Ethereum Classic Market Analysis — May 3

Ethereum Classic Market Analysis — May 3

Ethereum Classic (ETC) has regained its standing above the $49 level, as the cryptocurrency printed a new all-time high. At press time, the thirty-first-largest cryptocurrency is trading up by +10% today, with a new record high at $50.45.

The ETC is not alone in the bullish rally as most of the cryptocurrency industry is in the green in the early trading hours on Monday. Bitcoin (BTC) has hit a new two-week high at $59,000, following a very bullish weekend. Likewise, Ethereum (ETH) has broken a new-all time high at $3,200 just a few hours ago.

The recent price action has added more than $70 billion to the entire cryptocurrency market capitalization taking it to a record high at $2.3 trillion. The cryptocurrency market valuation has grown by over $250 billion over the last four days.

Meanwhile, Binance Coin (BNB), Ripple (XRP), Cardano (ADA), Polkadot (DOT), Litecoin (LTC), Chainlink (LINK), and Dogecoin (DOGE), traded up by 2.5%, 1.5%, 1%, 3%, 1.3%, 1%, and 2%, respectively.

Lower-and-mid-cap altcoins also saw massive gains today, with Venus leading the way with +26%. Maker (+19%), Ontology (12%), Polygon (10%), Helium (10%), Theta Fuel (10%), Terra (10%), and Neo (10%) also had good runs.

Key ETC Levels to Watch — May 3
Following a two-day consolidation period, Ethereum Classic has bounced off the $45 level and has finally climbed above the $50 round figure. That said, the ETC has dipped slightly below the $50 mark and will likely continue lower to the $49 – $48 area over the coming hours.

ETCUSD – Hourly Chart

Nonetheless, the current bull cycle appears to still be in its beginning stages, making it likely for us to see $52 later today.

Meanwhile, our resistance levels are $50.50, $52.00, and $53.00, and our support levels are $49.00, $47.50, and $45.00.

Total Market Capitalization: $2.3 trillion

Ethereum Classic Market Capitalization: $5.7 billion

Ethereum Classic Dominance: 0.24%

Market Rank: #31

 

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Ethereum Classic Price Analysis — April 26

Ethereum Classic Price Analysis — April 26

Ethereum Classic (ETC) climbed higher in the early trading hours on Monday, as the entire cryptocurrency market regained bullish stability from its recent slump.

The ETC is up by about 10.8% at press time, as the cryptocurrency market’s valuation climbs back above $2 trillion.

The market crash last week got sponsored by Bitcoin’s fall below the $50k crucial support.

Meanwhile, other altcoins also started the week on a goodish footing, with Bitcoin, Ethereum, BNB, and XRP trading up by 9.8%, 7.4%, 6.3%, and 29%, respectively.

Although Bitcoin and many other cryptocurrencies saw significant gains today, the market is still miles away from its recent peak levels.

The crypto market slumped on Friday following reports that the White House is nursing plans to double its wealth tax on US citizens.

President Biden noted on Friday that he wants to raise capital gains tax to as high as 43% for individuals making at least $1 million annually. The tax plan, which could get officially announced this week, marks a significant increase from 20%. A 3.8% tax on investment income is said to be used to fund Obamacare.

Key ETC Levels to Watch — April 26
The ETC appears to have regained bullish momentum, as the cryptocurrency aims for the $35 level. That said, any decline from the current level ($32.41) would get rejected by the $32 area, where our 50 SMA lies.

ETCUSD – Hourly Chart

However, this cryptocurrency currently has ground-level trading volumes, which could send the price into consolidation over the coming hours. Nonetheless, the underlying bias is bullish and could drive the price towards recent highs.

Meanwhile, our resistance levels are $35.00, $37.50, and $40.00, and our support levels are $30.70, $30.00, and $27.50.

