After a substantial decline, ETC price found buyers above the $16.50 level against the US dollar. The ETC/USD pair recently traded as low as $16.79 before it started an upside move. Buyers pushed the price above the $17.00 resistance level. Moreover, there was a break above the 23.6% Fib retracement level of the last drop from the $19.87 high to $16.79 low.
Ethereum Classic Price Analysis: ETC/USD Consolidating Above $17
Key Highlights
Ethereum classic price is holding a major support area near $16.80 against the US dollar.
There is a short-term ascending channel forming with support at $17.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
The pair may climb higher in the near term as long as it stays above the $17.50 support area.
Ethereum classic price remains supported on dips against the US Dollar and Bitcoin. ETC/USD is likely to continue higher if the $17.50 and $17.00 support levels are intact.
Ethereum Classic Price Support
After a substantial decline, ETC price found buyers above the $16.50 level against the US dollar. The ETC/USD pair recently traded as low as $16.79 before it started an upside move. Buyers pushed the price above the $17.00 resistance level. Moreover, there was a break above the 23.6% Fib retracement level of the last drop from the $19.87 high to $16.79 low.
However, the upside move was capped by the $18.35 level and the 100 hourly simple moving average. There is also a short-term ascending channel forming with support at $17.50 on the hourly chart of the ETC/USD pair. The ascending channel pattern seems to be a replica of a previous pattern, which paved way for losses below $17.00. The current pattern may produce more gains if the price remains above $17.00. Buyers need to push the price above $18.35 and the 50% Fib retracement level of the last drop from the $19.87 high to $16.79 low.
Ethereum Classic Price Analysis ETC USD
According to Newsbtc, The chart suggests that the price may slowly move higher towards $19.00. Once there is a proper close above the 100 hourly SMA, the price may accelerate gains towards the last swing high of $19.87. Above this, the next major hurdle for buyers is near $20.00.
Hourly MACD – The MACD for ETC/USD is slowly moving in the bullish zone.
Hourly RSI – The RSI for ETC/USD is currently place nicely above the 50 level.
Major Support Level – $17.00
Major Resistance Level – $18.40
Ethereum Classic (ETC) Price Today
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Ethereum Classic (ETC) Has Just Announced Ethereum Classic Labs
Ethereum Classic (ETC) finally started to trade in the green as caused by the most recent change in the market, where a massive rebound has taken a place a couple of days ago. Before the rebound period commenced, the majority of currencies were going down in the market while trading in the red for an entire week, day by day in a row.
Besides from adopting the latest trend of going up against the dollar while trading in the green, Ethereum Classic has entered the next chapter of its development as it announced the official launching of Ethereum Classic Labs, which is an incubator platform that would be hosted on ETC blockchain ecosystem. Let’s see what ETC incubator is all about as well as how Ethereum Classic is doing these days.
Ethereum Classic is Officially Launching ETC Labs Incubator
The last week was in the sign of Blockchain week that took place in New York City. On this occasion, many visitors have had a chance to learn more about the digital assets that were a part of this summit, as well as to enter a clever introspective on what blockchain technology is all about.
On this occasion, Ethereum Classic took advantage of the good atmosphere, announcing the official launching of Ethereum Classic Lab incubator.
That is how the annual blockchain summit ended with Ethereum Classic (ETC) announcing the release of their ETC incubator. The incubator will be hosted on Ethereum Classic network and will serve the purpose of funding projects that are considered to be vital for technological development.
It is considered that ETC is entering the next stage of its technical development by starting this project; they have acquired support from Jack Lee and Digital Finance Group, as well as by Digital Currency Group.
The calculated capital inflow for Ethereum Classic Labs brings the total of 50 million dollars and the incubator have gathered top teams with the purpose of creating a perfect environment for supporting and funding projects.
Besides from creating a safe and secure environment for launching different projects, Ethereum Classic Labs will provide findings to the most crucial and most promising projects.
Alongside with funding the proposed and upvoted projects, Ethereum Classic Labs will also provide full support for all start-up projects.
In the terms of support, Ethereum Classic Labs will be providing guidance, funding, technical support, office space, creative environment, consulting for all projects, providing resources from the industry revolving around the chosen projects.
If needed for certain projects, the incubator support will even provide training.
The purpose of this incubator is not only mirrored in funding projects that can be considered as valuable but also stands as an environment that can bring the crypto community together into sharing experiencing, spreading and adopting new knowledge and creating together, that way contributing to the brighter future of blockchain-based technology.
In addition to providing support for all project that would be developed under the terms of Ethereum Classic Lab, it is expected to see ETC progressing further in the area of technical development.
Ethereum Classic and the Market
Ethereum has had a pretty rough time during the course of the last seven days, so we can see it dropping by -21% on the weekly chart. In addition to dropping by -21% against the dollar in the period of the last seven days, we can also see Ethereum Classic (ETC) dropping by -13% against the dollar in the course of last two weeks.
However, ETC did manage to collect some gains during the period of 30 days as it went up against the dollar by 16%.
If you take a look at how well ETC did during the period of the last 60 days, we can see this currency in the green, however, the gains it collected during the course of two months are pretty low, going up by only 0.34% against the dollar.
Following the latest change in the market, ETC is doing well, but not perfect as it has gone up by only 0.65% against the dollar in the course of the last 24 hours.
In addition to trading up in the green against the dollar, Ethereum Classic is also going up in oppose to BTC, going up by 3.13%, which means that ETC is currently doing better in the market when compared to Bitcoin.
Following the latest change in its price, Ethereum Classic (ETC) can be traded at the price of 18.82$ per one unit.
ETC made its all-time high in mid-January when this currency was being traded at the price of around 45$ per one unit, but ETC still didn’t manage to get back to its record price.
