Ethereum Classic price analysis: Retreats from $21.11 intraday high as trading volumes surge above $600K
|- Robinhood adds ETC support ahead of Coinbase listing going live; trading volume spikes.
- Ethereum price retreats from highs above $21.00, but the support at $18.00 is holding ground.
Ethereum Classic is in the limelight after Coinbase announced last week that ETC transfers on Coinbase Pro and Coinbase Prime will be enabled today. Trading on Coinbase Consumer will be opened in 1 to 2 weeks after liquidity has been established on the cryptocurrency exchange.
In other significant Ethereum Classic news, Robinhood added support for ETC on the commission-free trading app, which is currently available in at least 19 U.S states. The trading commenced yesterday. This, coupled with the hype surrounding Coinbase listing has seen a surge in Ethereum Classic trading volumes. CoinMarketCap indicates that the trading volume is at $671 million in the last 24 hours while the volume at the close of the session yesterday was $347 million. Ethereum Classic market capitalization is also reflecting the surge after ETC overtook Tron (TRX) to claim the 11th position in the market.
Ethereum Classic price analysis
Ethereum Classic price started to climb higher after trading lows of $17.85 on Monday 6. The spike continued on Tuesday as ETC/USD broke the stubborn resistance at $18.00 and the critical resistance at $20.00. The asset traded highs of $21.11 before correcting lower on the day.
The weak support at the 61.8% Fib retracement level could not stop the sharp descent as the sellers sought for equilibrium after the surge. Both the trendline and the 100 simple moving average on the 15-minutes timeframe chart supported the price preventing declines towards $18.00 key support. Although the bulls have been pushing for higher corrections, ETC/USD upside has been capped by the resistance at $19.50. The crypto is currently trading at $19.1 while facing immediate resistance at the 50% Fib level between the highs of $21.11 and lows of $17.86.
Ethereum Classic is trading a contracting triangle pattern, which means a breakout is close. A break above the $19.50 resistance will open the door for more upside correction above $20.00. However, if ETC/USD breaks the contracting triangle support at the 38.2% Fibo at $18.94, then the asset could breakdown towards the support at $18.00. In the meantime, a support above $19.00 is important to the buyers.
ETC/USD 15-minutes chart
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