Total Market Capitalization: $2 trillion

Ethereum Classic Market Capitalization: $3.7 billion

Ethereum Classic Dominance: 0.18%

Market Rank: #37

 

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Ethereum Miners to Migrate to the Ethereum Classic Blockchain After ETH2.0 Upgrade

Ethereum Miners to Migrate to the Ethereum Classic Blockchain After ETH2.0 Upgrade

The launch of Ethereum 2.0 is expected to overhaul the operational method in the network like never before. That said, experts have had a hard time predicting where ETH miners will migrate to once the consensus mechanism switch gets implemented.

However, blockchain enthusiast and angel investor Adam Cochran has suggested a very viable outlet for the miners. He highlighted that miners would likely flood into the Ethereum Classic (ETC) blockchain, as the Ethereum 2.0 launch comes with the switch into a proof of stake (PoS) consensus mechanism, which does not require mining. Cochran noted that this transfer into Ethereum Classic’s blockchain is likely to occur because of the numerous similarities shared with Ethereum.

The investor’s assertions are guided by the recent price surge seen in the ETC over the past few weeks. The ETC has jumped by over 200% in the last 14 days, peaking at $49.82 on Saturday.

The ETC will likely continue to soar in value as institutional investment increases. Last month, Grayscale investment announced that it had added over 130,000 ETC to its portfolio.

While Ethereum 2.0 aims at improving the overall performance of the Ethereum blockchain Ethereum Classic is reaping the benefits of its fixed monetary policy.

Key ETC Levels to Watch — April 19
Following its more than 200% climb, Ethereum Classic has been on a steady decline towards the $30 region. The ETC bottomed out at $31 yesterday and posted a healthy rebound to the $40s region.

ETCUSD – Hourly Chart

That said, the cryptocurrency is currently locked in a battle with the descending trendline, which continues to exert bearish pressure on the ETC. Bulls have to post a clean break above the trendline ($39) or risk ceding reign to bears.

However, with the current draught of trading volume, the cryptocurrency could remain on a sideways momentum and faces the possibility of subsequent declines.

Meanwhile, our resistance levels are $39.00, $42.00, and $42.50, and our support levels are $37.50, $35.00, and $32.50.

Total Market Capitalization: $2.06 trillion

Ethereum Classic Market Capitalization: $4.09 billion

Ethereum Classic Dominance: 0.19%

Market Rank: #35

 

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Ethereum Classic Price Analysis — April 12

Ethereum Classic Price Analysis — April 12

Ethereum Classic (ETC) appears to be taking a break from its recent rally to the $21.53 all-time high and is trading down at -2% at press time. On the year-to-date scape, the ETC is currently trading up by +260%, significantly more than Bitcoin (110%) and Ethereum (190%).

At the end of March, the Ethereum Classic team tweeted that Grayscale Investments, a giant cryptocurrency investment firm, had added 161,612 ETC to its crypto-assets holdings.

Ethereum Classic is the product of a spat between some executives in Ethereum in 2016. The fallout—which got triggered by a disagreement over reverting the blockchain to reverse a hacking—led to a hard fork from the ETH blockchain.

The hacking involved DAO (decentralized autonomous organization), which raised about $150 million in an initial coin offering (ICO) in the months leading up to the hacking.

The only similarity between both coins (ETC and ETH) is that they offer support for Smart Contracts. Ethereum has announced that it will be switching to a performance-based system (Proof of Stake model) in its upcoming ETH2.0 upgrade.

Another primary difference between both coins is observed in their monetary policies. While Ethereum Classic has a fixed supply of 210 million ETC, Ethereum has a flexible supply.

Key ETC Levels to Watch — April 12
Following its rejection from the $21.53 ATH, Ethereum Classic appears to have fallen into a sideways momentum between $19.75 and $20.50. That said, the cryptocurrency could drop to the $19 round figure over the coming hours, as it is also in a retrace from oversold territories.

ETCUSD – 4-Hour Chart

That said, ETC would regain bullish stability if it manages a break above the $21 mark over the coming hours or days.

Meanwhile, our resistance levels are $20.50, $21.00, and $21.53, and our support levels are $19.22, $19.00, and $18.00.

