ETC slips below key level amid Ergo controversy, but here’s the catch
The Ethereum Classic [ETC] community can be considered in the middle of a controversy involving a smart contract platform called Ergo. This controversy might be a key reason for ETC’s bearish performance and price slippage below $27.
The ETC controversy stemmed from Ergo’s announcement that it took over control of a Twitter account associated with ETC. The official announcement revealed that the Twitter account has a large following from the ETC community.
<p lang=«en» dir=«ltr» xml:lang=«en»>Hi everyone! I started this account with memes about an important topic. @ErgoFoundation made the decision to use an account with many followers from the ETC community. Many #Ergo community members don't like this decision, but ultimately, it's the foundation's decision. (1/5)— Ergo (@ErgoBlockchain) October 9, 2022
The account takeover brought some controversy, with some claiming that Cardano’s Charles Hoskinson was behind it. Hoskinson criticized ETC in the past, thus sowing the seeds of discord within the ETC community.
On the other hand, Ergo made its focus clear. It plans on creating smart contracts and dApps. Furthermore, its involvement with ETC may pave the way for dApp development.
The controversy involving the Ethereum Classic community and Ergo may have played a hand in dampening investors’ sentiment. On 10 October, ETC traded at $25.97 after tanking by slightly over 10% from last week’s highs.
Source: TradingView
ETC’s sell pressure in the last few days was strong enough to push below the $27.90 price range. This was a critical support zone for the price because it sat right on the 0.382 Fibonacci retracement level.
The downside price action previously experienced friction in this zone, indicating that there was some
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