ETC/USD faced another suspected 51% attack on its network

A week earlier, another group of attackers executed a similar assault. They stole over $5 million worth of ETC using a double-spend attack, managing to reorder 4,200 blocks in the process. Now the vulnerability has been exploited again.

The price of ETC against the US dollar has remained above $7.10. Over the past week the token is down 1.57 percent. On the chart, buyers and sellers have confined trading to below $7.50 for the past five days. Before that move, ETC had dipped to $6.60 on August 2.

These attacks have brought fresh attention to the security architecture of Ethereum Classic. Vitalik Buterin, who co-founded Ethereum, remarked that Ethereum Classic might perform better under a proof-of-stake model. Ethereum itself is preparing to transition to PoS through the ETH 2.0 upgrade slated for later this summer.

ETC has broken below both its 50-day moving average at $7.298 and its 20-day moving average at $7.123. The relative strength index ticks higher. The MACD indicator is forming a positive divergence on the 4-hour timeframe, a small sign of strength amid the security concerns.

The market is treating $7.00 as a critical threshold. If bulls maintain this support, the next target lies near $7.50, with $8.00 in sight if momentum builds. A failure to hold $7.00 opens the door to further losses, with the 100-day moving average serving as the next floor.