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Ethereum Classic (ETC) Explodes Over 50% In Massive Price Jump – Here’s Why

The long-awaited arrival of a Bitcoin spot ETF in the US has sparked a surge in cryptocurrency prices, with Ethereum Classic leading the charge among altcoins.

After languishing around $20 for months, Ethereum Classic (ETC) has skyrocketed over 50% in the past seven days, currently hovering around $29.45 and just a breath away from reclaiming the $30 mark.

This impressive rally comes amidst a broader market upswing triggered by the Securities and Exchange Commission’s (SEC) historic approval of the Bitcoin Trust ETF on January 10th, 2024.

Ethereum Classic Surge: A Combination Of Factors

ETF-fueled optimism: The approval of the Bitcoin spot ETF signifies increased institutional interest in the crypto market, a development that traditionally benefits the entire ecosystem, including altcoins like ETC.  This optimism is reflected in the strong performance of other major cryptocurrencies, with Ethereum witnessing a 10% climb and briefly hitting a 20-month high above $2,600.

Ethereum Classic’s unique appeal: Compared to its Ethereum counterpart, Ethereum Classic boasts a smaller market cap and lower transaction fees, potentially making it a more attractive option for traders seeking higher returns and cheaper on-chain activity. Its recent network upgrades have also bolstered confidence in its technological capabilities.

Spillover effect and community hype: The Bitcoin ETF approval has undoubtedly fueled a general sense of bullishness across the crypto landscape, influencing investor sentiment towards altcoins with perceived potential. Additionally, the strong community support and active development around Ethereum Classic further contribute to its upward momentum.

ETC Trading Volume Soars

The surge isn’t just limited to price. Ethereum Classic’s trading volume has also soared by a staggering 276% in the past 24 hours, reaching a volume of $1.8 billion.

This increase in trading activity further validates the market’s interest in Ethereum Classic and potentially indicates continued upward pressure on its price.

However, it’s crucial to remember that the crypto market remains highly volatile. While the Bitcoin spot ETF approval and Ethereum Classic’s recent performance are positive indicators, investors should conduct thorough research and consider both the potential benefits and risks before making any investment decisions.

With its strong community, technological advancements, and now, the tailwinds of the Bitcoin ETF approval, Ethereum Classic has positioned itself as a frontrunner in the current altcoin rally.

Whether it can sustain its momentum and break through the $30 barrier remains to be seen, but its recent performance signals a renewed level of enthusiasm for this resilient blockchain project.

Featured image from Shutterstock

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Ethereum Classic Hashrate Dumps Almost 50% In 3 Months, What About ETC?

Ethereum Classic saw its hashrate balloon when Ethereum finally moved to a proof of stake mechanism. The miners who were being kicked out of the network and could no longer use their machines had switched to others such as Ethereum Classic and Ravencoin to put their very specific machines to use. At the time, ETC’s hashrate had grown more than 200%, but now the network is seeing its hashrate fall once more.

Ethereum Classic Hashrate Down By Almost 50%

On Sep. 16, the mining hashrate of the Ethereum Classic network reached a new all-time high of 199.4 terahashes per second (TH/s) after climbing steadily for more than a week. With this growth had come more usage on the network, triggering staggering growth in its price.

However, as the Ethereum network has settled into its proof of stake (POS) consensus mechanism, the Ethereum Classic hashrate is correcting downwards. Hashrate is now down almost 50% in the last 3 months to be sitting at 109.3 TH/s on Dec. 22.

Ethereum Classic hashrate

The decline can also be attributed to the bear market and the muted interest from investors. Since bitcoin’s price touched below $20,000, all of the cryptocurrencies in the space have seen a similar decline. Ravencoin, another proof of work network that got massive attention following Ethereum’s move to proof of stake, has also seen its hashrate plummet in the last 3 months.

Ravencoin’s hashrate now sits at 9.49 TH/s compared to its Sep. 22, 2022 peak of 17.59 TH/s. Meanwhile, other leading proof of work networks including Litecoin and Dogecoin has seen an increase in mining hashrate, whereas bitcoin remains mostly around 250 exahashes per second (EH/s).

