Ethereum Classic (ETC) is currently trading at $19.65, a rise from the previous price. The crypto currently ranks 23rd CoinMarketCapShe shows signs of life. The token’s 24-hour trading volume stands at $332,995,651.
ETC’s 24-hour low is $18.20 while the high was $20.15. the market capitalization Ethereum Classic is also up over 8% and is currently valued at $2,704,849,374.
The crypto market is generally in a downtrend. This week was more positive, with some tokens staging positive rallies.
Traders are still uncertain as to the true direction of the market and whether the support levels are finally breaking Resistance will surpass. Institutional traders are increasing their crypto holdings over the long term.
Currently has confidence in cryptocurrencies hit an all-time low with the resolution of FTX. However, some traders are consolidating their positions and buying the pullback.
What Raises the Price of Ethereum Classic Amid a Possible Market Rally?
Macroeconomic factors are mainly responsible for the price movements observed in cryptocurrencies. Ethereum Classic is rising due to traders’ optimism about the token’s value.
Built from an Ethereum Hard forkthe wide acceptance of the parent Blockchain also helped the project. However, Ethereum itself is currently in a bearish phase. Evidence of stake migration has not impacted the price of ETH significantly as it has continued to decline.
Ethereum Classic, on the other hand, has no plans on Proof of Stake to switch and will continue to be mined. Miners’ profit motivation has served their cause even in the ongoing bear market of 2022.
The announcement of the President of El Salvador, Nayib Bukele, 1 BTC buying per day also helped the market rebound.
The price of ETC is currently hovering above $19. | Source: ETCUSD price chart from TradingView.com
ETC is tentatively bullish
Ethereum classic, despite its rally, will face resistance at the $21.7 and $26.5 levels if there is an upward move. The crypto asset’s support levels are at $15.9; if it breaches it, the coin will continue falling to the $13.2 level.
macD shows signs of tentative price action; this means the positive dynamics detected in the asset; may not be sustained.
A golden cross formation can be seen on this chart with the 50-day MA crossing the 100-day MA. This implies that an uptrend can be expected in the short term for Ethereum Classic.
Market forces and investor sentiment will also play an important role in near-term price action. Individuals are adjusting their investment portfolios, with fear and panic being commonplace in the market.
With the current price development, it is not likely that Ethereum Classic will be up anytime soon all-time high return from $176.16. Crypto analysts believe Ethereum classic will recover from the slump in the coming months.
Despite its close affiliation with Ethereum, the price correlation between the two assets has barely existed.
Featured image from Pixabay and chart from TradingView.com
Source: Crypto News Deutsch