Ethereum Classic Weekly Analysis (ETC)

22 November 2017, 12:16
Dragan Drenjanin

Even tough created by forking the network of the popular cryptocurrencies, both Bitcoin Cash and Ethereum Classic had attracted a broad audience, and also the community is growing strong. The later was created by a preventive measure after an illicit activity, yet the coin performed as par the big tokens in the market. Since early November, ETC is on a meteoric rise and crossed $1.7 billion in the market cap to be the 11th largest coin.

Key Highlights:

  • With a bullish movement, the weekly peak reached $18.8 but dived instantly
  • ETC/USD gained 1.7 percent on the daily chart and is currently trading around $17.8
  • Without any substantial gain or loss, ETC/BTC is currently trading around 0.0022 BTC

The week started by taking a dip from $17.7 to $16.2. Though the digits are small, it is a depreciation of above 9 percent. But the later acted as a pivot and initiated a soaring upward movement. This move had a strong support of a trend line. The upward move was mostly in triangular fashion, and the trend support was also tested on multiple occasions along the way, but it could not be breached. The upward rise ceased when it encountered resistance at the weekly peak.

Then the ETC/USD pair all of a sudden took a nose dive and fell to $17.3 from $18.8. This is mostly because of the breaking of the news of Tether’s $31 million worth of stolen token. Anyway, it was also quick enough to recover only to see another dip. But the support at $17.5 pushed it up again.

Luckily after the dip, the technical oscillators are indication signs of recovery. Stoch is moving up, and MACD is also on it way up after having a crossover. RSI level is at 47 percent indicating a balanced market. Fibonacci retracement is at 38.2 percent.

Against Bitcoin, ETC did not have a substantial gain or loss over the week. Though in the midweek, the value went up to 0.0023BTC to 0.0021 BTC, it eventually came down and currently trading at 0.0022 BTC.
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