Ethereum Classic exceeds $ 2 billion to set the new 2018 high



C & # 39; is a new top 10 cryptocurrency.

At the time of printing, the total value of all ether classic (ETC), the cryptocurrency that feeds the classic ethereum blockchain, has surpassed $ 2.2 billion, a move that has helped jump from 12th place to the beginning of the day to 10th place according to CoinMarketCap.

Better known as the original blockchain ethereum, or the version where funds stolen in a high-profile hack of 2016 still belong to the attacker, ethereum The classic is taking advantage of the tailwinds provided by the main market quotations.

Already on August 6th ETC was added to the US encryption exchange RobinHood, news that was followed by a price increase between access to new market liquidity. As a result, the listing could be seen as a catalyst that helped ETC climb a significant resistance to $ 19, a level that failed to climb on several occasions.

Proposed in part by the announcement, ETC is currently up by 8.5% on the day, a figure that has helped to gain ground on competing cryptocurrencies.

At 2:00 UTC, classic ether surpassed MIOTA, the cryptocurrency that powers the IOTA blockchain, claiming the eleventh place on the CoinMarketCap chart and creating a new 2018 high of $ 20.37.

Bitfinex data show that classic ether was widely traded between $ 14.18 and $ 18.99 from mid-May, slipping only once below. However, a Coinbase announcement earlier this month, one that stated ETC's listing on its exchange, helped push prices higher on June 21st.

As a result of an increase in the retail investor interest driven by greater market accessibility traders are once again switching to classical ether, an asset that could continue before the expected listing of Coinbase tomorrow.

Daily Chart

The daily chart for classic ether is in favor of the bulls with an enlargement of the MACD lines (blue and orange) and the histogram that ticks , confirming the strength of his most recent move.

Also, a bullish peak seen on August 3 and 6 provided a substantial sustain by pushing it to the $ 19 resistance line, which had acted as a rigid psychological barrier since May 13.

A pullback is expected in the coming days as the Relative Strength Index (RSI) exceeded its highest levels in three months at 64.87 points and started to curve down, marking the peak of bullish momentum.

Weekly Chart

The break from the symmetrical triangle seen on the weekly chart adds credibility to a longer-term bullish continuation since these graphic patterns historically offer more buying signals strong on longer times.

The growing total volume is already at the same levels as the previous week of 23 July, with the bulls aiming to double the total current volume to match the previous week of July 30 to 4.42 million.

View

  • The continuation is probable because the bulls have already matched the previous weekly volume (July 16 – July 23)
  • Weekly levels RSI seems healthy and shows only a slight increase in momentum, signaling space for further growth
  • The symmetrical bullish triangle has allowed the continuation of the upside with prices that break the level of long-term resistance to $ 19
  • A pullback before cont. realization is also a potential as traders seek profit and daily indicators take their time to cool off.

The author holds USDT at the time of writing.

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