Ethereum Classic Price Analysis – ETC/USD
Ethereum Classic is an open-source, public, blockchain-based distributed computing platform featuring smart contract functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine, which can execute scripts using an international network of public nodes.
The 17th largest cryptocurrency – Ethereum Classic having its current market cap traded at $423,434,386 (06:02 UTC) on January 29 dipped in current value by 31.3% compared to January 06 as analyzed from the graph above. The significant fall in value was due to the strong bearish pressure, macro factors and of courses competitive forces from around the world. However, the ETC/USD pair remained ‘uptrend’ from December 19 to January 06 as interpreted from the graph above which signifies the bullish trend since the ETC/USD pair increased dramatically by 13.9% compared to December 06 which can well be analyzed from the graph above, which signifies the bullish trend going forward.
Both the moving averages have declined since October 28 last year thereby creating downward pressure over the value as interpreted through the line in the graph above. Since current value trades below the 20-day EMA, which signifies ‘downtrend’ in value. Amid this SC shows that the bears have the upper hands as the ETC/USD pair remains in bearish trends for some time until the next “uptrend” takes place. Traders should remain on the sideline until the next ‘uptrend’ takes place as the ‘descending channel’ shows how this asset experienced downtrend in value until November 26 last year.
Now let me walk you through certain milestone that this cryptocurrency attained in the recent past. The ETC/USD pair remained range bound from December 17 to December 25 last year, as the cryptocurrency rallied from a low of $3.65 to a high of $5.83 which is a 59 percent return within seven days.
As we can quickly analyze from the graph above that the MCap stands at $423,434,386 (06:02 UTC) with the Price (BTC) 0.00114571 and Price/USD 3.92 (06:10 UTC) 24h Volume 135,519,337 USD (06:10 UTC) . As we can analyze from the graph above that Price USD traded all-time high on January 07 above Price USD and MCap. Since then it declined, and from January 12 onwards Price BTC took the lead until today however by trading above MCap and Price USD which can be interpreted from the graph above.
While we can estimate from the first graph, if bulls succeed in rising and sustaining above the current resistance level $4.38 (06:23 UTC) and create “uptrend” in value (i.e., traded above the EMA) the investors will start buying this currency more and more thereby increasing its value. However, based on the current trend, the next support level could be $4.05.
Ethereum Classic (ETC) is a smarter blockchain, and it is a network, a community, and a cryptocurrency that takes digital assets further. Besides this, it allows people to send a value to each other, and let execute for complex contracts that operate autonomously and cannot be modified or censored. ETC has some of the most extensive network activity of any blockchain, consistently higher than Bitcoin Cash, and neck-and-neck with Litecoin. The entire organization surrounded by multiple developer teams, all of whom are committed to the long term ETC vision. With this, they are in the top-10 in programmer activity (measured by code commits). We have numerous sources of funding, and we continue to grow, day-by-day, commit-by-commit, line-by-line of code to create a bullet-proof network that anyone can use. Amid this, ETC allows highly efficient value transfers (more so than Bitcoin and its variants), has a focus on IoT applications and runs a mathematically verified Ethereum Virtual Machine, or EVM. What this means is that ETC is excellent at what it sets out to do: be a highly efficient means of exchange that connects the world’s devices. The developer teams at ETC are working on the technology and partnerships that will allow for seamless use of the ETC network everywhere blockchain is needed!
Please feel free to visit https://ethereumclassic.org/ know more about this cryptocurrency!