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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Author : Azeez Mustapha

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