$8.34 for $ETC , do you dare to bottom fish?

Developers are still working overtime on upgrades, computing power has reached a historical high, rising from 8.43 to 8.61 within an hour—then what? A big bearish candle directly smashes back to 8.34, with a massive sell order of 640k USDT pressing the bulls to the ground. Is this old thing really ready to be put to rest?
First, look at the surface: a rally followed by a fall, killing with a heavy hand.
In the past 24 hours, ETC price fluctuated by 1.41%, seeming calm. But don’t be fooled by this number—check the candlestick chart, it dropped directly from 8.61 to 8.34 within an hour, a 3.48% decline, accompanied by a huge volume of 640,000 USDT. Someone is fleeing, and it’s institutions.
First thing: hash rate 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 “old-school tough guy” still sticking to PoW. Miners have moved their hash power over, calculating their profits—electricity costs exchanged for ETC, this trade isn’t losing money.
Second thing: upgrades are ongoing, with fee burns and DAO governance coming.
Spiral is online, Olympia is on the way. Fee burns, DAO governance, treasury funding ETC—these tech enthusiasts are still desperately 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 7.80.
This is not alarmist. The candlestick chart shows that 8.30-8.00 is a 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: new all-time high hash rate, upgrades in progress, halving approaching (October-December).
On the other side: institutional selling pressure, liquidity collapse, all technicals bearish.
Key level 8.30, the last bottom line for bulls and bears.
If you are a short-term trader: wait for ETC to volume-break above 9.0 before entering, target 9.5-10, stop-loss at 8.20. Don’t bottom fish at 8.34; there are knives below.
If you are a long-term investor: buy in stages around 8.0-8.3, keep 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, what can turn you around is never those hot coins everyone shouts to rush into, but these old things that everyone thinks should be put to rest, yet their hash power and code are quietly working behind the scenes. #Gate广场四月发帖挑战 $BTC