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
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
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
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.
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
Ethereum Classic Hashrate Slides 46% Since The Merge, PoW ETH Forks Gather Double-Digit Gains
The day of The Merge, Ethereum Classic’s hashrate soared to new highs tapping 306 terahash per second (TH/s) ten days ago on September 15. Since then, however, Ethereum Classic’s computational power has dropped 46.16% lower from the high to today’s 164.75 TH/s. Furthermore, ethereum classic’s market valuation has dropped by two positions and lost 26.7% against the U.S. dollar during the last two weeks.
Ethereum Classic’s Hashrate and Price Sinks, While the 2 New PoW Ethereum Forks Jump Higher in USD Value
After Ethereum transitioned from proof-of-work (PoW) to proof-of-stake (PoS) the lion’s share of Ethereum’s hashrate moved over to the Ethereum Classic (ETC) network. Data from 2miners.com shows ETC’s hashrate jumped to an all-time high on September 15, 2022, the day of The Merge.
That day, ETC’s computational power reached 306 TH/s after climbing 482.85% higher than the 52.5 TH/s recorded on September 12. Six days beforehand, ETC’s price tapped a high of $41.80 per unit on September 6. Both ETC’s USD value and computational power are down today after reaching record highs just prior to The Merge.
Today, data indicates that ETC’s overall hashrate is 164.75 TH/s, which is 46.16% lower than the all-time high recorded on September 15. On that day, ten days ago, the new ETHW network had not yet launched but when it did, ETHW gathered 79.42 TH/s in computational power.
ETHW’s hashpower has dropped, however, down to 45.97 TH/s according to metrics recorded by 2miners.com. While it’s not as much as ETC’s hashpower loss, ETHW shed 42.11% of its computational power since September 16. ETC lost 26.7% against the U.S. dollar during the last two weeks and roughly 16.5% in seven days.
ETHW, on the other hand, jumped 42% higher in the last seven days against the U.S. dollar. The other Ethereum-based PoW fork called ethereum fair (ETHF) has increased 45.7% against the USD this week. Moreover, the ETHF project team members recently changed the token’s ticker from ETF to ETHF.
Last week, data indicated that ETHF had roughly 8 TH/s of hashpower dedicated to the chain. Today, however, ETHF’s web portal state.etherfair.org is currently down right now and the current ETHF hashrate is unknown. Both ETH-based PoW coins have been added to a number of exchanges since they launched ten days ago.
Tags in this story
computational power, Crypto markets, ETC, ETC hashrate, ETC price, Ethereum, Ethereum (ETH), Ethereum Classic, ethereumfair, Ethereumpow, ETHF, ETHW, Forks, Hashrate, hashrate drop, Market Prices, Market Values, Miners, PoS, PoW, Prices, Sept. 25, Terahash, TH/s, The Merge
What do you think about Ethereum Classic’s hashrate losing more than 46% since The Merge? What do you think about the other two Ethereum-based PoW tokens? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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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.
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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