Ethereum Classic Price Analysis: ETC/USD
Ethereum Classic is an open-source, public, blockchain-based distributed computing platform featuring smart contract functionality. With this, it offers a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine, which can execute scripts using an international network of public nodes.
Ethereum Classic (ETC), the 17th largest cryptocurrency (by CoinMarketCap) with its current market cap trades $420,904,689 (11:57 UTC) on February 05 dropped in current value by 30.7% relative to January 06 as analyzed from the graph above. However, the ETC /USD pair increased in value by 13.9% relative to December 06 as interpreted from the graph above.
The strong bearish pressure along with competitive forces caused dropped in value relative to December 19 which can be easily estimated from the chart above.
Let us not forget that amid the recent scenario the ETC /USD pair remained ‘uptrend’ from December 18 to January 07 as interpreted from the graph above. Now that 20-day EMA is above the current value which elaborates ‘downtrend,’ which can be analyzed from the graph above. Traders should remain on the sideline in order to create a long position to the extent that next “uptrend” takes place.
Let us glance about a certain milestone that this cryptocurrency attained in the recent past. The ETC /USD pair remained range bound from December 17 to December 27 last year, as the cryptocurrency rallied from a low of $3.651 to a high of $5.677 which is a 55 percent return within 09 days.
Now, let us talk about the trading moment of Price, and Market Cap analyzed through CoinMarketCap as follows:
As we can quickly examine from the graph above that the MCap trades at $420,904,689 (11:57 UTC) on February 05 with the Price (BTC) 0.00112416 and Price/USD is 3.90 through orange trend line with 24h Volume 120,632,320USD (12:02 UTC) can be interpreted from the graph above.
Now let us analyze the pricing moments and MCap trends from the graph above where Price USD was all-time high on January 07 traded on both MCap and BTC. However, from January 20 onwards until today, BTC took a lead in order to offer the return that meets investors.
However, based on the first graph, if bulls were succeeding above the current resistance level $4.30 (11:56 UTC) (i.e. price traded above the EMA) the investors will start buying this currency more and more thereby increasing its value. However, based on the current trend, the next support level could be $4.
Ethereum Classic (ETC) is a smarter blockchain with its network, a community, and a cryptocurrency that takes digital assets further. Additionally, it allows people to send the value to each other and streamlines for complex contracts that operate autonomously and cannot be modified or censored. ETC solves real-world problems by interconnecting people and their devices. ETC has some of the largest network activity of any blockchain, consistently higher than Bitcoin Cash, and neck-and-neck with Litecoin. Let us not forget that ETC surrounded by multiple developer teams, all of whom are committed to the long term ETC vision. The entire team buzzed in the top-10 in programmer activity (measured by code commits). With the numerous sources of funding in place, the ETC continues to grow, day-by-day, commit-by-commit, line-by-line of code to create a bullet-proof network that anyone can use. Besides this, ETC allows highly efficient value transfers (more so than Bitcoin and its variants), has a focus on IoT applications and runs a mathematically verified Ethereum Virtual Machine, or EVM.
Please feel free to visit https://ethereumclassic.org/ to know more about this cryptocurrency!