Ethereum Classic Price Technical Analysis – ETC/USD Declines Below $40

Key Highlights

  • Ethereum classic price after a decent upside move faced sellers near $47-48 against the US dollar.
  • There is a declining channel forming with resistance at $40.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair may continue to move down and it could test the $34.00 or even $32.00 support area.

Ethereum classic price is under pressure against the US Dollar and Bitcoin. ETC/USD may correct further towards the $32.00 level in the near term.

Ethereum Classic Price Resistance

After a major upside move above the $45.00 level, ETC price faced offers against the US dollar. The price traded as high as $47.29 and later started a downside move. It traded below a few key support levels such as $45.00 and $40.00. There was a break below the $38.00 pivot and the price settled below the 100 hourly simple moving average. The recent low formed was $35.96 and the price is currently consolidating losses.

An initial resistance on the upside is around the 23.6% Fib retracement level of the last decline from the $47.29 high to $35.96 low. There is also a declining channel forming with resistance at $40.50 on the hourly chart of the ETC/USD pair. The pair may correct higher towards $40.00 and the 100 hourly simple moving average. However, it is likely to face a lot of resistances around $40.00-40.50. The 38.2% Fib retracement level of the last decline from the $47.29 high to $35.96 low is also at $40.22 to act as a hurdle.

Ethereum Classic Price Technical Analysis ETC USD

It won’t be easy for ETC buyers to break the $40.00-40.50 resistance levels. On the downside, the price may decline further towards the $34.00 and $32.00 support levels in the near term.

Hourly MACD – The MACD for ETC/USD is advancing in the bearish zone.

Hourly RSI – The RSI for ETC/USD is now placed in the oversold levels around 30.

Major Support Level – $34.00

Major Resistance Level – $40.00

 

Charts courtesy – Trading View, Kraken

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Comparing different blockchain-based ecosystems usually makes no sense whatsoever. It feels like comparing apples to oranges and grapes. In the cryptocurrency world, however, there are some interesting metrics worth keeping an eye on. Over the past 24 hours, it seems the Ethereum blockchain helped transfer just over $23bn. This is almost as much as Bitcoin, BitcoinC ash, Litecoin, Dash, BTG, and ETC combined. An interesting development, although not all blockchains can be traded in this regard.

Every blockchain is capable of processing transactions and moving financial value from one user to the next. In the cryptocurrency world, that is a requirement to ensure the network has any value at all. Ethereum has suddenly become a very popular solution to transfer value. So much even that it processes almost as much value as six other top cryptocurrencies combined. Whereas many people assume Bitcoin is the king of the hill, that is not the case in this regard. An interesting development, although it’s important to put things into perspective.

Another Good day for the Ethereum Blockchain

More specifically, Ethereum’s value transfer doesn’t pertain just to ETH transactions. It also includes all of the ERC20 tokens issued on this blockchain. That means the numbers are skewed a bit, although not by all that much. The key factor is how this blockchain handles $24bn worth of volume over a 24-hour period without too many problems. Bitcoin, on the other hand, is still more expensive and a lot slower, even though it remains very popular. Ethereum’s value transferred in the past 24 hours is bigger than Bitcoin’s, which is not all that uncommon.

However, when adding the value transferred by other blockchains on top of Bitcoin’s, it’s not much higher than Ethereum’s throughput. For many people, this is a key indicator of how Ethereum will overtake Bitcoin at some point. Such a scenario is not entirely impossible, although it may not happen anytime soon either. Comparing the value transferred over individual blockchains is always a snapshot at an opportune time. These statistics can look very different a day or week from right now, for all we know.

As such, it is difficult to draw any conclusion based on this fortunate snapshot. The demand for Ethereum-based value transfer solutions is certainly there. It’s cheaper to use, works better, and is faster. At the same time, it also encompasses a lot of tokens rather than Ether itself. How all of this will play out in the future is impossible to predict right now. With proper scaling, this blockchain will certainly become even more popular in the coming years.

Header image courtesy of Shutterstock

One of the latest pop groups to emerge out of Japan are the trend-riding Kasotsuka Shojo. The name translates to Virtual Currency Girls and in typical J-Pop style, each of the eight members wear a different costume representing one of the largest cryptocurrencies. Amongst the performers are Bitcoin, Bitcoin Cash, NEM, and Ethereum.

The all-girl band are seeking to educate the public about digital currencies from a wider angle than simply pure speculation. This is evidenced by their first song, “The Moon and Virtual Currencies and Me” and another tune which includes the lyrics, “Don’t forget about two-step verification,” and “Never use the same password twice”.

