Positivity is spreading throughout the ecosystem. Ethereum Classic has not escaped it, and to find out where it is headed I have prepared this technical analysis.
At the time of this writing ETC is trading at $48.98, accumulating a loss of 1.98% in the last 24 hours, but holding a gain of 11.50% in the last 7 days.
This Ethereum fork is the largest, and has a market cap $6.309 billion, making it the nineteenth largest cryptocurrency in the crypto market.
The ETC network recently underwent a hard fork, which was aimed at improving security and operating costs per transaction.
This upgrade should bring more positivity about this cryptocurrency, and the low price could further incentivize purchases.
The improvements are fully online, and the hard fork was successfully activated. As the cryptocurrency's official profile comments, the hash rate is already stable, most nodes were upgraded and the main providers were updated.
Technical analysis of Ethereum Classic
The outlook from the daily chart has turned bullish, thanks to the behavior of the price managing to break through an immediate resistance without any problems.
Now the price is being hampered by a resistance at $50, but most likely it will soon be broken through.
If ETC holds support at $48, we may see a new upward push soon, looking for $57.
Otherwise, we would see some selling before resuming the new short-term uptrend. The next support is at $43.
Weekly chart
Performing a technical analysis of the weekly chart of Ethereum Classic, we see that the recent buying pressure appeared above a very relevant support, around $39.5.
Now it is likely that the medium/long-term trend will be resumed in the coming days, the same one that was in trouble during the widespread market decline of the last few months.
To confirm that the bulls have regained control, resistance at $56 must be broken through. This could be alerting us to the search for new all-time highs, which would mean a gain of at least 260%.
If the support at $39.5 is lost, a deeper correction would be announced, but so far this scenario is less likely.
This publication is for informational purposes only and should not be relied upon as investment advice.
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