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Ethereum Classic Rising to New Highs
The crypto currency Ethereum Classic continued rising yesterday and reached unheard of highs of about $30 on some exchanges. This means that the currency has virtually trebled in value over the past month where it had reached lows of even $9. This phenomenon is leading investors to pour even more and more money into this crypto currency and some are even saying that it might reach levels of $40-50 by the end of the year.
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Key Highlights
Ethereum classic price gained heavily recently and moved above $25.00 against the US Dollar.
There is a key bullish trend line forming with support at $26.00 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
The pair might correct a few points lower but remains supported above the $26.00-25.00 levels.
Ethereum classic price gained a lot recently against the US Dollar and Bitcoin. ETC/USD is now above $25.00 and looks set for more gains.
Ethereum Classic Price Support
In the previous analysis, we discussed how ETC price can trade above $20.00 against the US Dollar. The price gained momentum and was able to break $20.00 and $24.00 resistance levels. The upside move was strong and the price even broke the $25.00 resistance. A new monthly high was formed at $27.99 from where a minor correction wave was initiated. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $20.15 low to $27.99 high.
There is also a key bullish trend line forming with support at $26.00 on the hourly chart of the ETC/USD pair. The trend line support is likely to act as a major support above $25.00. Moreover, the 38.2% Fib retracement level of the last wave from the $20.15 low to $27.99 high is at $24.97. Therefore, the $25.00 level is another major support area in the near term.
Bitcoin price drops $500 but still bullish after trading at $10,000
Bitcoin price experienced its sharpest fall in a week on Monday, losing over $500 since its all-time high of $9,771.
Bitcoin’s vertical ascent witnessed its first (minor) bump in over a week after the cryptocurrency hit a record high on Monday within reach of $10,000. Trading data on Bitfinex shows price chalking $9,771 near 06:30 UTC before steady trading stuck near those levels. At precisely 09:00 UTC, a sell-off triggered a short-lived collapse as prices fell $540, losing 5.5% in 40 minutes in falling to $9,231.
At press time, the drop doesn’t resemble a corrective course for the wider market as the cryptocurrency picked up again, trading near $9,400.
Bitcoin has seen tremendous interest as a viable store of value among retail investors this year and is now up nearly ten-fold from its opening price of $1,000 on January 1, 2017. In recent months, the value of the world’s first cryptocurrency began its current trajectory of aggressive gains after an announcement by the CME Group, the world’s largest exchange owner, to offer bitcoin futures contracts in December. The move has increased confidence in the cryptocurrency space with the expected participation of institutional investors.
Despite today’s drop, bitcoin’s rally continues to see friendly winds on its sails after the cryptocurrency took just seven days to go from $8,000 to $9,000, a milestone achieved yesterday. That thousand-point rally is now a record spike for bitcoin, beating the eight days it took to jump from $3,000 to $4,000 earlier this year.
In its current momentum, it could be a matter of days, or merely hours, before bitcoin prices reach a historic milestone of $10,000.
