Ethereum Classic Leads The Recovery Way For Other Altcoins

Ethereum Classic leads the recovery way for other altcoins as well after gaining 4% on the Asian session on Friday. In today’s Ethereum classic news, we can see that the altcoin sustained the recovery from the March lows around $4.00 to the levels above $7.00.

Ethereum Classic leads the recovery way for all other cryptocurrencies trying to post gains as ETC gained 4% on the day. The rest of the crypto market is still mixed red and green as Bitcoin is still down by 0.85% on the day while the ETH/USD pair is up by 0.21% during the same time. ETC traded on Friday at $6.87 and there was an upward action to the $7.14 level before getting to the current $7.11.

Looking at the daily charts, the price is trading above the moving averages and both of them are now offering more support to Ethereum Classic at the time of writing. On the upside, ETC/USD is having a hard time with the resistance at 38% Fib level which was taken between the last swing high of $13 to the swing low of $3.65. All technical indicators that are applied to the chart show that the bulls will continue gaining traction against the sellers. The RSI is going forwards to the overbought territory as the signal for a stronger bullish run is here. The same bullish momentum is confirmed by the MACD stability in the positive region while on the upside, the eyes are set on the $8.00 region before pushing the agenda for $10.00 in the near term.

As we saw on March 16, the Ethereum Classic network conducted its second block reward reduction as per their monetary policy. This event took place when the network reached block number 10,000,000. This is how ETC reduced its block reward by 20% and following the update, mining reward for ETC was slashed from 4 ETC to 3.2 ETC, respectively. Etheruem Classic took 19th place in the global crypto market with a total market cap of $782 billion and an average daily trading volume of $1.44 billion.

The Ethereum Classic hard fork will happen around the 1st of June at the block number 10,500,839 and now new coins will get minted during the upgrade. However, Ethereum Classic may rally to the local top of $7.80 which was experienced in early May.