Tanya Abrosimova
Independent Analyst
- Ethereum Classic (ETC) recovered from the daily SMA100.
- The psychological barrier is created by $7.00.
Ethereum Classic (ETC) has lost nearly 4% since the start of the day and 4.5% in the recent 24 hours to trade at $6.38 by the time of writing. The coin takes the 22d place in the global cryptocurrency rating, while its market value is registered at $743 million; an average daily trading volume exceeds $780 million. ETC/USD has recovered from the intraday low of $6.29. Now it is moving within the short-term bullish trend amid expanding volatility.
Ethereum Classic on-chain data
According to the recent statistics provided by Intotheblock, about 69% of all Ethereum Classic holders bought ETC near the top in 2018, which means that they are deeply in red now. The consistently negative returns on investments of the vast majority of holders ay contribute to the pessimistic sentiments and limit the coin's bullish potential. Classic is Coming (@ClassicIsComing) a Twitter channel focused on the information relevant to ETC ecosystem, posted:
Every hear the saying, "Buy low, sell high?" Here we can see how many individuals bought the top around 2018. Over 1.23M addresses or 69.49% of current addresses bought at or near $ETC all time highs. This may likely contribute to the negative sentiment.
ETC/USD: Technical picture
ETC/USD topped at $6.79 on Thursday, July 9, and retreated to $6.22 during early Asian hours on Friday. The sell-off stopped on approach to the daily SMA100, which is now the first important barrier for the coin. If it is broken. the sell-off may be extended towards psychological $6.00 reinforced by the middle line of the daily Bollinger Band.
On the upside, a sustainable move above daily SMA50 at $6.40 is needed for the recovery to gain traction and bring the recent high back in focus. The next resistance is created by the daily SMA200 at $6.88 and $7.00.
ETC/USD daily chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
XRP gains as traders gear up for futures ETFs debut this week
XRP climbs over 3% on Monday, hovering around $2.33 at the time of writing. The rally is likely catalyzed by key market movers like XRP futures Exchange Traded Funds (ETFs) approval by the US financial regulator, the Securities and Exchange Commission (SEC), and a bullish outlook.
Bitcoin Price Forecast: BTC eyes $97,000 as institutional inflow surges $3.06 billion in a week
Bitcoin (BTC) price is stabilizing above $94,000 at the time of writing on Monday, following a 10% rally the previous week. The institutional demand supports a bullish thesis, as US spot Exchange Traded Funds (ETFs) recorded a total inflow of $3.06 billion last week, the highest weekly figure since mid-November.
Ethereum Price Forecast: ETH ETFs post first weekly inflows since February
Ethereum (ETH) recovered the $1,800 price level on Saturday after US spot Ether ETFs (exchange-traded funds) recorded their first weekly inflows since February.
Defi Development Corporation files to offer $1 billion in securities to boost its Solana holdings
Defi Development Corporation (formerly Janover) filed a registration statement with the Securities & Exchange Commission (SEC) on Friday, signaling its intent to offer and sell a wide range of securities, including common and preferred stock, debt instruments and warrants for the purchase of equity
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin (BTC) price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.