- Ethereum Classic bulls struggle to sustain the recent triangle resistance breakout towards $13.00.
- Ethereum Classic network anticipates two significant upgrades by May 2020.
Ethereum Classic is among the biggest single-digit gainers on Monday towards the end of the Asian session. The price is 4.71% higher after the correction from $11.3732 (opening value) to $11.90 (market value). The intraday cryptocurrency live rates show ETC trading in a strong bullish trend and high volatility levels.
Ethereum Classic community gears up for two confirmed updates
The Ethereum Classic network is moving towards a couple of key confirmed upgrades; the Phoenix and Aztlan upgrades. Phoenix is more or less a correction update in preparation for the Aztlan upgrade. However, Phoenix’s implementation has to be supported by the majority of community members. Following, Phoenix, Aztlan is scheduled to take place in May 2020.
Ethereum Classic technical picture
ETC/USD was among the best performing cryptocurrency in January. After starting the year around $4.50, ETC soared to highs around $12.86. Downward corrections have been endued but contained mainly above $8.00.
The most prominent move in the last seven days is Ethereum Classic breakout above a key symmetrical triangle resistance. The breakthrough is still making attempts to reverse the negative correction since the surge took a breather at $12.86.
For now, the trend is bullish and the bulls seem to be focused on the recovery towards $13.00. The RSI confirms the presence of the bulls following the bounce upwards from the average (50). $12.00 is the stubborn resistance, giving the bulls a hard time. As for lower corrections, the 50 SMA at $11.00 on the 4-hour is established as a short term support area in addition to the 100 SMA at $10.00 and the main support at $8.00.
ETC/USD 4-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. 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
Top 3 meme coins Dogecoin, Shiba Inu and Bonk: Bitcoin gains could fuel recovery in DOGE, SHIB, BONK
Prices of meme coins Dogecoin (DOGE), Shiba Inu (SHIB) and Bonk (BONK) are broadly steady on Tuesday, as the broader crypto market recovers on the back of Bitcoin’s recent gains. BTC climbed to a high of $64,400 on Tuesday, catalyzing gains in altcoins.
XRP holders to see redacted versions of SEC reply in Ripple lawsuit on Wednesday
Ripple (XRP) lawsuit’s latest development is Securities and Exchange Commission (SEC) filing, under seal. The regulator has filed its reply brief and supporting exhibits and the documents will be made public on Wednesday, May 8.
Polygon launches zk-based Ethereum scaling solution Miden on testnet, fuelling Layer 2 war
Polygon (MATIC), the largest Ethereum scaling solution, announced on Monday the launch of its zero-knowledge (zk) based “Miden”, a scaler to boost Ethereum chain’s capabilities.
Bitcoin miner Marathon Digital stock gains ground after listing by S&P Global
Following Bitcoin miner Marathon Digital's inclusion as an upcoming member of the S&P SmallCap 600, the company's stock received an 18% boost, accompanied by an $800 million rise in market cap.
Bitcoin: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.