Connect with us

Ethereum Classic

Ethereum Classic (ETC) pumps to reach new ATH – what’s pushing prices?

Published

on

  • Ethereum Classic has the top ten rank in sight after a massive rally in the last 7 days.
  • Bullish pressure has seen ETC gain more than 200% in the last 7 days, but the prices could be artificially pumped.

Ethereum Classic (ETC) has in the last 24 hours reached a new all-time high as it crept above $175. In the last 7 days, ETC has outperformed a majority of top cryptocurrencies and ushered its way into the top 15-ranked coins. The Ethereum fork has gained more than 250 percent with more than 40 percent coming in the last 24 hours. In comparison, DOGE has gained roughly 100 percent in the last 7 days and a little under 3 percent in the last 24 hours.

Why ETC prices are pumping remains unclear. However, there have been numerous speculations, one of which involves the Dogecoin community. Robinhood investors have shown a pattern in their investment choices, moving from Tesla to GameStop and in recent weeks, Dogecoin. All of them were regarded as underdogs in their respective classes. In what has come to be retailers vs big corporations, some assets are being artificially pumped with little real value by retail interest. With DOGE now slowing and ETC pumping, some are suggesting that retail investors are moving from DOGE and into ETC. As Digital Currency Group CEO Barry Silbert noted in a tweet, Robinhood only supports, BTC, BCH, DOGE, ETH, LTC and ETC. Guess who the underdog is?

Advertisement

If this is the case, ETC is in for a wild ride. More so, because ETC is already listed in numerous top exchanges like Coinbase and Binance and will enjoy greater demand than DOGE.

Another bullish argument is that Ethereum Classic is attracting Ethereum miners ahead of its transition to a proof-of-stake ETH 2.0 blockchain. On top of switching from a computational effort model, with the upcoming July upgrade, Ethereum will lower rewards to miners. With prices pumping, more and more miners are likely to be lured into Ethereum Classic.

Ethereum Classic controversy

Why ETH miners can mine ETC is because it was once one unified project. In 2016, Ethereum Classic was formed as a result of a hack on Ethereum. Both Ethereum and Ethereum Classic offer smart contracts, but since the split, Ethereum has been more robust and its popularity has seen it become the second-largest cryptocurrency in the world.

Advertisement

Over the years, Ethereum Classic has suffered major security concerns. At least three times, the network has suffered 51% attacks – where an attacker buys or rents enough hash power to manipulate transactions on the network. These attacks have seen investors and developers prefer the more stable and secure Ethereum.

Some have gone as far as arguing that Ethereum Classic is a scam being driven by a few Bitcoin maximalists targeting Ethereum. To disorganize the project which was growing in popularity back in 2016, some Bitcoin evangelists are said to have been pushing to legitimize Ethereum Classic to keep Ethereum down.

Most retail traders will not care for any of these with such astronomical gains in such a short time. At the time of press, the coin has retraced to $130 after coming under some selling pressure at the $175 high. Despite the drop, positive sentiment remains high.

Advertisement

News Source

Ethereum Classic

Sellers hold the aces in Ethereum Classic’s market, but it might not be game over

Published

on

There hasn’t been much interest from retail traders in Ethereum Classic’s market. As a result, low volatility has kept the price restricted within the channel of $53.8 and $60.6 over the past week and a half. However, ETC has been taking shape within a symmetrical triangle. It presented chances of an incoming price swing.

Considering the current market dynamics, sellers can be expected to tip the scales in their favor, but a bullish argument also seems justifiable. At the time of writing, ETC was valued at $57.7, down by a marginal 0.5% over the last 24 hours.

Ethereum Classic 4-hour Chart

Advertisement
Source: ETC/USD, TradingView

A series of lower highs and higher lows gave rise to a symmetrical triangle on ETC’s 4-hour chart. The pattern was considered bearish in this situation since it took shape right after 7 September’s drawdown. Moreover, sellers would face the easier task of triggering a breakdown from this setup. The daily 20 and 50 Simple Moving Average lines ran bearish as momentum aided the bears.

If the price does break below the lower trendline, a 13% decline would be possible towards the $48-mark. A close under $53.5 would confirm such an outcome.

On the other hand, a few of ETC’s indicators seemed to disagree with such a prediction. If the triangle functions as a reversal pattern, ETC would eye a 7% hike to 8 August’s swing high of $63.4. A close above $59 on relatively stronger volumes would heighten the chances of a bullish prediction.

Reasoning 

A look at ETC’s On Balance Volume painted a rather concerning picture. Based on its recent trajectory, there has been a dearth of buying pressure in the market, with sellers maintaining an advantage. However, a few other indicators seemed to disagree.

Advertisement

Higher lows were observed on the RSI after it recovered from an overbought reading 10 days ago. The index even managed to climb above 60 recently – A sign that the market was strengthening.

Such a trajectory was also seen on the MACD. The index climbed towards the half-line, although momentum was flat over the past few sessions.

