The crypto world is as intriguing as it could be. Ethereum blockchain divided itself into Ethereum and Ethereum Classic after a hard fork. However, Ethereum Classic had only one problem in its kitty. There was no backward compatibility of ETC with the Ethereum blockchain after a hard fork. With a recent announcement, the upcoming Jan 2020 Agartha Hard Fork is anticipated to resolve compatibility issues of ETC with Ethereum. ETC Labs CEO Terry Culver commented:
“Ethereum Classic Labs is one of the first incubators to support innovative projects on the Ethereum Classic Blockchain. The compatibility between the ETC network and the ETH network will accelerate the development of the Ethereum Classic community and ecosystem.”
Further, ETC Labs founder James Wo further said about the Agartha hard fork
“This update is a signal that we want to be compatible with Ethereum. We believe in the success of public blockchains because they are built on the strength of the community.”
With this announcement, there seems to be an uproar in the ETC community. The Ethereum Classic price has soared in the last 24hrs. Let us delve further to understand how ETC price was affected.
ETC Price Analysis:
Ethereum Classic is currently in the 20th position as per the market capitalization. The crypto has traded 11% higher for 24 hrs. ETC price, as of writing, is $4.56 against USD while 0.00063132 against BTC. The ETC is giving tough competition to NEO’s market cap with Ethereum Classic having a market cap of $529,445,211 USD. The crypto has traded 22% higher than last week.
ETC One-Day price chart –
Looking at the one-day chart of ETC, the price shows a sudden surge around late evening hours of Dec 26 as per the UTC time zone. The price increased from $4.27 to $4.59 within minutes. Not only ETC traded higher against the USD, but the price also traded higher against BTC too with a similar surge. The market cap also saw a sudden surge from $495,821,467 USD to $533,085,672 USD.
ETC Technical Analysis:
The Technical Indicators does look promising for Ethereum Classic.
- RSI Indicator – The 4-hour RSI Indicator is reaching level 70, denoting a bullish surge for the crypto.
- MACD Indicator – The 4-hour MACD Indicator is in the green zone above the 0 levels. It ETC/USD to further have a bullish surge.