Ethereum Classic (ETC) goes ballistic, hits $14.00 on Coinbase

ETC is one of the best perfroming coins of the day.
Further upside may be capped by $8.00.

Tanya Abrosimova Independent Analyst

Ethereum Classic (ETC) is one of the best-performing cryptocurrencies out of top-20 with over 10% of gains in recent 24 hours. The coin established an intraday high at $8.00 before retracing to $7.57 by the time of writing. ETC takes the 17th place in the global cryptocurrency market rating with the market value of $808 million and an average trading volume of $1.4 billion which is the highest figure since January, 2018.

Interestingly, on Coinbase, the price catapulted towards $14.00, indicating a strong demand for ETC on this trading platform/ At the time of writing, ETC price on Coinbase returned to $7.6, which is in line with average numbers. Meanwhile, Coinbase is responsible for over 37% of all ETC trading volumes.

ETC fard fork is looming

The Sunday’s rally coincided with the announcement of the upcoming update of the Ethereum Classic blockchain. The developers made a call for implementing ECIP-1054, which will “enable the outstanding Ethereum Foundation Spurious Dragon and Byzantium network protocol upgrades on the Ethereum Classic network,” according to the post on GitHub. This will result in a hard fork. The community members are expected to have their say on the suggested updates.

Ethereum Classic technical picture

ETC/USD has entered an uncharted territory. Now the local support is created by $7.00, while a sustainable move lower will increased the downside pressure with the next focus on $6.60 (SMA100, 30-min and SMA50 1-hour) followed by psychological $6.00 and $5.60 strengthened by SMA100 (1-hour). On the upside, the resistance lies with $8.00.

ETC/USD, 1-hour chart

Author

Tanya Abrosimova

Independent Analyst

Mixed signals leave XRP and XLM at crossroads

Ripple and Stellar are trading at critical technical levels on Thursday. XRP has stabilized above the psychological $1.00 support, while XLM is testing support at $0.173. Traders should be cautious as mixed derivatives metrics keep the outlook uncertain for both altcoins. Derivatives data shows mixed sentiment among traders. CoinGlass’ long-to-short ratio for XRP reads 1.02 on Thursday.

Robinhood revenue climbs 32% to record $1.3B in Q2, crypto earnings decline 38%

Robinhood hit record revenue for the second quarter of the year, with total net revenue rising 32% year-over-year to $1.31 billion, according to its earnings report on Wednesday. The exchange witnessed strong growth across equities, options and event contracts.

Bitcoin trails US Dollar as Fed holds rate steady

The Federal Reserve kept its benchmark interest rate unchanged at 3.50% to 3.75% at its July meeting on Wednesday, in line with market expectations. Minutes from the meeting showed that economic activity has been expanding at a solid pace despite elevated uncertainty. The central bank also noted that job gains have "kept pace with the workforce."

Ethereum: Can Fed decision unsettle the calmness in ETH?

Ethereum climbed above $1,900 on Wednesday following the Federal Open Market Committee's (FOMC) decision to leave interest rates unchanged at 3.50-3.75%. The decision follows a quiet derivatives and spot market for the top altcoin, with traders waiting for the decision before making a move, according to CryptoQuant analysts.

Bitcoin: BTC holds firm, but the $100 Oil threat could change the game

Bitcoin (BTC) is modestly recovering, trading at $65,400 on Friday and holding firmly above the key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) supported BTC’s modest recovery as they continued to attract institutional inflows through Thursday, pointing to the third consecutive week of inflows.