Ethereum classic price gained heavy bullish momentum recently and moved above key resistances at $25.00 and $28.00. All three major pairs ETC/USD, ETC/ETH and ETC/BTC are poised to extend gains.
During the past few days, there was a steady rise in ETC price versus all major cryptocurrencies. Recently, Cryptonaire announced the inclusion of Ethereum Classic in their list of Verified Digital Assets (VDA), which boosted the market sentiment. The company also released their January’s update, which highlighted emerald-wallet, sputnikvm and go-ethereum.
Today, ChangeNow, announced that users can now exchange ETC with us anonymously and with the lowest commission on the market on their platform. Furthermore, the recent IOHK Team Grothendieck-Ethereum Classic Scala Client Meeting, which was on February 13, 2018 was successful. You can watch the video below (courtesy IOHK youtube channel) It also helped the price to gain bullish momentum and rise above $30.00.
The market value rose from $2,500,000,000 USD to $3,517,932,248 USD recently, which is more than 30 percent rise. The price rose above 35.00 against the US dollar and 0.004 versus bitcoin.
Ethereum Classic Price Analysis and Forecast
There was a decent upside move initiated from the $14.00 low. The price rose sharply and succeeded in moving above the $20.00 resistance level. It seems like there was an inverse head and shoulders pattern formed on the 4-hours chart.
It ignited a sharp upside move and the price moved above the $25.00 resistance, 100 simple moving average (green, 4-hours) and the 150 simple moving average (orange, 4-hours).
More importantly, there was a break above a bearish trend line on the same chart at $30.00. There was a sharp rise and the price climbed above the $35.00 level. A high was formed at $35.12 from where there could be a minor downside correction.
On the downside, an initial support is at 23.6% Fib retracement level of the last wave from the $21.27 low to $35.12 high. However, the most important support is near $30.00, which was a resistance earlier. Moreover, the 38.2% Fib retracement level of the last wave from the $21.27 low to $35.12 high is also near $30.00.
On the upside, Ethereum Classic price faces a major hurdle near $36.00 and $38.40. Both levels are importance barriers and it won’t be easy for buyers to break it.
A successful close above $38.40 could trigger further upsides toward $40.00 and $44.00 in the near term. Overall, as long as the price is above $30.00, it remains in a major uptrend.
At the moment, in the cryptocurrency market, the market sentiment is positive. Best performing cryptocurrencies are doing well and coins such as bitcoin, Ethereum, ripple, litecoin and bitcoin cash are likely to extend gains.