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Ethereum Classic

Ethereum Classic price analysis: ETC/USD bumps into selling orders at $23.00 ahead of Emerald Wallet release

  • Ethereum Classic fails to break above the critical resistance zone.
  • Emerald Wallet release may support the coin later during the day.

Ethereum Classic came close to $23.00 during Asian hours on Monday before retracing to $22.00. Th spike proved to be short-lived as fresh sell-orders placed on approach to the psychologically important handle pushed the price back.

Ethereum Classic is on the 17th place by market value (currently, $2.25B), lagging behind ETH. The largest ETC trading volumes are registered at OKEx against USDT, over 20% of the total volume.

Ethereum Classic may gain momentum later in the day ahead of Emerald Wallet release scheduled for today. This project is supposed to become the platform for future decentralized apps (Dapps) based on Ethereum Classic blockchain. If the launch is successful, Emerald will make ETC more attractive and more actively used.

Ethereum Classic technical picture

ETC/USD is capped by $23.00-$23.10 resistance area strengthened by 200 and 100-DMA. Profit-take orders clustered around this area make it hard to overcome, but once it is cleared out, the upside may be extended to $26.00. On the downside, the support is seen at $22.00 it is followed by psychological 20.00 and $17.20 (50-DMA).

ETC/USD, the daily chart

ETC/USD, the daily chart


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