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- Ethereum Classic has been withstanding the price levels after a 51% attack through a DAO hack
- The price levels are sustaining above the crucial mark of $5.00 which is a positive sign
- The ETC/BTC pair is performing negatively with an overall loss of -1.12% bringing the current levels to 0.00047561 BTC
If you think ETC is struggling post the cyberattack of 51% through the DAO hack, then the sustainability above the price level of $5.00 and the hold on its ranking might spring a few surprises. Currently, the price levels are $5.11 with the market cap of $594,142,807 and 24-hour volume traded of $688,490,330. Both market capitalization and volume traded are at severe levels when compared to historical data, however, the sustainability over the price level remains the positive point.
The weekly chart indicates, the price levels reflect that after a heavy downtrend movement, ETC is currently under consolidation. However, the consolidation can be treated as a positive sign when compared to the negative fundamentals of the crypto asset currently floating in the market. It faced a heavy downtrend while attempting to cross a minor resistance level of $5.50 and failed miserably. As of now, the ultimate priority is to sustain the price levels with the major support of $4.80 and the aim of increasing security by its developers in which they introduced a 51% attack solution named MESS- Modified Exponential Subjective Scoring. The hard fork of Ethereum is still having an ideal dominance in the market because it is still being accessible on the major crypto exchanges like Binance, Coinbase, Poloniex, etc.
Ethereum Classic (ETC) Technical Analysis
The technical chart reflects on the heavy downtrend faced by ETC which is followed by ongoing consolidation or cooling down phase. In between the heavy downtrend scenario, the cryptoasset attempted to break the crucial mark of $6.00 for making significant recovery action in the market but failed miserably. The attempt can be noticed through a positive breakout of about 0.236fib level which was later halted by the resistance placed at 0.382fib level. Currently, the levels are sustaining between the price range of $5.00 to $5.20.
RSI levels are showing signs of consolidation but with a positive nature. Any climb in the levels above 60 can provide the much-required bullish move.
MACD levels have flattened after a bearish crossover which has resulted in the current consolidation.
CCI levels are sustaining the normal region which indicates that the digital asset is currently avoiding any volatile movement in the market.
Resistance level: $5.30 and $6.00
Support level: $5.10 and $4.80
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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.
