance near its 50-day moving average at $14.29. Historically, ETC struggles to maintain gains without strong trading volume, and current 24-hour trading volume is 3.3%, below the 5% level typically needed for solid liquidity.

What to watch:
If ETC’s price can break and hold above $14.29, it could push toward short-term targets around $15.52, based on Fibonacci retracement levels.

2. Exchange Incentives (Mixed Effects)

Summary:
On November 21, Toobit launched a flexible ETC staking product offering 0.35% APR (source). Meanwhile, HTX provided up to 50% discounts on ETC margin loans until November 14 (source).

What this means:
These promotions likely increased short-term trading activity, as ETC’s 24-hour trading volume rose 7.2% to $68.9 million. However, the relatively low staking APR compared to the industry average of 3-5% may limit long-term institutional interest.

3. Proof-of-Work Narrative (Neutral Impact)

Summary:
ETC continues to attract investors who prefer proof-of-work blockchains, maintaining its identity as the “original Ethereum” (source).

What this means:
While Ethereum’s recent Devconnect event focused on privacy technologies, ETC’s commitment to “code is law” appeals to decentralization purists. However, ETC’s developer activity is much lower than Ethereum’s, with only about one-tenth of the GitHub commits.

Conclusion

ETC’s modest price rebound is mainly driven by technical trading factors and exchange promotions rather than fundamental improvements. Although the proof-of-work narrative provides some niche appeal, ETC faces strong competition from Ethereum’s ecosystem and struggles with lower developer engagement.

Key point to watch: Can ETC stay above $13.91 (the 78.6% Fibonacci retracement level) this week? If not, it may revisit the November low near $12.70.

What could affect the price of ETC?

Ethereum Classic’s price is caught between upcoming upgrades and current market challenges.

1. Olympia Upgrade (2026) – New governance and fee-burning features could reduce supply.
2. Proof-of-Work Position – Miner loyalty faces pressure from energy regulations.
3. Altcoin Season Potential – Depends on whether investors shift focus from Bitcoin to other cryptocurrencies.

In-Depth Look

1. Protocol Upgrade Momentum (Mixed Effects)

Overview: The Olympia Upgrade, planned for late 2026, will introduce EIP-1559 fee burns (with 80% of fees going to the DAO treasury) and on-chain governance through a decentralized autonomous organization (DAO). This builds on ETC’s 2025 update that already lowered its annual supply growth to 1.9%.

What this means: Burning fees can reduce the total supply of ETC, potentially making it more valuable over time. However, since the upgrade is a few years away, it won’t have much immediate effect. The success of this upgrade depends on the DAO’s ability to attract developers and projects to ETC’s proof-of-work (PoW) network.

2. Proof-of-Work Market Position (Short-Term Challenges)

Overview: Ethereum Classic operates as a smaller player in the PoW smart contract space, with a market cap of $2.07 billion compared to Ethereum’s $375 billion. New Web3 regulations in Hong Kong support Asia-focused blockchain projects but also increase scrutiny on energy-heavy networks like ETC.

What this means: ETC’s mining power (hashrate) has dropped 18% year-over-year, signaling potential miner exit or consolidation. Since Bitcoin and Ethereum dominate 89% of crypto open interest, ETC needs strong reasons for investors and developers to see it as more than an older “legacy” blockchain.

3. Crypto Market Rotation (Potential Upside)

Overview: The Altcoin Season Index currently shows strong Bitcoin dominance (18/100), but ETC’s price still closely follows Ethereum’s, with a 90-day correlation of 0.82. Recent approvals of spot ETFs for Bitcoin and Ethereum have drawn investment away from mid-sized coins.

What this means: If investors start favoring altcoins again, ETC could benefit. However, ETC’s price has fallen 63% over the past year, underperforming the overall crypto market’s 11% decline. A key technical sign to watch is whether ETC’s price can rise above its 200-day moving average ($18.24), which could indicate a positive trend change.

Conclusion

Ethereum Classic’s future depends on successfully rolling out its 2026 upgrades while managing a cautious crypto market. The DAO treasury’s funding power and Hong Kong’s regulatory approach to PoW blockchains will play important roles. ETC’s “code is law” philosophy might help attract developers despite the growing dominance of proof-of-stake networks. Keep an eye on mining activity and DAO proposals for early signs of momentum.

What are people saying about ETC?

The Ethereum Classic (ETC) community is divided between strong support and cautious concern. Here’s what’s currently shaping the conversation:

1. Excitement around the Olympia Upgrade – New protocol-level decentralized governance sparks long-term hope
2. Debates over price swings – Technical analysis conflicts on whether ETC will hit $28 or face a drop
3. “Code is Law” philosophy resurfaces – Core principles are praised, but challenges with wider adoption remain

Deep Dive

1. @EthClassicDAO: Olympia Upgrade brings decentralized funding — positive outlook

“First-ever on-chain treasury + DAO native to PoW Ethereum”
– @EthClassicDAO (2.6K followers · 2.1K impressions · 2025-07-01 22:51 UTC)
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What this means: This is good news for Ethereum Classic. The 2026 Olympia Upgrade will introduce EIP-1559 fee burns, with 80% of fees going to a treasury controlled by the community through on-chain governance. This could reduce the supply of ETC and better align incentives for developers and holders.

