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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Author : Azeez Mustapha

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