Ethereum Classic Price Finds Support At The Intraday Trendline

The Ethereum Classic price finds support in the latest crypto news and despite trading lower by 9% today, it is stable above $4 and is now trading at $4.81. The ETC/USD pair broke lower but found support at the intraday trend line.

The truth is, the Ethereum Classic price has had a very choppy session yesterday and it continues doing the same today. The price was above $5.53 and then went lower and could not keep hold of the gains above $5.50. This was the point when the sellers came in and dragged the price down to $4.42. Ever since then, the buyers have brought the price back up above the black trend line but once again $5 was the step too far.

The MACD histogram shows that the Ethereum Classic price finds support and the MACD histogram is below the zero line along with other signal lines. The price is also under the moving average (55 SMA) which is another bearish sign. What is interesting is that something about the ETC price chart still looks bullish.

The market has made a lower high and lower low wave but the base still looks bullish. The key resistance is at $5.50 while the support is now placed at $4.47. According to many vocal analysts in the Ethereum Classic news, the technicals suggest that a bearish trend is in and is now more likely than any bullish trend.

For those of you who don’t know, ETC was created after a contentious hard fork, following the Decentralized Autonomous Organization (DAO) hack in June 2016 which led to an approximate $50 million being drained from the DAO through recursive call attacks.

The Ethereum Classic price finds support to a new consensus algorithm named ProgPoW and ASIC miners may migrate en masse to the ETC chain as they will not be able to profitably mine on the Ethereum chain.

Currently, the ETC network has a total of 748 active nodes, most of which are currently running the parity client. The average transaction value per day increased dramatically from January to February but returned to the previous range. Today, we can see a market-wide decline in the news and a market cap that is now at 0 billion.
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