- The Ethereum Classic price has given a breakout from the $31.84 resistance level.
- Technical indicators’ summary reflected neutrality in the current trading phase.
- The trading volume of ETC has declined by 12.51% in the last 24 hours.
Launched in July 2015, Ethereum Classic (ETC) is the original Ethereum (ETH) Blockchain. ETC is a native token of Ethereum Classic. The smart contract network has the ability to host and support decentralized applications (DApps). Ethereum Classic uses a Proof-of-Work (PoW) consensus algorithm to secure its network. The network has a more decentralized approach to governance.
ETC has Witnessed 101% Growth in the Last Six Months
The Ethereum Classic price has given consistent positive returns since September 2023. The price delivered nearly 106% returns during that period. In the last four months, it has increased its average returns to 12%, representing price stability.
The maximum supply of the tokens is set to 210 Million, which makes it a deflationary cryptocurrency. The fully diluted market capitalization is at $6.72 Billion. There are 146 Million ETC in current circulation, which holds a market capitalization of $4.66 Billion.
ETC uses a PoW mining algorithm similar to Bitcoin. Miners are rewarded with new coins for validating the blockchain. ETC block reward decreases with the time rate of 20% every 2 years or 5 Million blocks. The next drop due will be roughly in June 2024.
The reward will drop from 2.56 ETC to 2.048 ETC per block.
Price to Volume and Social Dominance Analysis
Ethereum Classic has a solid social dominance because of the popular Ethereum name. It reflects the trust of the Ethereum community on this blockchain. Current social dominance is at 2.015% in the entire crypto world.
The volume and price reflect stability according to their performance after January 8. 24-hour trading volume is at $320 Million and has declined 12.51%. The volume ranked 51st out of all the 9,095 active cryptocurrencies.
Technical Analysis of the ETC Price
The 50-day and 200-day exponential moving averages had a golden crossover at $17.68 in November 2023. It reflects that the price is performing with strong bullish sentiments. ETC price multiple retracement on the 50-day EMA, making it a dynamic support.
Ethereum Classic crypto price has given a breakout from the $31.49 resistance. It increased over 25% to the $39.74 resistance. The current price is making a pullback to the $28.25 Bullish POI, which can lead to the breakout of the $39.74 resistance.
The relative strength index (RSI) reflects an internal bearish divergence in the momentum. It indicates that the seller holds more strength in the current trading session. RSI is moving at 47.69 below the signal line.
Summary
Ethereum Classic is the original blockchain of the Ethereum network. It holds social dominance at 2.015% in the crypto world. At press time, the ETC price is trading at $31.76, facing resistance from $39.74. It is making a correction on the bullish POI of $28.25. Afterward, the price may continue a bullish rally to $42.42.
Technical Levels
- Resistance Levels: $39.74 and $42.42
- Support Levels: $28.25 and $21.84
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.