$ETC at $8.34, do you dare to buy the dip?

Developers are still working overtime on upgrades, hash power has reached a historical high, jumping from 8.43 to 8.61 in an hour—then what? A big bearish candle directly smashes it back to 8.34, with a massive sell order of 640k USDT pressing the bulls to the ground. Is this old thing really time to be put to rest?

First look at the surface: rallying high then falling back, killing with a heavy hand.

In the past 24 hours, ETC price fluctuated by 1.41%, seeming uneventful. But don’t be fooled by this number—look at the candlestick chart, within an hour it dropped directly from 8.61 to 8.34, a 3.48% decline, accompanied by a huge volume of 640,000 USDT. Someone is fleeing, and it’s institutions.

First thing: hash power hitting a record high, miners are betting real money.

ETC’s hash rate remains between 183-199 TH/s, setting recent records. Since Ethereum’s merge, ETC is the only remaining “old-school tough guy” still committed to PoW. Miners have moved their hash power here—they’ve calculated that exchanging electricity for ETC is a profitable trade.

Second thing: upgrades are ongoing, with fee burning, DAO governance, and treasury funding coming.

Spiral has launched, Olympia is on the way. Fee burning, DAO governance, and treasury funding—these tech enthusiasts are still building infrastructure because they firmly believe—“Code is Law,” mining is justice.

Third thing: 8.30 is the last line of defense, breaking it means heading to 7.80.

This is not alarmist talk. The candlestick chart shows that 8.30-8.00 is a recent dense support zone. If it doesn’t hold, the next stop is directly towards 7.50. Out of 12 technical indicators, 11 are bearish, MACD is weak, RSI is neutral, overall rating—Strong Sell.

On one side: hash power at a new high, upgrades happening, halving approaching (October).

On the other side: institutional selling pressure, liquidity collapsing, technicals all bearish.

Key level 8.30, the last bottom line for bulls and bears.

If you’re a short-term trader: wait for ETC to break above 9.0 with volume before entering, target 9.5-10, stop loss at 8.20. Don’t buy the dip at 8.34—there are knives below.

If you’re a long-term investor: buy in stages in the 8.0-8.3 range, control position size at 10-15%, set stop loss at 7.80. Before halving, target 12-15, hold tight, don’t panic.

In this bull market, the ones that can turn you around are never those hot coins everyone shouts to rush into, but these old things that everyone thinks should be put to rest, yet hash power and code are quietly working behind the scenes. #Gate广场四月发帖挑战 #加密市场回升 $ETC