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- Ethereum and Ethereum classic have been the most suggested pair for assuming their price movements respectively.
- During this year, the price movement relevance between the coins has been said to be quite similar.
- In today’s market, Ethereum is having positive momentum bringing the price level to the safe spot of $201.
- The same goes for Ethereum classic as it is having a positive momentum of 4.20% in the market and strongly aiming for a $7.00 level.
The relevance and similarity between the price movement of both the coins can be justified with the help of the above-mentioned graph. During the starting phase of this year, ETH bulls were planning to break the crucial level of $200 with gradual positive momentum and an overall bullish market. The same goes for ETC bulls as the Ethereum Classic broke the major resistance level of $10.00 for the first time and was making significant price growth.
Due to the significant and sharp rising rallies made by the coins, ETH price reached its critical resistance area of $270 and ETC reached its critical resistance of $12.00 from where both the coins took a huge negative dip. Ether dropped to the crucial support level of $100 and ETC to the level of $5.00.
After the significant price damage, both the coins started their journey for price recovery in the market. Currently, ether broke the crucial level of $200 again and ETC is looking confident to break the level of $7.00.
ETC can be a good indicator of judging the price movements of the second-largest cryptoasset in the world being the fork of the cryptoasset and having almost the same protocols as of ether.
Ethereum Vs Ethereum Classic
Ethereum is also witnessing a gradual increase in the number of new addresses. This can be a positive aspect for ether to build a significant and sustainable price growth from the current level. The increase in the number of addresses for ether may also provide a positive phase for ETC too. The attempt for breaking the crucial level of $7.00 can be successful this time.
The current number of an address is around the level of 75K which suits the range of $200 to $210 for ether. When the decline in a number of addresses reached the level of $50K, ether reached its crucial support area of $120.
Therefore, it concludes that both the cryptoasset are ready to make a bullish impact in the market and increasing their relevance on each other with similar price moving patterns.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
