Analysis

Ethereum Classic (ETC/USD) breaks above descending trendline but exercise caution


  • Ethereum Basic is up 18% within the week

  • The community has witnessed an elevated hash fee

  • Ethereum Basic nonetheless faces bear stress at $19

Ethereum Basic (ETC/USD) has been of bull curiosity within the final two days. Regardless of dropping by an intraday 1% on Friday, it was nonetheless up 18% within the week. A majority of those positive factors occurred on January 04, 2023. The positive factors pushed the cryptocurrency above an important descending trendline that has contained ETC for some time. However how far can ETC positive factors proceed?

Ethereum Basic was tipped for achievement when Ethereum shifted to the Proof of Stake protocol. Ethereum Basic is itself a Proof of Work protocol. Thus, Ethereum’s shift, also called the Merge, was anticipated to push PoW miners to Ethereum Basic. Though initially boosting the worth, ETC later crashed because the speculations waned.

The newest ETC positive factors reignite hopes of miner exercise on Ethereum Basic. Whereas the hash fee went downward in December 2022, it began to realize momentum towards the brand new 12 months. The hash fee improved from 97.5975 TH/s on December 27 to 111.7497 TH/s on December 30, based on CoinWarz knowledge. That would point out elevated miner exercise and ETC transactions which boosted costs after the brand new 12 months. However consumers could must train warning on the present value stage.

Bullish ETC nonetheless dealing with bearish stress regardless of breakout

ETC/USD Chart by TradingView

A technical outlook exhibits momentum has elevated strongly for ETC. The MACD indicator is trying to interrupt above the impartial zone. Nonetheless, bears are attempting to power a correction after ETC reached resistance at $19.

What to do with ETC?

Regardless of breaking above the descending trendline, ETC is dealing with a correction. The worth is but to commerce above the earlier excessive.

A break above the $19 resistance is the wanted validation to contemplate additional upsides. Buyers ought to solely purchase ETC if it recovers above $19 with a confirmed bullish momentum. On the present value, ETC nonetheless faces a stoop again to the $14 backside value. 

The place to purchase ETC

eToro

eToro gives a variety of cryptos, akin to Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro customers can join with, be taught from, and duplicate or get copied by different customers.

Purchase ETC with eToro in the present day

Binance

Binance is without doubt one of the largest cryptocurrency exchanges on this planet. It’s higher suited to extra skilled traders and it gives numerous cryptocurrencies to select from, at over 600.

Binance can also be recognized for having low buying and selling charges and a a number of of buying and selling choices that its customers can profit from, akin to; peer-to-peer buying and selling, margin buying and selling and spot buying and selling.

Purchase ETC with Binance in the present day

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