Ethereum Classic (ETC) has followed the lead of its larger counterparts and posted some tremendous gains in the last couple of weeks. The token, which is an offshoot of the second-largest cryptocurrency, Ethereum, has been suffering due to the bear trend that has been plaguing the market. But as the sentiment has begun to turn, Ethereum Class (ETC) has emerged as one of the biggest winners of the last week.
Ethereum Classic Adds 80%
Ethereum Classic’s recovery in the last week has been nothing short of miraculous. Where other cryptocurrencies have been posting gains below 50%, the altcoin has surged more than 80% in the last 7 days alone. More specifically, Ethereum Classic (ETC) is up 83.505, according to data from Coinmarketcap.
Related Reading | Bitcoin Marks One Month Of Negative Funding Rates, More Decline Incoming?
This recovery has taken the price of the digital asset and catapulted it into the mid $20s. After spending most of last week trending around $14, the price is now up almost 100% in this time period. In the same vein, the total market cap of the cryptocurrency has climbed. It added more than $1 billion to its market cap in the last two days alone, to be sitting at its current level of $3.97 billion at the time of this writing.
It is no surprise that the altcoin is surging at this time. It has always shown a tendency to follow the price movements of Ethereum. However, the margin by which it is surging above its predecessor has been wide, showing a deviation from this usual correlation.
ETC market cap crosses $3 billion | Source: Market Cap ETC on TradingView.com
ETC Is Not Done Yet
The indicators for Ethereum Classic (ETC) point to more steam in the current rally. An example is the fact that the digital asset over the last couple of days. It has consistently closed in the green in the last three days, and the indicators point to another green close for ETC.
Related Reading | Liquidations Cross $230 Million As Ethereum Barrels Past $1,400
Another daily close above $25 will likely see the price rally to $30 before the week is over. This will bring its recovery over the last one week to more than 100%. Its 100-day moving average is just under $27, so a cross to $30 would put it higher above this level, as well as higher than its year-to-date moving average. This will cement its bull trend over the next week.
There is still significant sell pressure mounting up as investors are taking out some profit. However, support is forming at $25, which gives it a soft landing if it is unable to break the $27 resistance. Also, if Ethereum’s recovery continues, then support will continue to pour in for Ethereum Classic, pushing its price further.
Featured image from The Coin Republic, chart from TradingView.com
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
