Ethereum Classic price analysis: ETC/USD up 7% on the day, but still locked within Andrew's pitchfork

  • Ethereum Classic is among recovery leaders with 15% from the recent low.
  • ETC developers make long-term chain improvements.

Ethereum Classic has endured tough time in the market as nearly 50% of its value was wiped out during the previous month. ETC/USD dropped to $13.04 on April 1, which is the lowest level since November 2017. Since that time the coin managed to gain about 15% and became one of the growth leaders on the cryptocurrency market.

Ethereum Classic was born due to the hard fork on Ethereum blockchain following the DAO Attack. ETC is based on the original chain, while Ethereum (ETH) is the newer coin that was created during the fork.

Since that time ETH became the second largest coin in the market as most of the key figures in the Ethereum community (including Vitalik Buterin) moved on to the new chai, while ETC is ranked 17th with current market capitalization $1.5B.

Now that ETH is facing new roadblocks and possibly a new fork due to contradictory ASIC mining rigs, ETH has got a chance to gain popularity among cryptocurrency traders. ETC developers have announced plans to make the coin more scalable and attractive to users through integration with the Internet of Things (IoT) integration and building a platform that would allow 3d party developers to create their dApps based on ETC blockchain.

Ethereum Classic technical picture

From the longer-term perspective, ETC/USD continues moving within the downside channel with the critical resistance line now at $16.00. This is former support, created by broken double bottom formation, strengthened by the upper line of downward-looking Andrew's pitchfork. Once it is broken on the daily close basis, the upside may be extended towards $20.00.

On the downside, a move below $14.00 (100-SMA, hourly interval) will expose April 1 minimum at $13.04 and critical $10.00.

ETC/USD, the daily chart

ETC/USD, the daily chart

 

 

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