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- Ethereum Classic was currently at $24.44 with an increase of 5.69% during the intraday trading session.
- The pair of ETC/BTC was around 0.00104 BTC with an increase of 4.93%.
- The current price of Ethereum Classic is above 20, 50, 100, and 200-days EMA.
Ethereum Classic (ETC) is a hard fork of Ethereum (ETH) that launched in July 2016. With the capacity to host and enable decentralized apps, its primary function is as a smart contract network (DApps). ETC is its native token. Since its inception, Ethereum Classic has worked to set itself apart from Ethereum, and as time goes on, the two networks’ technological roadmaps are becoming increasingly dissimilar.
The primary goal of Ethereum Classic is to maintain the Ethereum blockchain in its original form without artificially addressing the DAO hack. The creators of ETC do not intend for the network to become a for-profit business because it is a volunteer organization. Users pay transaction fees as with Ethereum, and miners collect them based on work done as per the proof-of-work (PoW) mining algorithm. Unlike Ethereum, Ethereum Classic has no plans to convert to a proof-of-stake (PoS) mining algorithm, while multiple developers continue to work on future improvements such as scaling solutions.
The current price of Ethereum Classic was around $24.44 with an increase of 5.69% during the intraday trading session. The 24-hour low of ETC was $22.87 and the 24-hour high of ETC was $24.79. As we saw that 2023 has been good for most of the cryptocurrencies around the globe, it is also the case for the Ethereum Classic as it is rising fast since the start of 2023.
We can see from the chart that ETC was dropping fast and entered its demand zone making the 52-week low in the last two months of 2022. But now it has taken a turn and been rising and breaking its primary resistance of $23.86 and it is continuing its upside trajectory indicating that buyers as taken over the market and have been dominating since the start of 2023. This is good news for investors. If buyers push themselves then ETC may enter its supply zone and may even reach its secondary resistance of $27.163.
The volume of the coin has decreased by 26.65% in the last 24 hours. The decreasing volume indicates that the sellers have increased which may bring obstacles to TC in reaching its supply zone and secondary resistance. The coin’s price is heading above the 20, 50,100, and 200-Daily Moving averages.
The technical analysis of Ethereum Classic:
The technical indicators show that the RSI of the ETC is showing a positive crossover in the overbought zone and it may enter into an extremely overbought zone which indicates that buyers are coming in the majority and trying to acquire the market. The current RSI is around 65.83 which is above the average RSI of 58.60.
The MACD and MACD signal are intersecting but not giving a definitive crossover. But the probability is that the crossover will be positive. Investors are eagerly waiting for any movement over the daily price chart.
Conclusion
Ethereum Classic (ETC) is a hard fork of Ethereum (ETH) that launched in July 2016. With the capacity to host and enable decentralized apps, its primary function is as a smart contract network (DApps). The price of ETC went up 5.69% during the intraday trading session or about $24.44 at the moment. The coin may reach secondary resistance if the buyers push themselves. In the past 24 hours, the coin’s volume has declined by 26.65%. The ETC’s RSI is exhibiting symptoms of positive crossover in the overbought zone and MACD has not given a definitive crossover, according to technical indicators.
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.
