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Ethereum Classic (ETC) has remained relatively stable in recent years in relation to other cryptocurrencies. ETC is down 68% from its January high. The market capitalization stands at 1.56 billion US dollars, with 341 million dollars traded in the last 24 hours putting the cryptocurrency at number 14 in the BraveNewCoin market capitalization table.
ETC was born of a laborious anti-aircraft that follows the decentralized autonomous organization (DAO) hack in June 2016, which led to ~ 50 million US dollars dried up by the DAO through recursive call attacks. The DAO was originally set up as a venture capital fund built on Ethereum and launched with crowdsale in April 2016. In May 2016, the fund held about 14% of the total supply of Ethereum, about ~ US $ 150 million, from 11,000 investors.
A stiff fork in the original Ethereum chain quickly followed to recover the hacked funds and the original chain survived as Ethereum Classic. Supporters of ETC have questioned the immutability of the ETH ledger after the implementation of the hard fork solution. In addition, ETC developers and the community agreed to limit ETC issuance and reduce the ETC block premium.
Barry Silbert, founder and CEO of Digital Currency Group (DCG), was one of the most prominent members of the community who embraced ETC and encouraging the future development through IOHK based in Hong Kong. A subsidiary of DCG, Grayscale, is a fund made up of several funds that issue actions guaranteed by cryptography. Trust issues shares for an ETC product that currently has $ 70.5 million under management representing 4,692,000 ETCs, accounting for 4.5% of all ETCs available.
Post-DAO fork ETC transactions per day rose steadily and average transaction fees remained relatively stable. Like all other cryptocurrencies, transactions peaked at the start of the year, declined and started to grow again. ETC currently cancels around 49,000 transactions a day, compared to ETH's 538,000 transactions. ETC fees have remained only a small percentage of those associated with ETH, but this is largely the result of fewer dApp transactions and activities.
The 30-day Kalichkin Network's estimated value of daily chain transactions (NVTs) has increased since April and currently flirts with record highs. This increase suggests that the price increase is not supported by the economic activity of the blockchain, or that the currency is overvalued on the basis of its usefulness. However, the points of decline in NVT may be the guiding indicators for a reversal of the value of a resource.
The hash rate and difficulty were tumultuous in the last year, with both high records in recent weeks. The "difficulty bomb" or the artificial increase of mining difficulties were removed with ECIP 1041 on May 29 of this year. The change was designed to increase mining profitability and stabilize the network.
With the continued decline in the hash frequency and the increase in difficulty, there was the risk of a deadly chain spiral, where blocking times were lengthening and lengthening, block premiums continue to decrease and more hash rate leaves the network. A recent increase in the hashish rate has probably been influenced by the market sentiment surrounding ETC's listing on Coinbase. The current hashrate of the ETC is now equal to ~ 5% of the hash rate of the Eth.
While there are no plans to implement the test consent protocol on ETC blockchain, GETH 5.5.0 will be released on July 28 , and an ETC summit will be held on 12-13 September in Seoul, South Korea. The ETH project on GitHub had a total of 921 commissions in the last year. Most coins use the GitHub developer community, where files are saved in folders called "repository" or "repos" and changes to these files are recorded with "commit". Although commits represent quantity and not necessarily quality, a higher number of commits
The ETH traded volume in the last 24 hours has been mainly driven by ether (USDT), Bitcoin (BTC) and US dollar (USD) pairs. Most of the exchanges took place on OKEx, Binance and Huobi. ETC has announced several announcements of listing of cryptographic resources in the last year, including the addition to Binance, Robinhood, Coinbase and a USD pair added to Bittrex . Coinbase has briefly enabled ETC post-DAO fork withdrawals for those who hold ETH on the platform at the time.
Technical Analysis
ETC has been listed on several new stock exchanges recently, which may make it difficult to create pair charts due to limited price data for the new listings. ETC has been listed on Poloniex for the longest duration of time, but many users have left Poloniex for other exchanges. Ideally, there is an index to merge and smooth all data.
