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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Ethereum Classic (ETC) Sees Over 7% Gains Amidst Crypto Market Recovery

Kent Tenix
Kent Tenix
1 year ago
3 mins read
ETC

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Ethereum Classic (ETC) is currently trading at $19.65, an increase from its previous price. The crypto, presently ranked at number 23 on CoinMarketCap, shows signs of life. The 24-hour trading volume of the token stands at $332,995,651. 

The 24-hour low of ETC stands at $18.20, while the high was at $20.15. The market capitalization of Ethereum Classic also gained above 8% and is currently valued at $2,704,849,374.

Related Reading

ETC

Ethereum Classic (ETC) Sees Over 7% Gains Amidst Crypto Market Recovery

1 year ago

The crypto market, in general, has been on a downward trend. This week has been more positive, with some tokens rallying positively.

Traders are still uncertain about the actual direction of the market and if support levels will finally outperform resistance. Institutional traders are increasing their crypto holdings with the long term in view.

Currently, trust in cryptocurrencies hit an all-time low with the unraveling of FTX. However, some traders are consolidating positions and buying the dip.

What Is Boosting The Price Of Ethereum Classic Amid A Possible Market Rally?

Macroeconomic factors are mostly responsible for the price movement noted in cryptocurrencies. Ethereum Classic is rising due to traders’ optimism about the token’s value. 

Built from an Ethereum hard fork, the wide adoption of the parent blockchain has also helped the project. However, Ethereum itself is currently undergoing a bearish phase. The proof of stake migration has not significantly impacted the price of ETH, since it has continued to dip.

Ethereum Classic, on the other hand, has no plans to switch to proof of stake and is still being mined. The motivation of profit by miners has helped its cause even in the prolonged bear market of 2022.

The announcement by the president of El Salvador, Nayib Bukele, to purchase 1BTC a day also helped the market to rally.

ETCUSD
ETC’s price is currently hovering above $19. | Source: ETCUSD price chart from TradingView.com

ETC Is Tentatively Bullish

Ethereum classic, despite its rally, will encounter resistance at the $21.7 and $26.5 levels if it goes on a bullish run. The support levels of the crypto asset stand at $15.9; if it breaches it, the coin will plummet further to the $13.2 level.

The macD shows signs of tentative price movement; this means the positive momentum noted in the asset; might not be sustained. 

The formation of a golden cross is present on this chart, with the 50-day MA crossing the 100-day MA. This implies that a bullish run is to be expected in the short term for the Ethereum classic.

Market forces and investor sentiments will also play a major role in the short-term price movement. Individuals are adjusting their investment portfolios, with fear and panic commonplace in the market.

Related Reading

Bitcoin

Bitcoin Closing In On This Bullish Crossover, Relief Finally Ahead?

1 year ago

With the current price trend, it is not likely that the Ethereum Classic will return to its all-time high of $176.16 anytime soon. Crypto analysts believe that Ethereum classic will recover from the slump in the coming months.

Despite its close affiliations with Ethereum, the price correlation between the two assets has barely existed.

Featured image from Pixabay and chart from TradingView.com
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Kent Tenix
Kent Tenix

Kent Tenix

Kent is a talented freelance writer and journalist who creates insightful and thought-provoking content. With over 5 years of experience, she has honed her skills and established herself as an expert in her field. Kent is especially passionate about in-depth reporting and investigative journalism. She thoroughly researches every topic and story she covers to provide readers with comprehensive information and perceptive analysis. Whether she's reporting on crypto, business, technology, or finance, Kent prioritizes accuracy, nuance, and integrity. Her goal with every piece is to inform readers and inspire meaningful conversations and positive change. Kent enjoys traveling, photography, and spending time with her family when she's not tirelessly conducting interviews or poring over data. She hopes to continue using her writing to enlighten and engage audiences on issues that matter.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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