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- Coinbase has recently said that they will be not supporting the native tokens of Bitcoin Cash (BCH), Ethereum Classic (ETC) an others
- Technical indicators of ETC are favoring the upside move. ETC/BTC pair has seen a gain of over 8% in intraday session.
Ethereum Classic is a decentralized, open-source blockchain platform that was created in 2016 as a result of a hard fork of the original Ethereum blockchain. It was created to allow users to build and deploy decentralized applications (dApps) on the Ethereum Classic network.Like Ethereum, Ethereum Classic is powered by smart contracts – self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. This allows for the creation of a wide range of applications, including financial applications, games, and even voting systems.One of the main differences between Ethereum and Ethereum Classic is that the latter adheres to the original philosophy of the Ethereum project, which is to maintain a decentralized platform that is not controlled by any single entity. This means that Ethereum Classic is resistant to censorship and is more democratic in nature.
Ethereum Classic has gained a lot of popularity in recent years, but has seen a decline in the transactions. Various analysts are expecting a strong momentum in the future
Bulls Of ETC Are Ready For A Marathon
The weekly technical chart of the ETC suggests a consolidated trend in price. On coming to the daily chart it is trading near $17.6 with a gain of 10.8%.ETC has broken the consolidated trend and is ready to move for a new high. The upside trend of Ethereum Classic can see a halt near $25. Meanwhile the support of the asset price can be seen near $12. It is currently trading below the 50 and 100 DMA.It is ready to crossover the 50 DMA which can push the asset price to a new high.
Conclusion
Ethereum classic has broken the consolidation and can rally to a new high. ETC may see a rally to $25 in the near future.
Technical Levels
Major Resistance:$25
Major Support:$12
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
