Ethereum Classic’s ETC Labs launches startup incubation project: ETC/USD recovery stalls below $10.00

In an interview on Thursday 11 the director of ETC Labs of Ethereum Classic announced the beginning of an incubation program that will see at least 24 startups support every year. According to Elizabeth Kukko, ETC Labs is already working with 6 startups this year in a pilot scheme. However, the main launch is expected to in the Q1 of 2019. Kukko explains:

“The goal of this pilot program is to put the incubator model to work and get feedback from these initial teams before going live.”

While responding to question of how they decided to with Ethereum Classic, Kukko said that:

“[We chose] Ethereum Classic because there is a lot of security on the main layer, and it doesn’t really matter what sidechains are used in conjunction to this.” She continued “Also, the Ethereum Classic space is very competitive, with a lot of good ideas and startups with immense potential for growth.”

Ethereum Classic (ETC) technical picture

The above news come at the time when Ethereum Classic market capitalization continues to deflate amid widespread crypto selloffs. Ethereum Classic is currently a $996 million crypto ranked 16^th in the market according to the data on CoinMarketCap.

Following the declines on Thursday 11, Ethereum made a brief recovery from the vital support at $9.00. The upside is, however, held hostage below $9.6 although the bulls are looking forward to $10.00 in the near-term. In the interim, ETC/USD must defend the support at $9.4 to avoid declines to the primary support area. The 100SMA will limited gains towards $10.00 while a break above this level will face the resistance at the 50SMA at $10.449. The trend is in the favor of the bulls as indicators continues to send positive signals.

ETH/USD hourly chart