Despite interrupted data, chart patterns, exponential moving averages (EMA) and Ichimoku Cloud can be used to determine entry points and goals for negotiations. Further basic information on the technical analyzes discussed below is available here.
In the daily chart, the price structure is reminiscent of a disordered and slow inversion of head and shoulders. The distinctive traits of this bearish model include a descending volume profile and a series of three extreme levels, with the second highest exceeding the first and third maximum. The volume profile is probably very noisy over the past year due to the fundamental variables listed above. If the model breaks, as expected, a stop loss should be placed close to the recent local maximum of ~ US $ 21.
The long / short open interest on the ETC / USD pair leans heavily on the long side at 95: 1 The long / short open interest on the ETC / BTC pair is clear. This suggests that the sentiment is bullish on the USD pair, but remains bearish on ETC's ability to make gains on BTC.
The 50 / 200EMA are currently strongly crossed. A recent 200EMA test preceded the ETC on Coinbase. A 50 / 200EMA bullish cross and / or a 200EMA violation may be considered bullish input signals. There are no bullish or bearish divergences active.
Moving on to the Ichimoku cloud, four metrics are used to determine if there is a trend; the current price in relation to the Cloud, the color of the Cloud (red for bearish, green for bullish), the Tenkan (T) and Kijun (K) cross and the Lagging Span. The best voice always occurs when most signals go from bearish to bullish or vice versa.
The status of the current cloud metrics in the daily time frame with individual settings (10/30/60/30) for faster signals are neutral to bearish; the price is below the Cloud, the Cloud is bullish, the TK lines touch, and Lagging Span is below the Cloud and the price. A traditional long entry will not trigger until the price is higher than the Cloud. Because of the amount of noise both in the price and in the cloud using these settings, the use of higher time signals or more data acquisition is probably more conservative.
The current cloud state the metrics in the daily time frame with double settings (20/60/120/30) for more precise signals are mainly downward; the price is below the Cloud, the Cloud is bearish, the cross TK is bullish and the Lagging Span is below the Cloud and the price. Again, a traditional long entry will not trigger until the price will be higher than the Cloud. A recent touch of the long plate Kumo represents both resistance and a magnet for the price. A bearish TK crossing under Cloud will trigger a short entry
In the daily pair ETC / BTC, volatility has been high in recent months, which coincides with a wide price range The volume profile of the visible range (VPVR) from August 2016 shows most of the volume occurred near the current price. VPVR suggests that buyers will probably enter the market at this level or close to them, as they did in the past. There is a long-term resistance aimed at horizontal support at 0.00165BTC.
In the two-day ETC / ETH pair, the price seems to have broken a multi-year Falling Wedge (FW) coupled with the completion of an edge-to-cloud cloud trade edge (E2E). An FW is a bullish reversal pattern represented by a narrowing of the price range in the downward direction until sellers' exhaustion. An E2E Cloud trade triggers when the price closes in the Cloud, with the goal representing the opposite side of the Cloud. Both the FW and the E2E are highly indicative of the future upward trend for the pair. A price close to the Cloud, if it should happen, will be the first in the couple's history.
Conclusion
The ETH vs. ETC debate began on a matter of principle concerning the immutability of the blockchain, as well as speculators and miners seeking the opportunity to profit from a forked chain. ETC continued to survive and began to thrive after removing a bomb of difficulty that threatened to shut down the network completely. ETC has also benefited from the extension of the listings of the exchange lists, but it remains to be seen whether access to the ramps on the rail will make the difference in the price.
Technicians for the ETC / USD pair suggest that the price is poised on the precipice of a sharp decline due to its proximity to a long-term trendline of support. The ETC / BTC pair has no confident or bearish entry signs at the current time due to the large side radius. The ETC / ETH chart suggests that ETC will continue to gain market share compared to ETH in the coming months
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