After what could be considered a strong February for Ethereum Classic (ETC), the ‘original Ethereum’ appears to be faltering and may be returning to its prior bearish trend.
Since reaching its all-time high of almost $48 in January 2018, Ethereum Class (ETC) has been free falling and has had no viable attempts at recovery since May 2018.
Right now, the majority of technical indicators and oscillators indicate ETC is a weak sell. Out of these, the exponential moving average (EMA) and the volume-weighted moving average (VWMA) point towards a strong sell.
As it stands, Ethereum Classic faces a key resistance zone at $5.50 that must be overcome to potentially see a trend reversal. The last test resulted in a break down to lose 20 percent over two months.
Ethereum Classic Takes a Dive
Beginning in mid-December 2018, Ethereum Classic (ETC) has been on a shallow bullish trend — seeing its value grow from just $3.70 in December up to as high as $5.60 before falling somewhat.
Now, Ethereum Classic sits at just over $4.30 — still up more than 15 percent since its December lows — but is still coming off a recent crash that saw it fall from over $5.00 down to its current value in a span of just hours.
As it stands, ETC appears to be struggling to regain its lost momentum and is currently trading sideways with a down break appearing to be the likely course over the next several days.
Over the past few months, Ethereum Classic has been a hot topic for speculators, with community sentiment changing for the better as 2018 wrapped up.
In addition to this, ETCLabs recently launched a new incubator, which has already begun funding several projects, ranging from Cryzen, an algorithmic trading platform, to Monetizr, a platform that helps game publishers monetize their games with in-game purchasable collectibles.
Ethereum Classic Network Stats🐢
– $458M Market Cap
– $298M Trade Vol
– 41,059 24/Tx
– 22,093 Active Addresses
– 1,711 Avg Tx/hr⚡️
– 1.2M ETC; $5.3M USD Sent
– $129 USD Avg Tx Value
– $0.0013¢ USD Avg Tx Fee
— Ethereum Classic (@eth_classic) February 25, 2019
With a renewed focus on marketing, ecosystem development, and the expansion of ETC utility, it appears that the market has reacted favorably to the Ethereum off-shoot — potentially signaling Ethereum Classic has a great amount of support behind it when things go well.
How the market responds to these developments remains to be seen, though we expect that the fruits born of the ETCLabs incubator platform will have a positive effect on the ETC price.
What do you think about the price of Ethereum Classic (ETC)? Will the new and improved focus on the DApp ecosystem eject it from its price woes? Let us know your thoughts below!
Images courtesy of TradingView, Twitter.