Ethereum Classic (ETC) has followed the lead of its larger partners and generated some incredible profits over the past few weeks. The token, which is a branch of the second -largest cryptocurrency, Ethereum, has suffered because of a bear trend that is disrupting the market. But while sentiment has begun, the Ethereum Class (ETC) has emerged as one of the biggest winners in the past week.
Ethereum Classic Adds 80%
The restoration of Ethereum Classic last week was no miracle. If other cryptocurrencies have posted profits below 50%, altcoin has risen more than 80% over the past 7 days. More specifically, Ethereum Classic (ETC) is up 83,505, according to data from Coinmarketcap.
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This recovery has taken the price of digital assets and rolled them into the mid -$ 20s. After spending most of last week trending around $ 14, the price is now up almost 100% at this time. In the same vein, the total cryptocurrency market cap has risen. This added more than $ 1 billion to the market cap in just the last two days, being at its current level of $ 3.97 billion at the time of this writing.
Not surprisingly, altcoin is rising at the moment. It always shows a tendency to follow Ethereum price movements. However, the rising margin above the previously wide one, indicates a deviation from the usual correlation.
ETC market cap crosses $3 billion | Source: Market Cap ETC on TradingView.com
ETC is not yet complete
Indicators for Ethereum Classic (ETC) show more steam in the current rally. An example is the fact that digital assets over the past few days. It has consistently closed in the green for the last three days, and indicators are pointing to another green close for ETC.
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Closing every other day above $ 25 will see the price rally to $ 30 before the week ends. This will bring the recovery over the past week to more than 100%. The 100-day moving average is just below $ 27, so a cross to $ 30 would be higher above this level, as well as higher than the annual moving average. This will add to the cattle trend in the coming weeks.
There is still significant selling pressure as investors make profits. However, support is formed at $ 25, which gives a soft landing if it can’t break the $ 27 resistance. Also, if Ethereum’s recovery continues, then support will continue to pour in for Ethereum Classic, adding value.
Featured image from The Coin Republic, chart from TradingView.com
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