Total Market Capitalization: $2.05 trillion

Ethereum Classic Market Capitalization: $2.3 billion

Ethereum Classic Dominance: 0.11%

 

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Ethereum Classic Market Analysis — April 5

Ethereum Classic Market Analysis — April 5

Following a very bullish trading session on Monday, the cryptocurrency market has crossed the $2 trillion market valuation.

The influx of financial institutions and institutional investors into the cryptocurrency industry has played a leading role in boosting the value of most of the high-market cap cryptos like Bitcoin, Ethereum, Cardano, Ripple, Polkadot, and many others.

While the market is currently in a dramatic bullish frenzy, many cryptocurrency enthusiasts believe that a more impressive bull rally is still ahead, considering the growing influx of institutional investment and adoption of cryptocurrencies. The most recent influx came from MicroStrategy, which announced that it had acquired an additional 235 BTC at $15 million.

Amid the new crypto market ATH, a Bitcoin Exchange-Traded Fund is still awaiting approval from the SEC. If approved, it could spur an even bigger boost for the cryptocurrency market. Investment firms in the US are mandated to back up their assets in vaults for accredited investors and institutional investors. That said, companies that recently filed for a Bitcoin ETF would be required to buy BTC to back their assets. This would naturally drive the price of Bitcoin and the entire cryptocurrency market higher.

For context, the cryptocurrency market crossed the $1 trillion mark for the first time about three months ago.

Key ETC Levels to Watch — April 5
Ethereum Classic (ETC) is currently trading on a goodish upwards momentum from its recent drop to the $13.37 monthly low. That said, the cryptocurrency is now on its way to contend with the strong $15.63 – $16.00 resistance area. A break above this level could consolidate ETC’s bullish strength and drive it higher.

ETCUSD – 4-Hour Chart

However, failure to break the $15.63 resistance could cause the price to stall and likely fall to the $14.00 support over the coming days.

Meanwhile, our resistance levels are $15.63, $16.00, and $17.00, and our support levels are $14.00, $13.64, and $13.00.

Total Market Capitalization: $2 trillion

Ethereum Classic Market Capitalization: $1.8 billion

Ethereum Classic Dominance: 0.09%

 

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Ethereum Classic Price Analysis — March 22

Ethereum Classic Price Analysis — March 22

According to a recent report, more women in India are getting involved with cryptocurrencies than ever before.

A popular cryptocurrency exchange in India, ZebPay, noted that the average ticket size of women investors grew to Rs 5.7 lakh between September and February, compared to Rs 3 lakh between March and August last year.

The cryptocurrency exchange reported that about 15% of its investors were women, with a monthly average of 4 lakh per investor. The CMO of ZebPay, Vikram Rangala, stated that “our target is to get the women investor base to 25 percent within a year.” That said, the report highlighted that most women investors in India were from Maharashtra, Uttar Pradesh, Haryana, Rajasthan, and Delhi.

Rangala also noted that women are a more careful investor group compared to men and that the company wants to evaluate the risk and customize a risk management strategy around it. The CMO added that “our women investors are mid-career professionals. Our data shows that women currently invest 1-5 percent of their savings in crypto.” Data shows that about 46 percent of women investors on ZebPay are between the ages of 26-35, while 45 percent are above 35.

Key ETC Levels to Watch — March 22
Ethereum Classic (ETC) has returned to its consolidation state after falling from its monthly high at $14.38. The cryptocurrency has been ranging between $12.75 high and $11.67 low for the past seven days. That said, a dip from its current price ($12.16) would get strongly repelled by the $11.67 pivot point.

ETCUSD – 4-Hour Chart

Nonetheless, in the absence of sufficient trading volume, ETC will continue ranging between our proposed pivot zone ($12.75-$11.67), except a spike in the cryptocurrency market at large bails it out.

Meanwhile, our resistance levels are at $12.75, $13.00, and $14.00, and our support levels are at $12.00, $11.67, and $11.00.

