Ethereum Classic (ETC), following the example of larger peers, has posted impressive gains over the past few weeks. Due to the market bear trend, the token (an offshoot) of Ethereum Class (ETC) has been struggling. However, Ethereum Class (ETC), which has been one of the largest winners in the past week, has started to change.
Ethereum Classic Adds 88%
Ethereum Classic’s recovery in the last week has been nothing short of miraculous. While other cryptocurrency have posted gains of less than 50%, Ethereum Classic has risen more than 80% over the past 7 days. According to Coinmarketcap data, Ethereum Classic (ETC), is currently up 83.505
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This has caused the price to rise from $14 to $20 and pushed it up into the 20s. The price has risen almost 100 percent in the past week after trending at $14 for most of last weeks. The total cryptocurrency market capital has also increased. In the past two days it has added over $1 billion to its total market cap, which is now at $3.97 billion as of the writing of this article.
This is why it is so surprising that altcoin has been growing at this moment. It is a classic altcoin that follows the Ethereum price movement. It has risen by a wide margin over its predecessor, indicating a departure from the usual correlation.
ETC market cap exceeds $3B | Source: Market Cap ETC on TradingView.com
ETC is not yet complete
ETC (Ethernet Classic) indicators point to more momentum in the current rally. One example of this is the fact the digital asset has been in positive for the last few days. The indicator points to an additional green close by ETC. It closed consistently in the green over the past three days.
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A daily close of above $25 would likely lead to a price rise to $30 by the end of the week. Its recovery of the past week will be more than 100 percent. This index’s 100-day moving median is less than $27. Therefore, if it crosses to $30, this would push it over the level as well as its year-todate average. It will continue to show a bullish trend for the week.
Investors are still taking some profits, so there is still some sell pressure. Support is currently at $25. This gives Ethereum a chance to land softly if it fails to overcome the $27 resistance. Also, if Ethereum’s recovery continues, then support will continue to pour in for Ethereum Classic, pushing its price further.
Featured image taken from The Coin Republic. Chart from TradingView.com
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