Ethereum Classic Price Prediction: Gives Back Gains at $37, Merge Still Value Supportive

cryptonews.com:

Ethereum Classic (ETC), Ethereum (ETH), and Lido Finance (Lido) are just some of the cryptocurrencies that have taken significant losses in the last couple of days due to their association with the merger. However, Ethereum Classic is making a bullish reversal of 9.36% in 24 hours. 

Previously, Ethereum Classic has plunged by 13% as all eyes have been on ETC and the other Ethereum alternatives as the crypto community near The Merge. After the Merge is finalized, Hoskinson and Buterin have discussed the best course of action for Ethereum miners.

Cardano founder Charles Hoskinson has recommended that miners switch to Ergo, and on September 6, Hoskinson sent out a tweet encouraging Ethereum miners to move to Ergo over ETC.

Among the top 20 cryptocurrencies, Ethereum Classic, a hard split of Ethereum carried out after the 2016 DAO breach, caused a massive drop of more than 13% in just 24 hours; however, the bears jumped in immediately to capture an oversold altcoin. 

The Ethereum network has been using proof-of-stake (PoS), a new approach (or "consensus mechanism") for verifying crypto transactions. Proof-of-work (PoW) is a more energy-intensive process pioneered by Bitcoin; however, it will be replaced by the new system. The whole process is known as Ethereum Merge.

The Ethereum Merge, which will transition the network from the Proof-of-Work (PoW) consensus model to the Proof-of-Stake (PoS) model, is scheduled to take place in the middle of September, as most cryptocurrency users are aware.

We are now just a few days away from this much-anticipated event, the planning for which has spanned years. But, as seen in the word cloud for Ethereum news on IntoTheBlock, the Merge has been one of the most talked about events outside of