Ethereum Classic Analysis Shows 8% Increase As BTC Drops Below $8,000

Ethereum Classic analysis shows signs of recovery towards $8.00 but has to establish support above the $7.00 critical level as we are reading further in the Ethereum classic news. The ETC/USD leads recovery among the major crypto while Bitcoin is having a hard time under the $8,000 price level.

The crypto market is in a mix of red and green signals and specific crypto assets as Ethereum Classic analysis are recording huge gains. Bitcoin is stuck in more losses after dropping lower than $8,000 on Monday while the ETC/USD is up by more than 8.62% after the advanced movement to the $6.4 to $7.00. Some of the other assets that are in the green include Ripple, EOS, and Ethereum.

The Ethereum classic news shows that the altcoin found formidable support at $6.40 and the main goal among the bulls is to protect the gains above the $7.00. They should not lose sight of $8.00 and $10 in the harsh seller congestion zones. From a technical standpoint, ETC/USD is set for more action upwards and the RSI has just made it into the above-oversold territory. This means that the oversold levels will remain low a while longer which will end up leaving the bulls with far more room for growth.

However, the huge bearish divergence with the MACD only shows that the selling influence is not very far off so the buyers have to establish much higher support above the $7.00 and pull close to the $8.00. Otherwise, the pair will be in danger of dropping towards $6.00. The Ethereum Classic ecosystem is evolving nice and slow along with the latest Emerald Wallet upgrade that is available for the users. Keeping a core wallet updated is crucial. Every crypto network has a default solution and other wallet options as well. For the Ethereum Classic ecosystem, the Emerald Wallet is considered to be one of the best options that provide great services for its users.

Ethereum Classic has the technology that Ethereum has but uses the Bitcoin philosophy. ETC is basically hard money with a fixed supply and it is decentralized. The platform values censorship resistance and mostly focuses on trust minimization.