What About ETC Price?

ETC, the native cryptocurrency of the Ethereum Classic network, was basically on a rollercoaster in the three months since Ethereum moved to proof of stake. At first, as the network began to get more attention, ETC’s price had risen drastically. It eventually peaked above $42 before starting another downtrend.

At current prices, the digital asset has lost over 68% of its value from September 2022 and is still very bearish. A lot of attention had also moved on to Dogecoin, a proof-of-work cryptocurrency that saw a surge in price following Elon Musk’s takeover of Twitter.

Ethereum Classic (ETC) price chart from TradingView.com

Obviously, this increase in the price of DOGE had incentivized miners to move over to Dogecoin, eventually taking share from Ethereum Classic. As interest fell, so did the mining hashrate and price naturally followed the same trend.

ETC now sits below its 100-day moving average, which means that investors are expecting lower prices to come. It is trading at $16.41 at the time of this writing, down 11% in the last 7 days.

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

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.

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.

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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Ethereum Classic Flashes Bullish Signs As Volume Rises; Will $32 be breached?

  • ETC’s price shows strength as it bounces from a downtrend range with high volume, aiming for a rally to $30.
  • ETC faces a major test to trend higher above $30 after the price broke out of its descending triangle price movement.
  • ETC’s price remains strong below the 50 and 200 Exponential Moving Averages (EMA) as it attempts to rally past these regions.

Ethereum Classic (ETC) has remained strong after breaking out of its downtrend descending triangle with good volume, with the price aiming to rally to $30. The cryptocurrency market has appeared more stable this week, with significant price movements in Bitcoin (BTC) and Ethereum (ETH). This new relief rally in the cryptocurrency market has benefited smaller coins like Ethereum Classic (ETC), which has shown real strength in breaking out of its long downtrend movement. (Data from Binance)

Ethereum Classic (ETC) Price Analysis On The Weekly Chart

Although many altcoins have struggled to trend in a range market, the price of ETC has seen more of a downtrend move despite showing some price movement to the upside, which was short-lived as the price was rejected.

ETC fell from an all-time high of more than $180 to a region of $41 before rallying to a high of $75; the price of ETC faced further rejection to a range low of $46, where it formed weak Support to hold sell-offs, but this proved futile as price continued to fall.

The price of ETC fell to a weekly low of $24 and immediately bounced, forming a price range in an attempt to break out.

With the market looking more promising, we could see ETC rally to a high of $30 with good volume, where the price has more room to trend higher.

ETC has a favorable overall structure, with a high probability of price retesting the $30 and higher ranges following a successful breakout from the range low. If ETC fails to break and hold above $31, a retest of $24 is possible.

Weekly resistance for the price of ETC – $30-$31.

Weekly Support for the price of ETC – $24.

Price Analysis Of ETC On The Daily (1D) Chart

Daily ETC Price Chart | Source: ETCUSDT On Tradingview.com

In the daily timeframe, the price of ETC remains strong and trades below the key resistance levels after breaking out of its downtrend price movement with good volume as it attempts to rally to a high of $30, acting as key resistance to the price. 

The price of ETC needs to break and close above 50 EMA, acting as a strong resistance for the price of ETC. The price of $28 corresponds to the value of 50 EMA, acting as resistance for the price to trend higher to a region of $32. The price of ETC closing above $32 is a good sign, as this is confirmed by the Fibonacci retracement value of 23.6%.

Daily resistance for the ETC price – $32.

Daily Support for the ETC price – $20.5.

Featured Image From zipmex, Charts From Tradingview

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Ethereum Classic (ETC) Sheds 30% In Last 2 Weeks – More Pain Ahead?

Ethereum Classic (ETC) has been in the clutch of the bears as it has shaved off as much as 30% in the past two weeks. 

