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Ethereum Classic rose 10% against the US dollar, coinciding with the announcement of Robinhood to add the currency to its trading app.
The undocumented version of Ethereum had begun recording earnings shortly after Coinbase, one of the world's major cryptocurrency bags announced that it would add the currency to its portfolio. On August 3, the day of the announcement, ETC / USD had set an intraday low for $ 14.11. However, the pair collectively acquired 18% in value on the same day in all trades, confirming the impact of Coinbase.
On the same day also the moderate selling pressure, under the influence of which Ethereum Classic fell to $ 15,82 on the Kraken Exchange. However, the downside has never intensified its stay, and the price eventually began to consolidate within a strict range of $ 1-1.5. And today, on August 6, ETC / USD gained 10% in value, while other better currencies, including Bitcoin and Ethereum, continued to underperform.
At the time of writing this article, the market capitalization of Ethereum Classic is $ 1.90 billion.
A Technical Opinion on ETC / USD
The ETC / USD, which had previously traded below the rising trend line represented in orange, attempted a positive breakout in the last three days. Purchasing sentiment is further confirmed by other technical indicators, mainly RSI and Stochastic, which have entered the overbought area on a 4H card. Furthermore, the fact that the 200H moving average of the ETC / USD has exceeded the moving averages of 100H and 50H adds to the current bullish trend in the market.
As for the ideal long / short positions, Ethereum Classic is now above 61.8% The Fibonacci level of the latest downtrend fluctuates between $ 19.00 and $ 14.12. The current bullish momentum considers $ 18.69 a long ideal position (a strong resistance level since July 2018). If it is broken, a long position towards $ 19.00 as the primary upward target would seem ideal, given a 2 pip stop loss below the entry position is placed to safeguard positions against potential bias reversals.
Meanwhile, the uptrend line could keep providing support for the prevailing upward trend.
Potential Pullbacks
Cryptocurrency markets are not known to handle an upward rush during the night for longer periods. Just in the last week, we saw Tron record impressive gains in 24 hours, partly due to strong fundamental factors, but the currency also saw a large landfill, erasing every gain it had made during its upward short run term.
The advantage of Ethereum Classic could reverse at any time if the other best coins start attracting buyers, now that they can be purchased at low cost. If it were to happen, putting it short towards the rising trend line could bring decent intraday profits.
We will continue to monitor the ETC / USD markets for further critical updates.
Close-up image of Shutterstock. TradingView Charts.
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