Ethereum Classic Market Analysis — April 5

5 April 2021 | Updated: 5 April 2021

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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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.