Ethereum Classic price analysis: ETC/USD and other digital assets are lagging reaction to Twitter banning cryptocurrency ads
|Twitter ban is not official; however, it is in works and will be unveiled soon.
The 23.6% Fibonacci retracement level is acting as the immediate support in case of a trend reversal.
Ethereum Classic price is firming around the uptrend that started on Monday this week. The price gained momentum and broke above the $20.00 resistance level despite the news from one of the leading social sites, Twitter that it will ban ads related to cryptocurrencies and ICOs.
Twitter will be joining other social sites like Facebook and Google who have also said that they will ban advertisements relating to the digital assets. The ban by Twitter is however not official but reports indicate that it is in works and will be announced soon. These sites are moving forth with banning cryptocurrencies because of the unregulated practices in the industry as well as fraud emanating from increasing scams.
Ethereum Classic price is currently trading close to the 21-simple moving average trendline. The short-term trend indicator is forming a support line for Ethereum Classic price on the hourly chart. The price broke above the 23.6% Fibonacci retracement level with the previous swing high of $21.36 and a $14.40 low. The retracement is now acting as the immediate support level at $19.8. In case Ethereum price encounters a trend reversal, the declines could be stopped by the major resistance at the $18.00 level.
ETC/USD hourly price chart
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