Blogs
Ethereum Classic is Sporting Green: ETC/USD Technical Analysis
At the time of writing, all the top-20 ranked crypto coins were sporting a bearish trend. The only exception being Ethereum Classic, ETC/USD pair (as of 6th July 2018). The movement of ETC/USD, over past 72 hours, ETC has surpassed two major moving averages, the 55-day and 100-day moving average, and is continuing on the upward trend.
Ethereum Classic (ETC) is Going Up!
Chart courtesy of tradingview.com
Analysis of Price
- High: $17.646 USD
- Low: $17.305 USD
- Major Resistance Level: $17.500 USD
- Hourly MACD: Placed heavily in the Bullish Zone
As can be observed from the chart, at the time of writing, ETC/USD pair was sporting $17.646 USD (2.02%). The low, at the time of writing, shows $17.305 USD. If observed from the month of March, the price action of the said pair had been showing largely a bearish trend, like most other cryptocurrencies at that time. The Q1 of 2018 had seen massive bearish trends due to hacks of some cryptocurrency exchanges like Coincheck, and regulations brought in by several countries.
The CoinRail hack (occurred on 10th June) shows a sharp drop from low $14.922 USD on 9th June to low $12.731 USD on 10th June. The effect could also be observed among other top-ranked cryptocurrencies.
The green candles are indicating a buy momentum and the trend may follow for some time. The price may go down if there is news about another crypto exchange hack or if weaknesses are discovered by the investigative firms. Currently, the investigative firms are constantly keeping an eye on the exchanges, how they administrate, protect data, and handle any potential threats.
Coming back to the charts, the ETC/USD pair can currently be showing an uptrend as Coinbase has already announced that Ethereum Classic is going to be on the list. The listing is bound to generate some interest among the crypto enthusiasts and investors. Thus, one can expect it to have a major impact on the price action of the pair. As of now, as it is still uncertain when the listing will go live, the speculations are generating a little interest and pushing it towards Buy. The trend may continue if all goes well. Ethereum Classic is certainly exposed to volatility as the price of the pair continues to move around the 17.500 mark.
What is to be observed at the moment is whether the ETC/USD pair will break the 18.000 level and move closer to the $20 USD. From current observations, the price movement of ETC/USD is sporting the green quite strongly.
Happy Trading!!
For the latest cryptocurrency news, join our Telegram!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pexels
Charts courtesy of tradingview.com