Ethereum Classic (ETC): A Market Analysis Post-Ethereum Merge

Ethereum Classic (ETC) has experienced significant market activity recently, driven by a combination of technological shifts and market sentiment. The hashrate for Ethereum Classic nearly doubled following Ethereum's transition away from mining, signaling increased mining interest in ETC. This surge in computational power has coincided with a notable price rally, with ETC prices jumping over 50% in response to broader market movements, including the approval of the first Bitcoin spot ETF in the United States. Despite these positive developments, Ethereum Classic faces challenges, such as Coinbase Wallet's decision to delist ETC due to declining customer interest. Additionally, prominent figures like Barry Silbert have begun selling shares of the Grayscale Ethereum Classic Trust, indicating potential market caution. While ETC has received some endorsement from Ethereum co-founder Vitalik Buterin, analysts warn of potential volatility, suggesting that the current price surge could mirror past bull traps. Overall, Ethereum Classic remains a focal point in the evolving cryptocurrency landscape, balancing between newfound opportunities and existing market pressures.