Ethereum Classic (ETC), which follows the larger peers, has seen some impressive gains over the last few weeks. The bear trend that has plagued the market has caused the token, an offshoot from Ethereum, to suffer. The sentiment is starting to change and Ethereum Class (ETC), has emerged as one the biggest winners over the last week.
Ethereum Classic Adds 80 %
Ethereum Classic’s recovery in the last week has been nothing short of miraculous. While other cryptocurrencies are posting gains of less than 50%, Ethereum Classic has experienced a surge of more than 80% in just 7 days. According to Coinmarketcap data, Ethereum Classic (ETC), is up 83.505
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The price of this digital asset has risen to the mid $20s as a result. The price of the cryptocurrency has increased almost 100% over the past week after trending around $14 for most of the week. The cryptocurrency’s total market cap has also increased. It has risen more than $1B to its market capital in the past two days to $3.97Billion at the time this writing.
It comes as no surprise that the altcoin has been gaining in value at this moment. It has always followed the Ethereum price movements. It is however gaining more than its predecessor by a large margin, which shows a deviation of this normal correlation.
Source:| Source: Market Cap ETC on TradingView.com
ETC is not yet complete
The ETC indicator for Ethereum Classic (ETC), points to more steam in this rally. One example is the fact the digital asset has been in the green for the past couple of days. It has been closing in the green for the past three days and the indicators point towards another green close for ETC.
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A daily close of above $25 will likely cause the price to rally to $30 by the end of the week. Its recovery of the past week will be more than 100%. Its 100-day moving median is just under $27. Therefore, a cross of $30 to this level would place it higher than that level and also higher than its year -to-date average. This will confirm its bull trend for the week.
Investors are still taking some profits, so there is still significant selling pressure. Support is currently at $25. This gives it a cushion if it fails to break the $27 resistance. Also, if Ethereum’s recovery continues, then support will continue to pour in for Ethereum Classic, pushing its price further.
Featured image taken from The Coin Republic chart by TradingView.com
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