Kasotsuka Shojo were created by the Japanese girl band factory that is the Cinderella Academy. The entertainment company also manages several other popular groups.

The crypto-themed band played their first show in Tokyo last Friday. It was an action-packed thirty minutes in which the eight-piece explained the benefits of using electronic currencies, as well as the present security risks faced by those in the space. During the performance, various dramas from the digital currency space were acted out on stage. In one such vignette, the girls representing Bitcoin and Bitcoin Cash had a scrap over Hinano Shirahama’s (BTC) assumed leadership of the cryptocurrency world. BCH’s representative, Rara Naruse, declared:

“The surge of Bitcoin caused various problems. To solve these, Bitcoin Cash was established, with smaller fees and quicker transactions. So I think Bitcoin Cash will replace Bitcoin at some point in the future. The market cap of Bitcoin Cash will be number one!”

It should come as little surprise that the world’s first cryptocurrency-themed pop group hails from Japan. Besides the nation’s love of music that often seems quirky but is sometimes downright bizarre to us in the West, Japan are also trend-setters in the treatment of Bitcoin as legal tender there. At one stage, the island State accounted for the largest share of global Bitcoin trading and their Tokyo-based BitFlyer exchange platform continues to be one of the planet’s largest. Quartz report the research of Japanese finance company Nomura. They state that thanks to the sharp rise in the price of Bitcoin over the last twelve months, combined with Japan’s embrace of the technology, has helped their GDP to the tune of 0.3%.

 

Image: PixaBay

 

Key Highlights

  • Ethereum classic price failed to stay above the $34.00 level and declined against the US Dollar.
  • There was a break below a connecting bullish trend line with support at $34.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair needs to stay above the $30.00 support level to avoid any further declines.

Ethereum classic price struggled to maintain gains against the US Dollar and Bitcoin. ETC/USD must hold the $30.00 support area to remain to recover back above $35.00.

Ethereum Classic Price Support

There was a nice upside move in ETC price above the $38.00 level recently against the US Dollar. However, the price failed to stay in the bullish zone, moved down and broke the $37.00 and $35.00 support levels. The decline was such that the price moved below the $34.00 level and the 100 hourly simple moving average. It is now showing a few bearish signs since it broke the $32.00 level and tested the $30.00 handle.

During the downside, there was a break below a connecting bullish trend line with support at $34.50 on the hourly chart of the ETC/USD pair. The pair recovered later and is currently moving around the 23.6% Fib retracement level of the last drop from the $39.15 high to $30.46 low. However, the broken support at $34.00 may now act as a resistance along with the 100 hourly SMA. Moreover, the 50% Fib retracement level of the last drop from the $39.15 high to $30.46 low is also around $34.50.

Ethereum Classic Price Technical Analysis ETC USD

Therefore, the $34.00-34.50 level is a major resistance area on the upside. On the downside, the pair needs to stay above the $30.00 level to avoid any more declines in the near term.

Hourly MACD – The MACD for ETC/USD is gaining pace in the bearish zone.

Hourly RSI – The RSI for ETC/USD is moving lower and is currently around the 30 level.

Major Support Level – $30.00

Major Resistance Level – $34.00

 

Charts courtesy – Trading View, Kraken

Key Highlights

  • Ethereum classic price declined recently, but managed to hold the $30.00-31.00 support against the US Dollar.
  • There is a key bearish trend line forming with resistance at $34.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair might struggle to break the $35.00 level and the 100 hourly simple moving average in the short term.

Ethereum classic price is holding the ground against the US Dollar and Bitcoin. ETC/USD is facing a major barrier near $35.00, which must be breached for more gains.

Ethereum Classic Price Resistance

After an upside move above $37.00, ETC price faced sellers near $37.45 against the US Dollar. As a result, there was a downside reaction and the price moved below the $35.00 support. The decline was aggressive and the price fell below $32.00. However, the downside move was protected by the $30.00 support zone. Later, a recovery was initiated and the price was able to trade back above $32.00. It even traded above the 50% Fib retracement level of the last decline from the $37.45 high to $29.13 low.

However, the price is currently facing a major resistance near $34.50-35.00. On the upside, there is a key bearish trend line forming with resistance at $34.50 on the hourly chart of the ETC/USD pair. The same trend line at $34.50 is around the 100 hourly simple moving average. Therefore, a close above $34.50 and $35.00 won’t be easy in the short term. The pair is also seen struggling near the 61.8% Fib retracement level of the last decline from the $37.45 high to $29.13 low.

Ethereum Classic Price Technical Analysis ETC USD

On the downside, the $31.00 and $30.00 levels are major supports and can be seen as buy zones.

