Ethereum Classic Price Analysis – ETC/USD

The 17th largest cryptocurrency – Ethereum Classic having its market cap stands at the level of $394,392,339, 06:21 UTC on December 15 has declined dramatically in current value by 63.35% relative to the level of November 06 as analyzed from the graph above. One can quickly interpret the fact that it’s only the ongoing strong bearish moments and macro factors from around the world which make it the lowest low of the day before exhaustion set in.

While both moving averages have significantly down represented a negative sign. The 20-day EMA and “descending channel” as represented in the graph show that the bears have the upper hands. The ETC remains in a bearish trend in its medium-term outlook until the next “uptrend” takes place. There are no bullish patterns that suggest a buy, hence, it is best to remain on the sidelines. However, at present, those involved in trading activities should wait for the trend to rebound and a bottom to form before initiating any long positions in it. The 20-day EMA is sloping down shows that the balance is tilted in favor of sellers. Amid this, the others, who believe in the story of blockchain and cryptocurrencies, the current fall offers an excellent opportunity to invest for the long term.

Besides this, the 14-day RSI has observed the “positive divergence’ as interpreted from the graph above which signifies that the bullish pattern may be expected soon.

Now let me walk you through certain milestone that this cryptocurrency attained in the recent past. The ETC remained range bound from August 14 to September 02 this year, as the cryptocurrency rallied from a low of $11.892 to a high of $14.482 which is a 21.7 percent return within 19 days.

However, if bulls succeed in rising and sustaining above the $3.735 and create “uptrend” in value (i.e. traded above the EMA), the investors will start buying this currency more and more thereby increasing its value. However, based on the current trend, the next support level could be $3.80.

Ethereum Classic is an open-source, public, blockchain-based distributed computing platform featuring smart contract functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine, which can execute scripts using an international network of public nodes.

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