- Ethereum Classic developers are working on upgrades geared towards increasing compatibility with Ethereum network.
- Ethereum Classic bulls are focused on breaking the stubborn resistance at $10.
Ethereum Classic’s over 5% bull-rally on Monday dwarfs Bitcoin’s 0.42% rise, besides the other top three cryptos, Ethereum and Ripple are still grappling with losses. This bullish action commenced over the weekend and seems unstoppable towards the critical level at $10.
Ethereum Classic and Ethereum compatibility
A recent Ask Me Anything (AMA) session with Messari, Bob Summerwill Executive Director at ETC Cooperative discussed Ethereum Classic’s compatibility with Ethereum. The development team at ETC has already released two upgrades, Atlantis and Agharta which are designed to increase compatibility between the two networks.
“Reason or benefit for Ethereum compatibility is pretty obvious! Ethereum is by far the dominant smart contract platform (something like 90-95% of all dapps are on ETH). Compatibility means that such dapps can trivially be deployed on ETC as well,” Summerwill explained.
Ethereum Classic technical picture
ETC is struggling in the run-up to $10 despite the impressive gains from lows around $8.00. The resistances that have already been conquered include the 50 SMA on the 4-hour chart and the 61.8% Fib retracement level taken between the last swing high of $11.99 and a swing low at $4.30. Also supporting the surge is the RSI uptrend from levels under 50 to the current level at 70. If the price fails to penetrate past $10 and a reversal occurs, ETC will bank on finding support at $9.00 and $8.00, respectively.
ETC/USD 4-hour chart
-637157028048587259.png)
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.