• The ETC developers team announced the final call before the update.
  • Ethereum Classic (ETC/USD) is moving within the downside channel.
  • The critical resistance is located on the approach to $5.00.

Ethereum Classic, now the 25th largest digital asset with the current market value of $436 million and an average daily trading volume of $769 million, has recovered from the recent low of $3.55 to trade at $3.75 at the time of writing. Despite the recovery, the coin is still moving inside the range with a bearish bias. 

Agarata update is coming

The Ethereum Classic team is set to activate the  Agharta hard fork in January 2020. To finalize the process and check with the representatives of the four clients for ETC. 

Currently, the  Agharta hard fork is set to activate in mid-January 2020. The goal of this call is to reach a consensus on moving ECIP-1056 to the "Accepted" stage and to agree on a mainnet activation block number.

As we have previously reported, Agarata will be focused on compatibility with Ethereum blockchain. Also, the update will contain a series of critical network improvements terms of reliability and stability.

ETC/USD, the technical picture

ETC/USD has created the third red daily candle in a row, which bodes ill for the immediate price forecasts. The initial support is created by the lower line of the daily Bollinger Band at $3.67. Once it is out of the way, the downside is likely to gain traction with the next focus of the recent low of $3.55 (November 25), which is also the lowest level since December 2018. If it gives away, ETC may crash as low as $3.00 amid vanishing liquidity ahead of Christmas and New Year holiday.

On the upside, we will need to see a sustainable move $4.00 (the upper line of the daily Bollinger Band) to mitigate the initial pressure and allow for an extended recovery towards $4.40 ( SMA50 (Simple Moving Average) daily) and $4.85 (SMA100 daily). Once these barriers are out of the way, psychological $5.00 will come into focus. This resistance may limit the upside and trigger the downside correction.

ETC/USD, daily 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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin is not money even if it costs nearly $9,000 - Ray Dalio

Bitcoin (BTC) has settled below $8,700 after a short-lived move to $8,791 during early Asian hours. The first digital coin has stayed mostly unchanged both on a day-to-day basis.

More Bitcoin News

Litecoin price analysis: LTC/USD bulls desperate to push the price above $60.00

Litecoin, the 7th largest digital coin with the current market value of $3.6 billion, hit the intraday high at $59.14 and retreated below $58.00 by the time of writing, LTC/USD is changing hands at $57.95.

More Litecoin News

Ethereum is the most correlated crypto asset, research shows

Ethereum, the second-largest digital asset with the current market value of $18.4 billion, has lost nearly 1% since the beginning of Wednesday and stayed unchanged on a day-to-day basis. 

More Ethereum News

Why ETC/USD January upsurge unstoppable?

Ethereum Classic surge is still on despite the bearish wave across the cryptocurrency landscape. The digital asset has corrected 4.47% higher on the day.

More Ethereum Classic News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Bulls piggy-back on altcoins rally

This week was marked by a strong altcoins rally on the cryptocurrency markets. Bitcoin SV (BSV) and Dash experienced the sharpest price increase over 100% in recent seven days...

Read the weekly forecast

BTC

ETH

XRP