  • Ethereum Classic price down 30% in the past two weeks
  • ETC trading at $27.69 as of press time
  • ETC’s downturn opens up opportunities for short-term positions

ETC has dropped below the $33.9 zone barely two weeks ago and it seems Bitcoin is suffering the same fate as it failed to barrel past the key resistance of $19.7k. The selling pressure has been intermittently high in the crypto market. 

Coming from the larger Ethereum, ETC is predominantly viewed as secure as it is designed to alleviate key problems encountered with the larger or main token Ethereum, especially in line with amplifying speed and lowering fees. 

In fact, Ethereum Classic has evolved to be one of the most trusted and largest smart contract platforms as it is dubbed to be a valuable long-term investment to beef up and diversify one’s portfolio. 

Ethereum Classic Price Seeing Bearish Pressure

According to CoinMarketCap, ETC price has plunged by 1.01% or trading at $27.69 as of press time.

At this point, a bearish block is seen close to the $30 level. A climb by 8% will prove to invalidate the bearish outlook of ETC.

Traders should wait awhile for a price jump before entering any short position at the $27 to $29 range, which is considerably near $30.54, the key support zone.

Chart: TradingView.com

Judging by the daily and 12-hour timeframe, ETC is looking predominantly bearish with waves of lower highs and lower lows observed in the past couple of weeks.

With that in mind, traders of ETC can trade in sync with this trend and wait for any selling opportunities. 

Ethereum Classic’s RSI is below the 50 zone which has also been revisited as a resistance. 

Hence, the RSI depicts a downtrend. OBV also validates that sellers are dominating the market with lower highs seen for about three weeks so far hinting at a high selling volume. 

With this trend, ETC short sellers can rake in profit somewhere along the key support levels of $26.9 and $24.5. Now, a jump above the $30.7 zone can pump up a stop-loss order. 

ETC Social Metrics Down Since August 2022

Ethereum Classic had its strongest troughs in July, especially in terms of social metrics which is higher compared to September figures. Apparently, the social metrics of ETC such as engagement have dropped since August which also triggered a price drop. 

On the other hand, the uptick in Ethereum Classic’s development activities in August has improved social metrics for ETC. Despite the price decline, ETC is recovering in terms of social dominance which is a good place to start.

The downturn of ETC is said to be brought about by the bleeding of BTC as the king of cryptocurrencies wallows under the key resistance of $19.7. 

In order to recover, Bitcoin will have to rise above the $20.7k zone and then flip it favorably to a support zone. From a technical view, ETC’s vertigo is opening up opportunities for short-term positions. 

ETC total market cap at $3.8 billion on the daily chart | Source: TradingView.com

Featured image from Forkast, Chart: TradingView.com

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Ethereum Classic (ETC) Produces A Godlike Candle, How Far Can It Go?

Ethereum Classic (ETC) produced a godlike candle as the market’s sentiments changed to bullish against tether (USDT). The crypto market has become promising as most altcoins appear bullish, coming out of their shells with the like of Ethereum Classic producing double gains ahead of the “Ethereum Merge” sentiment pulling altcoins higher. (Data from Binance)

Ethereum Classic (ETC) Price Analysis On The Weekly Chart 
Weekly ETC Price Chart | Source: ETCUSDT On Tradingview.com

The price of ETC has had a tough time in recent weeks, with the price falling to a weekly low of $14; the price of ETC bounced off from this region as price rallied to a high of $30 after forming a bearish downtrend channel.

ETC price was able to break out of the downtrend channel, forming a strong bullish bias as the crypto market could be set for a minor rally. 

The price of ETC saw it rejected from $30, but the price was able to break above this price and retested the channel, thereby flipping the downtrend resistance into support. This has seen the price of ETC remain bullish above $30 as prices continue to rally to $40.

If the ETC price maintains this structure, we could see the price of ETC rejecting another high acting as resistance in the region of $50-57, but if bears push the price of ETC, we could see a retest of $30 acting as a good support area.

Weekly resistance for the price of ETC – $50-$57.

