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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.
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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