Ethereum Classic (ETC) developers to deploy Atlantis in the test network; ETC/USD jumps above weekly SMA50

ETC/USD is the best performing cryptocurrency of the day.
Atlantis update will be launched in the test network on June 19.

Tanya Abrosimova Independent Analyst

Ethereum classic is a big winner today. The 17th largest coin with the current market capitalization of $955 million gained over 7% in recent 24 hours to trade at $8.6 by the time of writing, while Bitcoin and all major altcoins stayed in tight ranges amid low trading activity. ETH/USD surpassed SMA50 (Simple Moving Average) on a weekly chart for the first time since August 2018.

Looking technically, ETC/USD is supported by $8.00 with SMA100 and SMA50 (1-hour) located on approach. A sustainable move below this handle will open up the way towards the next bearish aim of $7.36 (June, 6 low). On the upside, the local resistance is created by the intarday high of $8,70 followed by psychological $9.00.

What's going on

Ethereum Classic network is getting ready for a major update known as Atlantis. While the exact date of the update remains unknown, the developers are going to deploy its code in the test network as early as on June 19.

This update will implement the changes suggested by the original Ethereum network in 2017 to improve interoperability between ETH and ETC blockchains and facilitate dApps migration from one system to the other.

Notably, on the previous week, some developers expressed concerns about the fixed size of the smart-contracts code. This change will require hardfork without backward compatibility. Meanwhile, other developers believe that it can be done via a soft fork, which would not require mandatory updates of client stations. This question will be discussed on June 13.