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Ethereum Classic Price Analysis: ETC price Surge 7.29%

With an interesting turn of events, the crypto market is leaning towards the green region for the last 24hrs. Most of the cryptos are showing an increase in price.  Among Top 20 cryptocurrencies, Ethereum Classic is leading in terms of gains. 

At the time of writing, the ETC  coin has surged 7.29% against USD and is trading at $7.39 USD. In terms of ETC/BTC, the price surged by 3.67%  trading at 00.00082002 BTC respectively. 

Currently, the coin is ranking in 10th position, holding market cap $859,452,493 USD with $2,858,260,048 USD 24 hour volume and 116,313,299 ETC  circulating supply

Also read Ethereum Classic Prediction 2020 – ETC Will Reach $10, Mark, By End of 2020!

Ethereum Classic Technical Analysis 

Ethereum Classic price was trading at$5.9 at the beginning of April saw a sudden drop on April 9; the coin fell by 13% and found support at $5.02 for more than two weeks.

From April 21, the coin started an upward run; it experienced a 13% rise on April 29 and another 13% rise on May 2. On May 3, the coin started a downward run, however, CMF indicator hints at the coin recovering and starting a bull run soon.

  • The Relative Strength indicator is showing bullish trend on the one-hour time frame which above 70 levels, indicating the over brought
  • The MACD indicator is indicating bullish signs on the one-hour time frame and continues to issue a buy signal.
  • The Awesome Oscillator showed a bullish buying opportunity or short-term momentum in the market.
  • The Chaikin Money Flow indicates the Bullish Trend, continuous Buying Pressure, rising prices coinciding with CMF values above 0.
  • The Parabolic SAR markers were above the candles and showcased a bullish market.
  • The Bollinger Band is showing expanding volatility in the market.

Ethereum Classic Announced,  68% of Miners Confirms Support For ETC Phoenix Upgrade

Ethereum Classic took to Twitter today to unveil about top miners confirming their support for the ETC Phoenix network upgrade. These top miners reportedly make up a minimum of 68 percent hash-rate share on ETC. The phoenix network upgrade will take place on June 3 this year at block 10_500_839.

ETC Core, ETC core’s development team further thanked 2miners, AntPool/ Bitmain, Combining, and all others who had confirmed their support. ETC Core is known to deliver infrastructure tooling, specifications, and resources to the ETC platform.

The team believes in putting continued efforts to offer high-quality software, readability, and cross-chain compatibility. They are responsible for maintaining the Core-Geth client and participating in protocol research, and upgrades.

The team further hopes that more miners, and stakeholders will come forward to support the Phoenix hard fork. As the upgrade lies barely a month away. Hence, this very fact puts the platform in a good position.

They further stated that they will continue the coordination of the upcoming hard-fork with stakeholders besides the ETC community.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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