Ethereum Classic Price Analysis: ETC stays in the range ahead of Phoenix hard fork

By May 20, 2020Ethereum
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  • Ethereum Classic's hard fork is expected to take place on June 2.
  • ETC/USD is locked in a tight range amid low trading activity.

Ethereum Classic will have its Phoenix hard fork in just two weeks. The critical upgrade will make Ethereum Classic blockchain compatible with Ethereum's recent update known as Istanbul. The ETC developers team points out that Phoenix update will allow for interoperability between ETH and ETC and also all participating chains.

Lots of exchanges and cryptocurrency wallets confirmed that they would support the fork.

Phoenix fork is in 2 weeks! Miners are confirmed. Exchanges, wallet providers, infrastructure providers, and anyone who runs a node needs to update their node software ASAP! The Phoenix is rising baby!

The fork is expected to take place on June 2, 2020, at block 10,5000,839.

ETC/USD: Technical picture

At the time of writing, ETC/USD is changing hands at $6.66, mostly unchanged both on a day-to-day basis and since the beginning of Wednesday. The coin takes the 19th place in the global cryptocurrency rating compiled by CoinMarketCap, while its average daily trading volumes reached $1.2 billion.

On the intraday charts, ETC/USD is locked in a tight range with its upper boundary created by a combination of 4-hour SMA100 and the middle line of the 4-hour Bollinger Band on approach to $6.67. A sustainable move above this area is needed for the upside to gain traction and bring the next important resistance of $7.00 back in focus. This is a pivotal area that includes the upper line of the 4-hour Bollinger Band and the highest level of May 18.

On the downside, the lower boundary of the above-mentioned range comes at $6.50. it is strengthened by the lower line of the 4-hour Bollinger Band. Once it is cleared, the sell-off may be extended towards 4-hour SMA200 at $6.30 and to psychological $6.00.

ETC/USD 4-hour chart

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ETC/USD is locked in a tight range amid low trading activity.

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