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 with its current market cap traded at $469,222,483 (08:18 UTC) on January 18 dropped in current value by 24.4% compared to December 26 as analyzed from the graph above. The significant fall in value was due to the strong bearish pressure, macro factors and of courses competitive forces from around the world.
However, the ETC/USD pair remained ‘uptrend’ from December 18 to January 06 as interpreted from the graph above which signifies the bullish trend since the ETC/USD pair gained in value dramatically by 28.5% compared to December 06 which can well be analyzed from the graph above, which signifies the bullish sign going forward.
Both the moving averages dropped like a stone since mid-November to mid-December last year, and current value traded below the 20-day EMA which signified ‘downtrend’ in value. Amid this ETC shows that the bears have the upper hands as the ETC/USD pair remains in bearish trends for some time until the next “uptrend” takes place. Traders should remain on the sideline until the next ‘uptrend’ takes place as the ‘descending channel’ shows how this asset experienced downtrend in value until November 26 last year.
Now let me walk you through certain milestone that this cryptocurrency attained in the recent past. The ETC/USD pair remained range bound from December 17 to December 25 last year, as the cryptocurrency rallied from a low of $3.59 to a high of $5.78 which is a 61 percent return within eight days.
Ethereum Classic (ETC) is a smarter blockchain; it is a network, a community, and a cryptocurrency that takes digital assets further. With this, it allows people to send the value to each other. It also helps execute for complex contracts that operate autonomously and cannot be modified or censored! Besides this, ETC has some of the most extensive network activity of any blockchain, consistently higher than Bitcoin Cash, and neck-and-neck with Litecoin. With the multiple developer teams in place, all of whom are committed to the long term ETC vision. Amid this, they are in the top-10 in programmer activity (measured by code commits). Additionally, they have numerous sources of funding, and they continue to grow, day-by-day, commit-by-commit, line-by-line of code to create a bullet-proof network that anyone can use. The ETC acts on principles, technology the two essential pillars!
As we can quickly analyze from the graph above that the MCap traded at 469,680,634USD (08:21 UTC) with the Price (BTC) 0.0119132 and Price/USD 4.36 (08:21 UTC) 24h Volume 133,272,618 (08:21 UTC). As we can interpret from the graph above that the MCap traded was all-time high on January 07 above the Price/BTC and Price/USD. However, today the Price/BTC traded above the both MCap and Price/USD which can be analyzed from the graph above. Let us not forget that the Ethereum Classic expected to create uptrend by trading above the support level of $4.76 thereby offering the best return to all those that have invested in this currency.
While we can estimate from the first graph, if bulls succeed in rising and sustaining above the current resistance level $4.43 (08:28 UTC) and create “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 $4.50.
Please feel free to visit https://ethereumclassic.org/ to know more about this cryptocurrency!