Total Market Capitalization: $1.79 trillion

Ethereum Classic Market Capitalization: $1.4 billion

Ethereum Classic Dominance: 0.078%

 

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Ethereum Classic (ETC) Price Analysis: Etc Fluctuates in a Tight Range, Lacks Buyers at a Higher Price Level

Ethereum Classic (ETC) Price Analysis: Etc Fluctuates in a Tight Range, Lacks Buyers at a Higher Price Level

Key Highlights
ETC fluctuates in a tight range between $10 and $12.50
The altcoin faces resistance at level $14

Ethereum Classic (ETC) Current Statistics
The current price: $12.43
Market Capitalization: $2,618,808,479
Trading Volume: $1,304,360,093
Major supply zones: $18, $19, $20
Major demand zones: $11, $10, $9

Ethereum Classic (ETC) Price Analysis March 15, 2021
Ethereum Classic has been in a range-bound move since February 23 breakdown. The altcoin has been fluctuating between $10 and $12.50. On March 13, ETC rebounded above $12 support and rallied to $14 high. Buyers could not sustain the bullish momentum as the bears pushed the price back to the range-bound zone. Today, the bulls have recouped to resume a fresh uptrend.

ETC/USD- Daily Chart

Ethereum Classic (ETC) Technical Indicators Reading
The crypto’s price has broken above the resistance line of the descending channel. The implication is that the crypto is likely to rise on the upside. The Relative Strength Index is at level 53. It indicates that price has enough room to rally on the upside.

ETC/USD – Daily Chart

Conclusion
Ethereum Classic will resume upward if the resistance at level $14 is breached. On March 13 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. This retracement implies that ETC will rise to level 2.618 Fibonacci extensions or a high of $18. 68.

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Grayscale Increases Holdings in Ethereum Classic Despite Last Week’s Crypto Market Crash

Grayscale Increases Holdings in Ethereum Classic Despite Last Week’s Crypto Market Crash

Grayscale, the world’s largest cryptocurrency assets manager by AUM, has announced that it has increased its holdings in Ethereum Classic (ETC), Bitcoin Cash (BCH), and Litecoin (LTC). The recent acquisitions have brought the total value of the company’s crypto holdings to $39 billion.

According to a report published by Bybt, a cryptocurrency analytics firm, Grayscale purchased 80,300 ETC, 1,822 BCH, and 1,468 LTC last week.

Meanwhile, Bitcoin (BTC) remained the dominant asset held by Grayscale, as the investment company now has more than 655,500 Bitcoin in its possession with a total value of $32.7 billion at press time. Even though Bitcoin had a rough time last week, Grayscale has acquired about 6,748 BTC over the past 30 days.

The company’s total Ethereum Classic holding now stands at about $140 million. The cryptocurrency market valuation currently stands at $1.55 trillion and is down by 1.25 over the past 24 hours, as the cryptocurrency market struggles to pare recent losses.

ETCUSD – 4-Hour Chart

Key ETC Levels to Watch — March 8
The ETC traded on a mixed sentiment in the early hours on Monday and was last spotted around the $11.23 price point.

Since the last crash in February, the fifty-third-largest cryptocurrency has struggled to regain a strong bullish momentum to no avail. The cryptocurrency appears to be confined within a trading range between $12.21 and $10 over the past few weeks. Ethereum Classic has to post a sustained break above the $12.46 resistance to finally negate the consolidation range and reclaim its all-time high.

Meanwhile, our key resistance levels are at $12.46, $14.00, and $16.00. While our key support levels are at $10.57, $10.00, and $9.00.

Total Market Capitalization: $1.55 trillion

Ethereum Classic Market Capitalization: $1.3 billion

Ethereum Classic Dominance: 0.083%

 

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Ethereum Classic Price Analysis — March 1

Ethereum Classic Price Analysis — March 1

Ethereum Classic (ETC) traded with a mild bullish momentum in the early trading hours on Monday, as the cryptocurrency market slowly recovers from last week’s crash. The crash caused Bitcoin (BTC) and other cryptocurrencies to fall by double-digits under a few hours. At press time, ETC is trading at $10.80, up by about 3.3% on the day.

