Ethereum Classic Price Analysis: ETH/USD Pair Soars 19%

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • The Ethereum classic rally has started moving once again with a noticeable 19% increase in the past 24 hours, bringing the price of the coin up to $12.48.
  • Ethereum Classic is now the 11th largest Cryptocurrency by market capitalization.
    Altcoin Ethereum Classic (ETC) this week is showing explosive growth.
  • The coin has already made its way into the top fifteen most significant digital assets, according to the CoinMarketCap.

Over the past 24 hours, Ethereum Classic soared by almost 19.09% to $ 12.48 at the time of writing with a market cap of over $1,451,784,189. The Overall Cryptocurrency market capitalization on Wednesday, January 29, is just over $257.2 billion.

 

The closest competitor to Ethereum classic is Cardano (ADA), which is on the tenth number in the list of the largest cryptocurrencies. The overall market cap of $1,437,547,559 billion, so most likely shortly, Ethereum Classic will be able to rise by one point and beat Cardano to secure its place in the top 10 Cryptocurrency.

The cryptocurrency market is back in the green, correcting the previous loss gaining price momentum. The gains come after continuous bearish action on Saturday. Ethereum Classic found support above $12.

The bullish move in the crypto-verse is pushing the whole market upwards, with a slight hint of alt rally. The impact of the bullish market pushes the price of Ethereum Classic.

Bitcoin, the dominant Cryptocurrency, climbed above $9,300 mark. Ethereum cleared the resistance at $175, Ripple stepped above $0.241, although the price has adjusted to $0.2319.

Ethereum Classic Price Analysis

The Ethereum price after trading as low as $10.43, Ethereum classic started bullish momentum and started surging upwards. The ETC/USD pair settled above the $11.12 support area and formed an intermediate low at $11.69.

The price is struggling to settle above the $12.81 level and the 100 hourly simple moving averages. ETC Technical analysis shows that the price is in the hands of the bulls. They surged above the 52-Week High of 12.81072.

The continuing upward slope has the buy signal insight. This means that buyers will continue to tightly grip the price and push ETC above another resistance level at the 100 SMA, and $13.00, respectively.

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