Ethereum Classic (ETC) is a divided version of Ethereum (ETH) launched in 2016. Its main attribute is a smart contract network that can support and host decentralized applications (dApps).
ETC is the native token of Ethereum Classic. Since its launch, ETC has sought to distinguish itself from Ethereum. The technical roadmap of both networks will likely diverge more over time.
It was created to preserve the original Ethereum blockchain and prevent its hacking. A previous hacking incident broke out in the theft of 3.6 Million ETH.
Ethereum Classic is the authentic chain of Ethereum. Accordingly, the designers of Ethereum Classic are similar to the original Ethereum founders. Vitalik Buterin and Gavin Wood are also the formulators of Ethereum Classic.
It is the consequence of a dispute among participants about whether to flip the blockchain to overturn the effects of the large hack.
ETC came into existence as a network that did not alter the chain. Developers state that the ETC project has no “official” team. Its global development community is open and permissionless.
Can Ethereum Classic Display a Giant Move Upcoming Sessions?
The Ethereum classic crypto asset is expressing bullish behavior and is likely to increase further.
Furthermore, it displayed optimistic performance on the chart last week, last month, and over the last three months, implying a stable upward direction, by 5.89%, 15.60%, and 44.50% respectively.
At press time, the ETC price displays an intraday surge of 0.65% in the last 24 hours while the price at the time of writing was $22.671.
On the chart, the ETC crypto has indicated a sign of turnaround earlier, as the price rose from a key level or a high volume level of around $19.
ETC crypto is geared for a sensational surge, as it shows its potential to pierce the resistance level and soar to new zeniths from the current base zone. Therefore, if there is a sharp rise in demand, the asset price could show a big bounce back from the current level. Then, the next goal for the ETC price is $26.00.
Multiple technical indicators are displaying bullish characteristics in ETC and rising tendency as it sustains above major trend EMA’s. Now, reliant on the buyers’ surge, the price could incline further.
The ETC crypto asset is displaying bullish characteristics and the RSI and MACD is rising smoothly, implying that the asset is gaining momentum and could achieve new peaks.
On the flip side, if the ETC crypto price fails to stay above the $19.00 level, it could decline further.
Summary
The multiple technical indicators are displaying bullishness on the ETC chart and a rising tendency as it sustains above major trend EMAs. Now, reliant on the buyers’ surge, the price could incline more. Then the next goal for the ETC price possibly could be to reach $26.00.
Technical Levels
Support Levels: $26
Resistance Levels: $19
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
Source: https://www.thecoinrepublic.com/2024/01/02/ethereum-classic-heading-high-in-a-parallel-wedge-whats-next/