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- 1 The CMP is at $28.24, TVL is at $5,29,666, and MCAP is at $4.065 Billion.
- 2 The ETC asset is demonstrating upward momentum and bullish strength as it stays above the 20 and 50-Day EMAs.
The Ethereum Classic shows healthy growth in its developer activity when the number of core developers has increased and commits are changing over time as well. The core developers and commits have shown sustained growth in the last six months.
Moreover, the TVL was highest around December 2023 but started to plunge afterward. The decrease in TVL indicates that the demand for projects is slipping and that consumers’ willingness to invest is declining.
Similarly, the TVL is also seen as a vote of confidence in the ETC protocols. This decline could discourage new users and investors from getting involved with the project. This further shows that the protocol participants will receive less benefits and profits.
Typically, when the TVL of a DeFi platform increases, liquidity, popularity, and usability also increase and a decrease in TVL shows less available capital, resulting in lesser returns.
The market cap highlights the fluctuations made by buying and selling the ETC crypto. The increase and decrease in these metrics show variability in the coin price. These metrics are shaping the major price action structure on the daily chart.
ETC Price Riding The Bullish Wave
The ETC asset is demonstrating upward momentum and bullish strength as it keeps above major 20, and 50-day EMA bands, the price structure shows it is headed for the supply region.
Moreover, major reliable indicator tools for the Ethereum classic asset are exhibiting bullish strength as MACD shows a bullish crossover above the zero line with a rising histogram. MACD line is at 0.63, the signal line is at 0.54, and the histogram is at 0.09.
The RSI is above 50 at the 64 level and has been taking support from the 14- SMA smoothened line which is at 57, this implies that the ETC crypto asset is still in positive territory and can push further for more uptick in the coming sessions.
On observing the daily chart, the Ethereum Classic is displaying bullish qualities and exhibiting that it can advance further in the coming sessions. At the time of publishing, the crypto is experiencing a surge of 2.37% in the last 24 hours, trading at $28.45. The crypto looks more than ready for a massive surge that would blast through the supply barrier and skyrocket to new levels from the current support level.
Therefore, if the demand for the ETC remains high, then the next goal for the price could be to reach $35 and in-between primary support would be $30. However, if the crypto price fails to maintain a recent surge and slips past the $25 level, it could decline further.
Summary
The Ethereum Classic shows that its core developers and commit count have increased in the last couple of months, and the Market cap is rising as per the Defilama website. However, the decrease in TVL which shows less available capital, resulting in lesser returns in the future. Moreover, the price structure shows it is headed for the supply region. This demonstrates upward momentum and bullish strength.
Technical Levels
Support Levels: $25
Resistance Levels: $30
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency 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.
