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

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