Hourly MACD – The MACD for ETC/USD is moving slowly in the bullish zone.

Hourly RSI – The RSI for ETC/USD is moving lower and is currently below the 50 level.

Major Support Level – $30.00

Major Resistance Level – $35.00

 

Charts courtesy – Trading View, Kraken

While Bitcoin remains firmly planted at the top of the crypto pile the race for second, third and fourth continues. The two main contenders for market capacity supremacy and second spots are Ethereum and Ripple, and ETH has just taken that position. XRP has suffered at the hands of analytics website Coinmarketcap.com which capriciously decided to omit South Korean exchanges from its price and volume calculations yesterday.

Metrics aside Ethereum has been making solid ground on Ripple which has held the number two position for a couple of weeks. ETH is up 35% for the week rising from $870 to a record high of $1,260 over the seven day period. After a correction in the market – or Coinmarketcap’s figures – the altcoin is currently trading at just over $1,200 during the Asian trading session. The upswing has vaulted Ethereum’s market capacity to $117 billion at the time of writing and pushed it back into the second spot behind Bitcoin with $258 billion market cap.

Ripple conversely has been on a downward slide since its all-time high of $3.81 five days ago, it has dropped 35% during this period. XRP is still on a high from months of trading below $0.30 but rumors of Coinbase adoption being quashed and concern over company stakes and control over the crypto-coin have caused the resultant selloff.

Ripple received an additional kick when Coinmarketcap removed Bithumb, Coinone, and Korbit from its prices yesterday. XRP is traded heavily in South Korea and dropped by 16% in a couple of seconds on the website however this was not a true reflection of the market. Ripple’s chief cryptographer David Schwartz took to Twitter to clarify why the coin has fallen so sharply;

“Coinmarketcap’s decision to exclude Korean prices from the displayed XRP price made the price appear to drop, likely triggering some panic selling. Look closely at the data and don’t be mislead.”

South Korea and Japan together are responsible for almost 30% of global trade volume, so excluding Korean exchanges with so much influence on the markets could be considered folly. The purported reason for the omission is that crypto prices are significantly higher on South Korean exchanges than elsewhere, primarily due to local demand. At the time of writing the price of XRP on Coinmarketcap was $2.45 and on Bithumb $3.62. This could make the overall market appear more inflated than it actually is however excluding the exchanges entirely will have the opposite effect.

Maybe it is time to seek a number of metrics sources for reference instead of relying on just the one.

As the technology behind the blockchain develops and evolves, its popularity will increase and more government and private organizations will look towards it for digital solutions. The latest country to embrace the blockchain is Brazil where legislators are pushing to move popular petitions to the Ethereum network.

Popular petitions (projeto de lei de iniciativa popular) are an important part of the political process in Brazil. The process enables government officials to collect and verify signatures of 145 million registered voters. They also allow the public to have their opinions heard on pressing social and political issues. However, the sheer geographical and population size makes this a logistical nightmare for legislators.

The primary problem with archaic paper-based systems is that voters are physically required to sign the documents making it a challenge to verify authenticity. Additionally, the system is often viewed as detrimental to the country’s democratic process as popular petitions are rarely actually heard or followed through in Congress.

A blockchain solution renders this data immutable and invulnerable from manipulation. Petition signatures on the blockchain would allow officials to check if the vote has been accurately recorded in a specific petition. Processing them on Ethereum using a smart contract would operate as the other decentralized applications currently do on the network. Effectively, Brazil would have its own independent digital token for its electoral system.

Universidade de Brasilia law professor Henrique Costa said that the lack of such a system has been a problem in the past;

“In part this is due to the absence of a platform that can securely collect the signatures of one percent of voters. We’ve been through a sort of crisis regarding the legitimacy…of our laws. Although the popular initiative does exist, there is no secure way to collect people’s signatures so people can propose bills themselves.”

The Brazilian government is currently developing a mobile app powered by Ethereum to give citizens the ability to register their details online and submit a petition or sign one. The app will keep track of the number of votes for each petition via the smart contract. The encrypted signatures are then hashed and added to the Ethereum blockchain so that Brazilians can check that their vote and signature is actually there.

The move has already been touted as a celebration of democracy.

It’s always good to see existing cryptocurrency services support new currencies. In the case of ShapeShift, they have been adding quite a few coins throughout 2017. It seems this trend will carry over into 2018, as the first new currency has been added already. NEO, one of the top 15 cryptocurrencies, is now available for trading on this platform.

