Ethereum Classic Price Analysis – ETC Sees 111% Monthly Price Surge As It Retests 2019 Highs – Will We Break Above?

By January 27, 2020 DApps
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Ethereum Classic Price Analysis - ETC Sees 111% Monthly Price Surge As It Retests 2019 Highs - Will We Break Above?
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Key Highlights:

  • Ethereum Classic sees an impressive 11% price surge over the past 24 hours alone, bringing the price back to the 2019 highs.
  • ETC has been surging ever since completing the Agharta Hard Fork this month - causing a 111% price surge over the past 30 days alone.
  • A break of the 2019 Highs will see ETC heading toward the $12 level and possibly higher.

*Price at the time of writing

Ethereum Classic has witnessed an extremely impressive 111% price explosion over the past 30 days of trading. It increased by a further 11% today as the cryptocurrency looks to test the 2019 highs at $9.86. This latest price increase is largely due to the recent hard fork for ETC which was dubbed as the Agharta upgrade.

Agharta was implemented at block number 9,573,000 on the 12th of January 2020, and brings a host of improvements as well as making it interoperable with its sister-chain Ethereum. This means that all of the dApps that are present on the Ethereum blockchain can now be easily deployed on ETC as well which will further expand the ecosystem as a whole.

The latest price surges have now allowed Ethereum Classic to climb into the 14th ranked position as it regains a billion-dollar market cap which currently sits at $1.11 billion.

Ethereum Classic Price Analysis

ETC Daily Chart

What has been going on?

Analyzing the daily chart above, we can clearly see the price explosion during the run-up to the Hard Fork and immediately after it. ETC rebounded from support at $3.40 during late-December 2019 and opened the year at around $4.30. This is when ETC started to climb at an alarming rate as it surged above both the 100-day and 200-day EMA’s and continued much higher!

ETC went on to rocket after the actual Hard Fork occurred, and managed to climb as high as $11.99 - creating a fresh high above the 2019 highs. However, it did not close above the 2019 highs as it rolled over back beneath $10. It briefly traded sideways for a couple of weeks as it found solid support at $7.73 (.5 Fibonacci Retracement level). Nevertheless, ETC has now broken higher as it looks to retest the 2019 high resistance at $9.86.

Ethereum Classic price short term prediction: Bullish

After the epic surge seen in January, ETC is most certainly bullish. For the bullish run to continue higher, we must see it breaking above the 2019 high resistance level. If ETC was to drop back beneath $9.33 it would return to a neutral trading condition with a further drop beneath $7.73 turning it bearish again in the short term.

IF ETC does drop lower, the first level of support can be expected at $8,74 (.382 Fib Retracement). Beneath this, additional support lies at $8.32, $7.73 (.5 Fib Retracement), $7.38, and $6.73 (.618 Fib Retracement).

Where Is The Resistance Toward The Upside?

On the other hand, if the bulls manage to break the resistance at $9.86, immediate higher resistance is located at $10. Beyond this, resistance can be found at $10.56 (1.272 Fib Extension), $11.15 (.1414 Fib Extension), and $11.99 (1.618 Fib Extension). If it continues higher above $12, resistance is located at $12.69 and $13.

What Are The Technical Indicators Showing?

The RSI has rebounded above the 50 level which shows that the bulls are still strongly in control over the market momentum. Furthermore, the Stochastic RSI has recently produced a bullish crossover signal in oversold conditions, further adding to the present bullish pressure.

Previous ETC price analysis

At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here's 3 of our most recent articles about the price of Ethereum Classic:

Ethereum Classic sees an impressive 11% price surge over the past 24 hours alone, bringing the price back […]

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