- ETC is one of the best perfroming coins of the day.
- Further upside may be capped by $8.00.
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
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.