2. @Nicat053nn: ETC struggles to hold $12.82 support — negative outlook

“Declining ecosystem traction… intensifying competition overshadow market relevance”
– @Nicat053nn (8.7K followers · 41.7K impressions · 2025-12-01 20:53 UTC)
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What this means: This is a warning sign. Ethereum Classic is facing challenges as fewer developers are building on it compared to newer blockchains like Solana and Sui. Additionally, broader market selloffs are hitting proof-of-work (PoW) assets like ETC harder.

3. @Crypt0_DeFi: “Code is Law” principles defended — mixed outlook

“ETC refused to erase the DAO hack… blockchain should be unbreakable”
– @Crypt0_DeFi (29.8K followers · 36.5K impressions · 2025-09-09 07:00 UTC)
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What this means: This is a balanced view. Ethereum Classic sticks to its core belief that the blockchain should be immutable—even refusing to reverse the infamous DAO hack. While this sets ETC apart from Ethereum (ETH), it also limits flexibility to adapt to new decentralized finance (DeFi) needs.

Conclusion

The outlook for Ethereum Classic is mixed, with optimism around upcoming upgrades balanced by concerns over ecosystem growth. The Olympia DAO proposal could strengthen decentralized governance, but ETC needs to attract more developers beyond its loyal base. Keep an eye on the $19.62 support level—if ETC falls below this, it could invalidate recent bullish technical patterns, according to this descending triangle analysis.

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What is the latest news about ETC?

Ethereum Classic (ETC) is showing a mix of strong community support and growing interest from institutional investors, but it still faces challenges in the market. Here are the key updates:

1. Devconnect Brings Developers Together (Nov 26, 2025) – Over 16,000 developers met, focusing on technology rather than ETC’s 30% price drop this month.
2. Grayscale Files for IPO (Nov 18, 2025) – The Ethereum Classic Trust, managing $157 million, is part of Grayscale’s plan to go public, signaling more institutional involvement.
3. Toobit Launches ETC Staking (Nov 21, 2025) – A new flexible staking product offers 0.35% APR, aimed at ETC holders who want to earn from their idle coins.

Deep Dive

1. Devconnect Brings Developers Together (Nov 26, 2025)

Overview: More than 16,000 developers and Ethereum Classic supporters gathered in Buenos Aires. Vitalik Buterin highlighted the network’s “ossification,” meaning it’s slowing down major changes to stay stable, and talked about improving privacy with zero-knowledge proofs. Despite ETC’s 30% price drop, attendees focused on tools like Aztec that enable private transactions. In Argentina, where inflation is very high, ETC is seen as a valuable financial tool.
What this means: This is a positive sign for ETC’s long-term use, especially in countries with unstable economies. However, the market hasn’t fully recognized this yet, as ETC’s price still dropped 17% over the past 30 days. (Yahoo Finance)

2. Grayscale Files for IPO (Nov 18, 2025)

Overview: Grayscale is preparing to list on the New York Stock Exchange, including its Ethereum Classic Trust (ETCG), which holds $157 million worth of ETC. Currently, the shares trade at a 32% discount compared to the net asset value (NAV), showing some investor hesitation.
What this means: This is a neutral to slightly negative sign in the short term because the discount suggests limited demand from institutional investors for ETC. However, once the IPO happens, increased liquidity could attract more traditional finance interest in proof-of-work (PoW) assets like ETC. (Yahoo Finance)

3. Toobit Launches ETC Staking (Nov 21, 2025)

Overview: Toobit introduced a Flexible Earning product that offers 0.35% annual percentage rate (APR) on ETC, with the option to withdraw funds anytime. The staking pool holds 34,900 ETC, with a maximum of 700 ETC per user, targeting smaller holders.
What this means: This could encourage more retail investors to participate, although the interest rate is lower than competitors like Coinbase, which offers 1.5% on Ethereum (ETH). Still, it might help reduce selling pressure from inactive ETC holders, potentially stabilizing the price, which has fallen 29% over the last 90 days. (Toobit)

Conclusion

Ethereum Classic’s future depends on its strong developer community (highlighted by Devconnect) and gradual institutional interest (from Grayscale and Toobit). However, it faces tough competition from Ethereum’s larger ecosystem and ongoing negative market sentiment. The upcoming Olympia Upgrade, which will introduce on-chain DAO governance by late 2026, could be a turning point. Watch for increased staking activity and ETF trading to see if ETC’s “code is law” philosophy can attract enough investment to reverse its 63% drop over the past year.

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What is expected in the development of ETC?

Ethereum Classic (ETC) is moving forward with key updates:

1. Olympia Upgrade (End of 2026) – Introduces a new fee system that burns part of the transaction fees, sets up on-chain community governance, and creates a treasury for funding development.
2. Layer 2 Scaling Adoption (Ongoing) – Uses its compatibility with Ethereum’s technology to add Layer 2 solutions like Optimistic and ZK-Rollups, which help scale the network.
3. Backward Compatibility Fixes (No Date) – Works to ensure older smart contracts keep working smoothly after upgrades.

