Ethereum Classic [ETC] follows bullish trend despite a slide: Technical Analysis
On Friday, as the digital currency market seems to make gradual recovery, Ethereum Classic is also attempting to move in upward trajectory. Bitcoin seeing a minor gain resulted in a positive thrust over the major altcoins. The 18th most valuable virtual asset in terms of market cap has fairly performed over the last few days. However, at the present moment, the gradual stepping in of the bulls has minutely affected the coin to trade in green. In the last seven days, Ethereum Classic has slipped almost 4% and in a span of a month, it has moved up nearly 2%.
The MACD level suggests that the digital asset, despite, being in bullish zone is exhibiting a gradual slide. The 100 EMA line indicates that the coin is in downtrend. The altcoin is far from breaching it key resistance level, which is marked at $4.59.
The hourly RSI indicator is found at 45.8, which implies that an increased selling pressure is prevailing in the market space. Going by CoinMarketCap data, the overall market cap of the virtual currency stands at $470.80 million. The coin has inched up almost 1.53% against the U.S. dollar to be currently valued at $4.38.
The cryptocurrency has managed to crawl up 0.60% against Bitcoin [BTC] and at the moment, one ETC is equivalent to 0.0011936 BTC
Ethereum Classic [ETC] Latest Updates
- Earlier in January, cryptocurrency exchange Gate.io confirmed that 51 percent attack took place on Ethereum Classic network and that it would absorb the loss of roughly $200,000 worth of Ethereum classic – about 40,000 ETC. However, on Saturday the exchange stated that the attacker returned $100,000 in ethereum classic. The exchange mentioned that they tried to contact the attacker but did not receive any reply so far. Gate.io also warned stating that the hash power of ETC network is “still not strong enough” and that there is a possibility of another 51 percent attack. At that time, the exchange identified three addresses that were tied to the attacker.
- The future of Ethereum Classic appeared to be bleak to some after the recent 51 percent attack on the network. However, the recent announcement of ETC shows that it is not taking a back seat, instead gearing up to move forward and concentrate on the upcoming projects. According to a blog posted on January 15, ETC Labs launched a development team to focus on core ETC projects known as ETC Labs Core. The team will be supporting the blockchain and will also be providing tools for decentralized application development, mining, and services.
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