The Ethereum Classic price is in a tight range even as other altcoins bounce back. The ETC is trading at $55.28, where it has been in the past few sessions. It has a market capitalization of more than $6.4 billion and is the 19th biggest cryptocurrency in the world. It is sandwiched between Internet Computer and Theta.
Ethereum Classic news. Ethereum Classic is a blockchain project that many retail traders view as a proxy for Ethereum.
As I have written before, this is mostly because of the large gap between Ethereum Classic’s price and that of ETH. Today, the ratio between the two is 43, meaning that one ETH can buy 43 ETCs. As such, the relationship between the two can be viewed similarly to that of gold and silver.
A divergence has emerged between Ethereum and Ethereum Classic in the past few days. While ETH has risen by more than 2.56% in the past 24 hours and by 10% in the past seven days, Ethereum Classic has declined by 1.35% and 9% in the same period.
This could change in the next few days ahead of the London hard fork. The fork will be part of the long process that seeks to transition Ethereum to a proof-of-stake system. It will also seek to reduce the number of Ethers being supplied. As such, there is a possibility that Ethereum will rise ahead of this fork. This, in turn, could push Ethereum Classic price higher.
Ethereum Classic price forecast
The daily chart shows that the ETC price has moved upward slightly recently. It has risen from a low of $31.95 to the current $55. Along the way, the coin has formed a small bullish flag pattern. It also remains between the first and second support of the Andrews Pitchfork tool. It is also slightly below the 50-day volume-weighted moving average (VWMA).
Therefore, we can’t rule out a situation where the coin bounces back as bulls target the next key resistance at $70. On the flip side, a drop below $45 will invalidate the bullish view.
Don’t miss a beat! Follow us on Telegram and Twitter.
ETC price chart
Follow Crispus on Twitter.