The Ethereum Classic price has been on a recovery path for the past month. However, it is trading more than 64% below its highest point this year. Its total market capitalization stands at $8.18 billion. The coin ranks as the 19th largest cryptocurrency, sandwiched between Polygon and Stellar.
ETC Price Action
Just like most altcoins, Ethereum Classic has been struggling to recover. The coin has jumped more than 24% since the start of August and more than 500% from its lowest point this year. Just like most digital assets, the Ethereum Classic price has been boosted by a rise in Bitcoin’s price. BTC’s jump past the $48,000 level, pushed most coins higher.
Analysts also linked the rise in the ETC’s price to the recent jump in Ethereum’s price. The London hard fork’s successful launch on Ethereum’s blockchain, saw the ETH price jump. The upgrade alters the way fees are calculated by smoothing them out and making them less volatile.
The coin’s trading volume has slipped more than 7.37% to $3.78 billion in the last 24 hours. A decline in its average daily volume indicates that traders are not exiting their positions simultaneously, which is a good sign for the bull’s market.
However, according to analysts, the bearish outlook in ETH and BTC could heavily weigh on the ETC price outlook.
Ethereum Classic Price Analysis
On the daily chart, the Ethereum Classic price has formed an ascending triangle, signaling higher prices in the future. At the time of writing, it was trading 0.92% lower at $62.312. It hit an intraday high of $65.032 earlier on Wednesday before pulling back.
The digital currency is trading above the 25 and 50-day exponential moving averages, both of which are bullish indicators. Its Relative Strength Index (RSI) currently stands at 56.20, which is a bullish signal.
Therefore, the altcoin is likely to face a minor retracement before resuming its rally. If this happens, bulls will be eyeing the next resistance at $85.00 or $90.00. However, a move below the support level at $57.00 will invalidate this view.