Ethereum Classic price analysis: ETC\USD defies gravity as Coinbases promises to launch ETC trading in coming months

  • Coinbase extends the list of tradable instruments with Ethereum Classic.
  • ETC/USD experiences strong recovery amid otherwise quiet market.

Coinbase is among the most popular cryptocurrency exchanges, an ultimate goal for many coins. Currently, it supports only four coins (Bitcoin, Bitcoin Cash, Litecoin, and Ethereum). Recently, the company announced its plans to expand the list of tradable instruments with Bitcoin forks and ERC20 tokens, with Ethereum Classic is an obvious candidate for that.

Ethereum Classic was born through a hard fork initiated on Ethereum blockchain following DAO attack. Actually, Ethereum (ETH) is the forked cryptocurrency, but it gained more support, thus, it took the original name and symbol, while the supporters of the initial protocol had to rebrand their coin into Ethereum Classic (ETC). Now ETC takes the 18th place in the ranking of global cryptocurrencies with market capitalization $1.5B and daily trading volume about $380M.

"We are pleased to announce our intention to add support for Ethereum Classic (ETC) to Coinbase in the coming months. We are announcing this both internally and to the public consistent with our process for adding new assets," the company explained in its official blog. 

"When we reach the final testing of the technical integration, we will announce a date that customers on Pro and Prime can begin placing limit orders on the Ethereum Classic order book on Coinbase Markets. Once that resting market reaches sufficient liquidity, we will then enable trading." 

ETC/USD reacted strongly to the news. The coin jumped more than 20% in a single hour and recovered all the losses incurred during the weekend. The price bottomed out at $12.00, which is the lowest level since November 2017 and spiked to $16.00 before the profit-taking on speculative accounts triggered a correction. Currently, ETC/USD is trading at $15.50 with major long-term resistance at $17.70, created by 100-DMA. 

ETC/USD, the daily chart


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