Weekly support for the price of ETC – $30.

Price Analysis Of ETC On The Daily (1D) Chart
Daily ETC Price Chart | Source: ETCUSDT On Tradingview.com

After breaking out of the downtrend channel and retesting, the price of ETC looks bullish and will continue to trend higher to a region of $56, where it will face resistance. The current state of ETC shows its bullish structures with good buy volume accompanying it.

With buy orders accompanying the price of ETC, we could see the resistance at $56 being flipped into support; if the price of ETC fails to trend higher above $56, the support area at $38 will hold the price sell-off.

The price of ETC is trading at $40 above its 50 and 200 Exponential Moving Averages (EMA) on the daily timeframe. The prices at $32 and $30, which correspond to the 50 and 200 EMA, act as support for the ETC price.

Daily (1D) resistance for the ETC price – $56.

Daily (1D) support for the ETC price – $32-$30.

ETC Price Analysis On The One Four-Hourly (4H) Chart

The price of ETC in the 4H timeframe continues to look bullish as the price shows bullish continuation pattern trading slightly above the 50 and 200 EMA acting as support.

ETC price continues to look more bullish after breaking out of the symmetric triangle confirming a more bullish bias.

The price of ETC holds above the 50 and 200 EMA and could trend higher if it breaks the resistance at $50; if the price of ETC gets rejected, the support at $38 will hold the price of ETC. 

On the 4H Chart, ETC’s Relative Strength Index (RSI) is above 70, indicating buy order volume for the ETH price.

Four-Hourly (1H) resistance for the ETC price – $50.

Four-Hourly (1H) support for the ETC price – $38.

Featured Image From Wikipedia, Charts From 

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Ethereum Classic (ETC) Reclaims $3 Billion Market Cap, More Upside To Follow?

Ethereum Classic (ETC) has followed the lead of its larger counterparts and posted some tremendous gains in the last couple of weeks. The token, which is an offshoot of the second-largest cryptocurrency, Ethereum, has been suffering due to the bear trend that has been plaguing the market. But as the sentiment has begun to turn, Ethereum Class (ETC) has emerged as one of the biggest winners of the last week.

Ethereum Classic Adds 80%

Ethereum Classic’s recovery in the last week has been nothing short of miraculous. Where other cryptocurrencies have been posting gains below 50%, the altcoin has surged more than 80% in the last 7 days alone. More specifically, Ethereum Classic (ETC) is up 83.505, according to data from Coinmarketcap.

Related Reading | Bitcoin Marks One Month Of Negative Funding Rates, More Decline Incoming?

This recovery has taken the price of the digital asset and catapulted it into the mid $20s. After spending most of last week trending around $14, the price is now up almost 100% in this time period. In the same vein, the total market cap of the cryptocurrency has climbed. It added more than $1 billion to its market cap in the last two days alone, to be sitting at its current level of $3.97 billion at the time of this writing.

It is no surprise that the altcoin is surging at this time. It has always shown a tendency to follow the price movements of Ethereum. However, the margin by which it is surging above its predecessor has been wide, showing a deviation from this usual correlation.

ETC market cap crosses $3 billion | Source: Market Cap ETC on TradingView.com
ETC Is Not Done Yet

The indicators for Ethereum Classic (ETC) point to more steam in the current rally. An example is the fact that the digital asset over the last couple of days. It has consistently closed in the green in the last three days, and the indicators point to another green close for ETC.

Related Reading | Liquidations Cross $230 Million As Ethereum Barrels Past $1,400

Another daily close above $25 will likely see the price rally to $30 before the week is over. This will bring its recovery over the last one week to more than 100%. Its 100-day moving average is just under $27, so a cross to $30 would put it higher above this level, as well as higher than its year-to-date moving average. This will cement its bull trend over the next week.

There is still significant sell pressure mounting up as investors are taking out some profit. However, support is forming at $25, which gives it a soft landing if it is unable 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 from The Coin Republic, chart from TradingView.com

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