Home / Coin Payment / Ethereum Classic [ETC] follows bullish trend despite a slide: Technical Analysis

Ethereum Classic [ETC] follows bullish trend despite a slide: Technical Analysis

On Friday, as the digital currency market appears to be doing gradual recovery, Ethereum Classic is also attempting to move into upward trajectory. Bitcoin seeing a minor gain resulted in a positive thrust over the major altcoins. The most valuable virtual asset in terms of market cap However, the gradual stepping in of the bulls has minutely affected the coin to trade in the green. In the last seven days, Ethereum Classic has slipped almost 2%.

ETC / USD

The MACD level suggests the digital asset, despite being a bullish zone. The 100 EMA line indicates that the coin is in downtrend. It is far from the key resistance level, which is marked at $ 4.59.

The hourly RSI indicator is found at 45.8, which implies an increased selling pressure and prevailing in the market space. Going by CoinMarketCap data, the overall market cap of the virtual currency stands at $ 470.80 million. The coin has inched up almost 1.53% against the U.S. dollar to be currently valued at $ 4.38.

Ethereum Classic

Ethereum Classic [ETC] price chart

ETC / BTC

The cryptocurrency has managed to crawl up 0.60% against Bitcoin [BTC] and at the moment, one is ETC is equivalent to 0.0011936 BTC

Ethereum Classic [ETC] Latest Updates

  • Earlier in January, cryptocurrency exchange Gate.io confirmed that 51 percent attack took place on Ethereum Classic and would like to absorb the loss of roughly $ 200,000 worth of Ethereum classic – about 40,000 ETC. However, on Saturday the exchange stated that the attacker returned $ 100,000 in ethereum classic. They tried to contact the attacker but did not receive any reply so far. Gate.io also warned stating that the hash power of ETC is "still not strong enough" and that there is a possibility of another 51 percent attack. At that time, the exchange identified three links that were tied to the attacker.
  • The future of Ethereum Classic appears to be bleak to some after the recent 51 percent attack on the network. However, the recent announcement of ETC shows that it is not taking a back seat, instead of gearing up to move forward and concentrating on the upcoming projects. ETC Labs launched a development team to focus on core ETC projects known as ETC Labs Core. The team will be supporting the blockchain and will be providing tools for decentralized application development, mining, and services.

See also:

51% attacker returns $ 100K worth of Ethereum Classic: Gate.io

Ethereum Classic Labs launch a new development team to focus on core ETC projects

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