Supporting different currencies is the bread and butter of ShapeShift. This service allows users to convert between different currencies without creating an account. Although it can’t be used for major transactions in one go, it has a certain appeal. Especially for users who don’t want to rely on regular exchanges, such a platform can make a big difference. After all, it is convenient, has low fees, and transactions are completed very quickly. Adding NEO to the list of supported currencies makes a lot of sense.

NEO Trading is Live on ShapeShift

As a result of this move, NEO can now be traded against all other supported currencies. This will give the popular altcoin a lot of new trading markets waiting to be explored in the future. Right now, trading NEO is somewhat limited to Bitcoin and Ethereum across most platforms. With ShapeShift, about 30 different combinations are added to this list as we speak. It is always good to have more options at one’s disposal, to say the very least.

As is always the case, it remains to be seen if this will generate more interest in NEO. While it is a popular altcoin, it’s not even close to rivaling Ethereum. That seems a bit odd, considering this altcoin refers to itself as the Ethereum of China. It will be interesting to see how the future plays out for this currency. Its value has gone up steadily throughout 2017 and that trend is still in place during the first week of the new year.

ShapeShift has quickly become one of the most popular cryptocurrency conversion services in the world. Their service is easy to use and a lot of currencies are supported as we speak. The addition of NEO will be beneficial to this company as well, in the long run. For now, it remains to be seen if there is sufficient demand to warrant this addition. Only time will tell if that is effectively the case.

Key Highlights

  • Ethereum classic price is moving nicely above the $30-31 support area against the US Dollar.
  • There are two bullish trend lines forming with support at $31.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair might continue to rise toward the $35.00 level as long as it is above $30.00.

Ethereum classic price is moving higher against the US Dollar and Bitcoin. ETC/USD is stable above $30.00 and is eyeing more upsides toward $35.00.

Ethereum Classic Price Support

There was a steady rise in ETC price above the $26.00 pivot against the US Dollar. The price gained momentum and was able to move above the $30.00 and $34.00 resistance levels. A high was formed at $34.96 from where a downside correction wave was initiated. ETC has moved below the 23.6% Fib retracement level of the last wave from the $25.90 low to $34.96 high.

However, there are many supports on the downside above the $30.00 handle. There are two bullish trend lines forming with support at $31.50 on the hourly chart of the ETC/USD pair. The pair recently tested the 50% Fib retracement level of the last wave from the $25.90 low to $34.96 high. It is currently holding the $31.40 support and is showing a lot of positive signs. It seems like the pair is likely to hold the $31.40-50 support area. On the upside, an initial resistance is around the $33.00 level.

Ethereum Classic Price Technical Analysis ETC USD

Above the mentioned $33.00 level, the price could move above the $34.00 level toward the recent high of $34.96 in the near term. A break above the $35.00 level won’t be easy considering the current market moves.

Hourly MACD – The MACD for ETC/USD is currently in the bearish zone with no major negative sign.

Hourly RSI – The RSI for ETC/USD is holding the 50 level very well and is showing positive signs.

Major Support Level – $31.40

Major Resistance Level – $34.00

 

Charts courtesy – Trading View, Kraken

Key Highlights

  • Ethereum classic price has formed a support base at $25 against the US Dollar.
  • There was a break above a major bearish trend line at $29.00 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair might continue to move higher towards or above the $32 level in the near term.

Ethereum classic price is slowly gaining pace against the US Dollar and Bitcoin. ETC/USD may continue to move higher above the $32 level.

Ethereum Classic Price Upside Move

It seems like a decent support base formed around the $25.00 level in ETC price against the US Dollar. The price moved higher and broke the $26.00 resistance level. There was a break above the 23.6% Fib retracement level of the last decline from the $41.00 high to $24.89 low. ETC buyers were successful in breaking the $27.00 resistance and the 100 hourly simple moving average.

More importantly, there was a break above a major bearish trend line at $29.00 on the hourly chart of the ETC/USD pair. At the moment, the pair is attempting a break above the 38.2% Fib retracement level of the last decline from the $41.00 high to $24.89 low. Once there is a proper close above the $31.09 resistance, there can be more gains. The price could easily move further higher above the $32.00 level. The next resistance is around the 50% Fib retracement level of the last decline from the $41.00 high to $24.89 low.

Ethereum Classic Price Technical Analysis ETC USD

On the downside, the $29.00 level and the 100 hourly SMA is a decent support and a buy zone. The overall trend is positive above the 100 hourly SMA and the price could easily break the $32.00 level in the near term.

Hourly MACD – The MACD for ETC/USD is almost flat and is showing a few bullish signs.

Hourly RSI – The RSI for ETC/USD is currently well above the 50 level is moving higher.

Major Support Level – $29.00

Major Resistance Level – $32.00

 

Charts courtesy – Trading View, Kraken