Ethereum Classic has been aggressively making its way back towards the all-time-highs of $47.37 versus the USD. On Monday, it broke above the daily Ichimoku cloud in one strong bullish move, testing the resistance level of $39.60 and the 23% Fibonacci retracement level. If it is able to break above this level on Tuesday, we could see the potential of reaching new highs in the coming days. Ethereum Classic is a split from Ethereum. It’s is an open-source, public, blockchain-based distributed computing platform featuring smart contract functionality. Both blockchains are identical in every way up until block 1,920,000. That’s where there came a hard-fork to refund The DAO token holders. The DAO is short for Decentralized Autonomous Organization, which raised $150m in ether earlier this year during a public crowdsale.However, the DAO was hacked, attacked or otherwise compromised as the votes were getting in. The ethereum community eventually held a vote, with the majority of participants agreeing that they wanted to change ethereum's code to get the funds back to investors - and away from the attacker. People who were opposed to the hard fork decided to stick with the original chain calling it “Ethereum Classic.” Now while Ethereum has risen a lot higher in terms of value compared to Ethereum Classic, the latter appears to be on a faster track to recovery from the losses earlier this month. Thanks for watching, invest responsibly, and I’ll see you with more updates tomorrow.
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