That said, the cryptocurrency market crash occurred in tandem with the entire legacy market. News reports show that Nasdaq 100 recorded its biggest slump since October last year, as US Treasury bond yields bolstered market mood.

The cryptocurrency market’s correlation with traditional financial markets and some of the largest indices, including the NASDAQ Composite and the S&P 500, is becoming increasingly glaring. Nonetheless, the cryptocurrency market took a massive beating last week, as it saw more than $300 billion get shaved off its valuation.

However, not all cryptocurrencies had a red weekend. Cardano (ADA) appeared to be unfazed by the bearish conditions surrounding the market and kept rising.

Meanwhile, the recent market correction can be construed as a healthy and necessary one, considering that the market had been on a parabolic bull run for several weeks before now. Naturally, investors begin to take out profits as markets get overleveraged, like what we just witnessed.

ETCUSD – 4-Hour Chart

Key ETC Levels to Watch — March 1

ETC is currently recovering from last week’s battering, which sent the fifty-fifth-largest cryptocurrency near the $9 area. That said, the cryptocurrency is trading below a descending trendline and has to break above this line to continue on this bullish momentum. This trendline is coinciding with the $11 psychological level, making it a crucial resistance for ETC.

Nonetheless, Ethereum Classic is currently deep in oversold conditions on our 4-hour chart, indicating that we could see a return to neutral levels (at least) on our MACD indicator in the coming days. This technical indication, coupled with the prevailing recovery mode across the crypto market, should boost the ETC in today’s session.

Meanwhile, our key resistance levels are at $11.00, $12.00, and $12.46. While our key support levels are at $10.57, $10.00, and $9.00.

Total Market Capitalization: $1.45 trillion

Ethereum Classic Market Capitalization: $1.2 billion

Ethereum Classic Dominance: 0.08%

 

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Ethereum Classic Price Analysis — February 22

Ethereum Classic Price Analysis — February 22

Ethereum Classic (ETC) is trading on a depressed momentum in the early trading hours on Monday, as most of the cryptocurrency market bleeds. The crypto market downturn got sponsored by the recent $3,000 drop in the price of Bitcoin (BTC).

Also, Ethereum (ETH) went back under the $2,000 round figure, exerting extra pressure on the ETC. That said, the entire cryptocurrency market cap has shed more than $70 billion over the past 24 hours.

The BTC correction got triggered by a rejection from its recent recording of a new all-time high at $58,480.

Meanwhile, most of the rest of the cryptocurrency market is down, with the ETC/USD trading down at -2.5% at $15.34 at press time. Polkadot (DOT), Cardano (ADA), and Chainlink (LINK) are trading down by -2%, -5%, and -4%, respectively.

Ripple is currently trading up at +14%, following reports that the cryptocurrency is now recognized as a business in Wyoming.

Meanwhile, Grayscale recently reported that it now has 12.28 million ETC under its management, boosting the prospects of a strong recovery in the cryptocurrency in the coming days.

ETCUSD – 4-Hour Chart

Key ETC Levels to Watch — February 22

Following a five-day-long consolidation between the $16.00 resistance and the $14.02 support, Ethereum Classic finally facilitated a bullish surge to the $17.60 high. However, this surge got rapidly undone by bears, who took the price back to the $14.40 area.

The cryptocurrency has since recovered from that fall but is now faced with the strong $16.00 hurdle. That said, ETC is nearing the end of our wedge pattern, indicating that it could facilitate a spike in either direction soon (however, most likely to the upside).

Meanwhile, our key resistance levels are at $16.00, $17.85, and $19.22. While our key support levels are at $14.02, $12.46, and $10.57.

Total Market Capitalization: $1.69 trillion

Ethereum Classic Market Capitalization: $1.7 billion

Ethereum Classic Dominance: 0.1%

 

You can purchase crypto coins here: Buy Coins

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
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$100 Min Deposit
9
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9.8

Highly volatile unregulated investment products. No EU investor protection.

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$100 Min Deposit
9.8
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$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
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$100 Min Deposit
9.8

Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.