Ethereum classic has been making commendable gains in the past week. With ethereum finally reaching the long-awaited $3,000 mark, altcoins have benefited from this upswing and are headed towards breaking past crucial resistance levels. ETC, just like most altcoins, has made double-digit gains and is close to creating new monthly highs.
Ethereum Classic is trading at $61.55 at the time of writing after a 12.4% gain in 24 hours.
ETC Price Analysis
Ethereum Classic is inching closer towards making new monthly highs, meaning that traders could gear up and rally buying support to create even stronger bulls for the token. ETC is close to breaking past resistance at $64. This will place it closer towards reaching the above $70 levels created in May before the market crash.
For the upswing to continue, market support needs to hold. Currently, BTC has managed to clutch $45K, while ETH has made a new monthly high above $3K.
On the downside, ETC’s bulls could fail to hold, meaning that the altcoin could renter the support levels of $55. Erasing the bullish gains made in the past week could mean that ETC has to break below $50, triggering selloffs from anxious traders.
Ethereum and Ethereum Classic have a close relationship, and the former’s London hard fork upgrade had a slight impact on ETC’s prices. ETC makes for a better alternative to ETH by investors looking for coins to invest in when on a low budget.
However, the London hard fork upgrade does not have any correlation to Ethereum Classic’s network. Many investors have avoided the Ethereum Classic network because of security vulnerabilities. Hence, very few projects have been built on the network. If developers work on Ethereum Classic’s network to make it a great competitor to Ethereum, we could see a significant rise in ETC’s prices.
Where to Buy Ethereum Classic (ETC)
If you want to buy ETC during the current upswing, you can do so by creating a cryptocurrency exchange account on a reputable and reliable platform such as eToro. eToro is one of the leading cryptocurrency exchanges, and it supports a wide range of features such as social copy trading. The platform also charges low trading fees and commissions. It has also listed popular cryptocurrencies and trading pairs.
Looking to buy or trade Ethereum Classic (ETC) now? Invest at eToro!
75% of retail investor accounts lose money when trading CFDs with this provider