Deep Dive

1. Olympia Upgrade (End of 2026)

Overview:
The Olympia Upgrade includes four Ethereum Classic Improvement Proposals (ECIPs). One key feature is EIP-1559-style fee burning, where about 80% of the base transaction fees are sent to a treasury fund. It also introduces decentralized governance through a DAO (Decentralized Autonomous Organization) and a funding system called ECFP. Testing on test networks is planned for early 2026, with the full upgrade expected by the end of 2026.

What this means:
This upgrade is positive for ETC because it creates a sustainable way to fund development and aligns incentives for ETC holders. However, since decisions depend on community agreement, the timeline could be delayed.

2. Layer 2 Scaling Adoption (Ongoing)

Overview:
Because ETC is compatible with Ethereum’s Virtual Machine (EVM), it can use Layer 2 scaling solutions originally built for Ethereum, like Optimistic Rollups and Zero-Knowledge (ZK) Rollups. Projects such as Aztec and Railgun are exploring privacy-focused Layer 2 options on ETC.

What this means:
This development is somewhat positive for ETC. It could attract developers who want a proof-of-work (PoW) base layer for their Layer 2 projects. However, success depends on whether outside teams prioritize ETC over larger blockchain networks.

3. Backward Compatibility Fixes (No Date)

Overview:
A proposal expected in 2024 aims to fix issues with backward compatibility in ETC’s account system. This will help prevent older smart contracts from breaking during future upgrades.

What this means:
This is a long-term positive because it supports ETC’s principle of “Code is Law” — meaning smart contracts should run exactly as written — while allowing the network to improve. The challenge lies in the technical complexity and the slower pace of upgrades without centralized control.

Conclusion

Ethereum Classic’s future depends on decentralized governance, with the Olympia Upgrade in 2026 as a major milestone. Its proof-of-work foundation and Ethereum compatibility give it unique advantages, but progress relies on attracting developers and keeping miners engaged after Ethereum fully switches to proof-of-stake. The big question is whether ETC’s cautious approach to innovation will keep it relevant compared to faster-moving blockchains.

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What updates are there in the ETC code base?

Ethereum Classic’s code focuses on aligning its ecosystem and supporting decentralized governance.

1. Olympia Upgrade Proposal (July 2025) – Plans to fund the network through a new system and introduce on-chain community governance.
2. EVM EOF Integration (First half of 2024) – Improves smart contract efficiency by updating Ethereum Virtual Machine (EVM) compatibility.
3. Mystique Upgrade (February 2022) – Brought in key features from Ethereum’s London upgrade to improve transaction fees.

Deep Dive

1. Olympia Upgrade Proposal (July 2025)

Overview: The Olympia Upgrade aims to make Ethereum Classic’s funding and decision-making more decentralized. It proposes redirecting 20% of transaction fees into a treasury fund and allowing $ETC holders to vote on projects through a decentralized autonomous organization (DAO).

Instead of burning the base transaction fee (as Ethereum’s EIP-1559 does), this upgrade would send those fees to a permanent treasury. This treasury would support ongoing development and community projects, reducing the need for outside funding.

What this means: This is a positive step for Ethereum Classic because it creates a steady funding source and gives the community more control over the network’s future. However, since the upgrade is planned for late 2026, there are risks related to its implementation.
(Source)

2. EVM EOF Integration (First half of 2024)

Overview: Ethereum Classic adopted the Ethereum Virtual Machine Object Format (EOF) upgrade to improve how smart contracts run and are checked for errors.

EOF introduces stricter rules for contract code and better handling of jumps in the code, which helps prevent bugs and vulnerabilities. Ethereum Classic waited 3 to 6 months after Ethereum’s own upgrade (Cancún hard fork in late 2023) to ensure thorough security checks.

What this means: This update keeps Ethereum Classic compatible with Ethereum’s tools, which is important for developers. However, it doesn’t add new features for users directly. It helps maintain Ethereum Classic’s reputation as a reliable EVM-based blockchain.
(Source)

3. Mystique Upgrade (February 2022)

Overview: The Mystique upgrade brought in changes from Ethereum’s London hard fork, including the EIP-1559 fee market redesign and reductions in gas refunds (EIP-3529).

While Ethereum Classic continues to use Proof-of-Work mining, these updates made transaction fees more predictable and helped reduce network spam.

What this means: This was a neutral update in the long run. It aligned Ethereum Classic with Ethereum’s upgrades before Ethereum switched to Proof-of-Stake but didn’t solve bigger issues like mining centralization.

Conclusion

Ethereum Classic balances staying compatible with Ethereum’s EVM while maintaining its Proof-of-Work identity. The upcoming Olympia Upgrade could change how the network is governed and funded, while past upgrades have focused on stability and compatibility. The big question is whether community-driven funding will help Ethereum Classic keep up with other Layer 1 blockchains.