Ethereum Classic (ETC) Resumes Uptrend, Notches 13% In The Last Day

Semilore Faleti

1 year ago

3 mins read

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Ethereum Classic (ETC) is currently experiencing a rise in its market price, gaining 13.99% in the last 24 hours, according to data from CoinMarketCap.

Following the ETC’s dip in the last two days, it appears the bulls have retaken control of the market, pushing the coin to trade above the $20 mark for the first time since April.

ETC’s Price Action In June

Ethereum Classic has found a place among the headlines in the last two weeks following its initial bearish form at the start of June. ETC began the month trading around $18.01 before experiencing a nosedive which saw the token trade as low as $13.99 on June 10.

Thereafter, ETC would rise to $15.03 and hover around this price region for the next few days before embarking on a bullish run that to gain by 28.60% between June 20 and June 24, hitting the price resistance level at $19.33.

The following days would then present a mixed price action before ETC finally retraced to its key support level at $17.64 on June 29. After retesting at this price zone, ETC’s price has resumed its uptrend, climbing higher since then.

Ethereum Classic (ETC) remains one of the major projects in the cryptocurrency space. Launched in July 2016, Ethereum Classic is a hard fork of Ethereum created to preserve the purpose and integrity of the original Ethereum network.

At the time of writing, ETC is exchanging hands at $20.90, with a 1.51% gain in the last hour. The token’s 24-hour trading volume is currently valued at $482 million, having also gone up by 208.92%.

ETC Trading At $21.03 On The 1-Hour Chart | Source: ETCUSD Chart On Tradingview.com

ETC Price Analysis And Prediction

Looking at the ETC’s hourly chart, its Moving Average Convergence Divergence (MACD) remains well above the signal line indicating the token’s bullish run may still be on.

However, its Relative Strength Index (RSI) is currently in the overbought zone at 89.71, meaning a selling pressure may soon occur, which may drive down the token’s price.

According to the prediction site, WalletInvestor, if the bulls manage to sustain buying pressure, ETC’s price would experience only a small rise reaching the market value of $21.42 in 14 days.

However, if the reverse is the case, and ETC falls under bearish pressure, the team predicts the token to fall to a market price of $18.00.

That said, most of the crypto markets are also on an uptrend alongside Ethereum Classic (ETC). Market leader Bitcoin (BTC) is up by 0.87% in the last day, while other notable coins such as Cardano (ADA) and Solana (SOL) are also gaining by 7.41% and 6.72%, respectively.

Featured Image: The Guardian Nigeria, chart from Tradingview.

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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