Conclusion

As ETC oscillated within a symmetrical triangle, its indicators flashed mixed signals and a breakout in either direction can be expected at this point. Although chances of a downwards move seemed higher, a bullish outcome cannot be discounted.

Advertisement

Traders should keep an eye on the aforementioned levels to get a better understanding of where ETC is heading.

News Source

Advertisement
Continue Reading

Ethereum Classic

Ethereum Classic Price Setup Looking Bearish, As Dragged Below Major DMA lines.

Published

on

tradingview

Ethereum classic price is struggling near its 50 and 100-day moving average line after a massive selloff from the higher side. The crypto asset at the monthly chart fails to hold its major DMA lines of 20, 50 and 100-Day lines, with a near-average volume line. Whereas the coin slipped below major DMA makes its short term trend bearish but still maintaining above 200-DAM lines.

If the coin manages to hold its 50 and 100-DMA lines with positive volume action, we can soon see a good recovery. Support on the lower side is $52.30 and $47.90, whereas resistance on the higher side is $61.20 and $69.90.

Ethereum classic price at the weekly chart is sideways

tradingview

Ethereum classic price at the weekly chart is sideways, whereas the technical parameters also project mixed signals. The coin is continuously taking support of the lower support zone, and if the coin manages to hold, we can witness intense buying action. The technical parameters are also favouring sideways motion at the 4-hour time frame with average volume action. Presently, the Ethereum Classic is trading at $57.02 with a flat intraday action of -6.02%, and the volume to market cap ratio is at 0.162 

Relative Strength Index (NEUTRAL): Etherum classic price RSI presently indicates a sideways trend after consolidation over the weekly chart. In contrast, the RSI trades at the neutral zone near the oversold area and now CMP at 36. 

Moving Average Convergence Divergence (MIXED): The daily chart indicates a mixed trend at the 4-hour time frame. At the same time, the buyer’s signal line (green) and the seller’s line (red) overlaps.   

Advertisement

Support levels: $52.30 and $47.90

Resistance levels:$61.20 and $69.90.

News Source

Advertisement

   

Continue Reading

Ethereum Classic

Ethereum Classic, Solana, Binance Coin Price Analysis: 05 September

Published

on

As Bitcoin and Ethereum have consistently remained choppy over the past few days, mixed trading patterns were spotted on certain altcoin movements. A wide number of altcoins were in price consolidation.

Ethereum Classic was trading close to the support level of $67.36,while Binance Coin’s resistance stood at $517.20. Solana, over the last 24 hours, lost momentum and fell by 4.7%. 

Ethereum Classic (ETC)

Ethereum Classic, Solana and Binance Coin Price Analysis: 05 September

ETC/USD, TradingView


Ethereum Classic was in a state of consolidation over the past day. It was trading at $68.60 after noting a decline of 0.6%. At the current level ETC stands notches below its weekly high. The immediate support lay at $67.36 and continued downward movement would drag ETC to $58.09, which is the lowest that Ethereum has traded in about a month. 

Technical charts indicated bearishness in the market. MACD noticed red bars on its histogram, after a bearish crossover. Chaikin Money Flow stood below the half-line for the first time this month, indicating a considerable drop in capital inflows.

Advertisement

Awesome Oscillator flashed red signal bars affirming the same. In the event of Ethereum Classic breaking consolidation on the upside, it might revisit $75.04. 

In latest news, Ethereum Classic was afflicted by the Geth exploit due to which Ethereum too had suffered a week ago. 

Solana (SOL)

Ethereum Classic, Solana and Binance Coin Price Analysis: 05 September

SOL/USD, TradingView

Advertisement

Solana declined by 4.7% on its chart over the last 24 hours and was priced at $139.30. The altcoin which secured a fresh all-time high yesterday was seen moving closer to the support line of $125.95. A dip below $125.95 could cause SOL to trade at $99.92, a level the altcoin last touched a week back. 

MACD displayed red bars on its histograms. Awesome Oscillator also noted red signal bars indicating a bearish price move in the market.

Relative Strength Index, however, still remained bullish at 60. An upturn in prices could propel SOL to retest its immediate resistance of $144.54 and then $158.40. 

Advertisement

As Solana secured a fresh all-time high yesterday, it surpassed Dogecoin’s market capitalization, and stood at the number 7 position on CoinGecko. 

Binance Coin (BNB)

Ethereum Classic, Solana and Binance Coin Price Analysis: 05 September

BNB/USD, TradingView


Binance Coin also recorded a range-bound price movement and rose minorly on its chart. The altcoin was trading at $491.99. Its overhead resistance lay at $517.20. Bollinger Bands remained constricted indicating consolidated price action. The anticipated price range for BNB would be $491.99 and $460.42. 

Green bars on the MACD histogram receded over the past trading sessions. Relative Strength was also nearing the half-line, although, at the time of writing it stood above the 50-mark. 

Advertisement

In the event of Binance Coin dipping, its first support level stood at $460.42, which also marks its two-week low price. Failing to sustain over the aforementioned price floor, BNB could aim for $433.54.

News Source

Advertisement
Continue Reading

Trending