Ethereum classic (ETC) is reporting double-digit earnings in the wake of an early announcement on the Coinbase exchange at 17:00 PST (00:00 UTC) on Thursday.
At the time of writing, ETC trades between stock exchanges at an average price of $ 14.04 – with a gain of 15.72% over the last 24 hours – and is currently the largest gain among first 15 cryptocurrencies by market capitalization, according to CoinMarketCap data.
This is not the first time that ETC is encouraging its association with Coinbase – rose sharply at the start of this month to a maximum of $ 21.25 as the traders have welcomed its listing arrival on Coinbase Pro, the company's platform aimed at more experienced traders.
However, over the next few days things got worse thanks to a larger sell-off in the market and ETC dropped to $ 10.25 on August 14 – down 50% from the August 7 high, according to Bitfinex.  Although markets in general are showing signs of recovery, the rebound above today's average certainly marks renewed investor interest in the Coinbase news, and leaves the cryptocurrency to print a 36% increase over the minimum set two days ago.
The peak in ETC seems sustainable since it is supported by a recovery in trading volumes. However, both the relative strength index and the stochastic index are signaling overbought conditions, so a further rise will probably occur after a slight withdrawal.
The tide has turned into bulls, as for the bullish reversal of the doji observed on the daily chart.
In addition, the stochastic witnessed a bull bull at the start of this week and is now climbing from oversold territory to the bulls. A similar action is taking place on the RSI.
- ETC has probably witnessed a bearish short-term bearish trend change this week and looks set to test the 50-day moving average $ 16.15 in the next few days days. The acceptance over the MA key would only reinforce the bullish setting.
- The bullish case would weaken if prices fell below $ 12.00 (June 10th low).
Image of the Coinbase app through Shutterstock