Ethereum Classic Market Update: ETC/USD 5% rally retests $10 resistance on Monday

By January 27, 2020 DApps
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  • Ethereum Classic developers are working on upgrades geared towards increasing compatibility with Ethereum network.
  • Ethereum Classic bulls are focused on breaking the stubborn resistance at $10.

Ethereum Classic’s over 5% bull-rally on Monday dwarfs Bitcoin’s 0.42% rise, besides the other top three cryptos, Ethereum and Ripple are still grappling with losses. This bullish action commenced over the weekend and seems unstoppable towards the critical level at $10.

Ethereum Classic and Ethereum compatibility

A recent Ask Me Anything (AMA) session with Messari, Bob Summerwill Executive Director at ETC Cooperative discussed Ethereum Classic’s compatibility with Ethereum. The development team at ETC has already released two upgrades, Atlantis and Agharta which are designed to increase compatibility between the two networks.

“Reason or benefit for Ethereum compatibility is pretty obvious! Ethereum is by far the dominant smart contract platform (something like 90-95% of all dapps are on ETH). Compatibility means that such dapps can trivially be deployed on ETC as well,” Summerwill explained.

Ethereum Classic technical picture

ETC is struggling in the run-up to $10 despite the impressive gains from lows around $8.00. The resistances that have already been conquered include the 50 SMA on the 4-hour chart and the 61.8% Fib retracement level taken between the last swing high of $11.99 and a swing low at $4.30. Also supporting the surge is the RSI uptrend from levels under 50 to the current level at 70. If the price fails to penetrate past $10 and a reversal occurs, ETC will bank on finding support at $9.00 and $8.00, respectively.

ETH/USD 4-hour chart

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Ethereum Classic bulls are focused on breaking the stubborn resistance at $10.

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