Ethereum Classic Price Analysis – ETC/USD
Ethereum Classic is an open-source, public, blockchain-based distributed computing platform featuring smart contract functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine, which can execute scripts using an international network of public nodes.
The 18th largest cryptocurrency – Ethereum Classic (ETC) with its current market cap stands at the level of $533,868,817, 09:30 UTC on January 08 dropped in current value by 48.89% relative to the level of November 06 due to the strong bearish pressure. The ETC/USD pair gained in value dramatically by 39.78% relative to December 06 as analyzed from the graph above. This altcoin started creating the bullish pattern as interpreted from the graph above.
Since both moving averages have significantly declined representing a negative sign, the ETC/USD pair shows that the bears have the upper hands as the ETC remains in a bearish trend in its medium-term outlook until the next “uptrend” takes place. Let us not forget that the ETC/USD pair remained ‘uptrend’ from December 18 to January 06 as analyzed from the graph above.
Even though the moving averages continue to fall, the 14-day RSI formed a “positive divergence” in the recent past. This is a bullish sign. Traders that long awaited to invest in this asset may have to wait for some time to the extent that the next ‘uptrend’ takes place. As the current value creates ‘downtrend’ as both the 20-day EMA and current values are on the similar track as interpreted from the graph above.
Now let me walk you through certain milestone that this cryptocurrency attained in the recent past. The ETC remained range bound from August 15 to September 03 this year, as the cryptocurrency rallied from a low of $11.07 to a high of $14.61 which is a 31.98 percent return within 19 days.
If bulls succeed in rising and sustaining above the current resistance level of $5.07 (09:51 UTC) and creates “uptrend” in value (i.e., traded above the EMA) the investors will start buying this currency more and more thereby increasing its value. However, based on the current trend, the next support level could be $5.10.