The Ethereum Classic price has been declining for the past three weeks. However, it has been hovering over the crucial level at $60.00 since August. The ETC token is trading 61.84% below its highest level this year in May. Nonetheless, it has skyrocketed more than 1089% since the start of the year. It has a total market capitalization of $8.86 billion, ranking as the world’s 21st largest digital currency. It is slightly below Vechain and slightly above Stellar.
What Is ETC?
Ethereum Classic (ETC) is an open-source, decentralized, blockchain-based distributed cryptocurrency platform. ETC is a hard fork of Ethereum launched in 2016. Its main function is to run smart contracts on its platform. A smart contract is a self-executing contract with the agreement terms written directly into the line of code.
ETC was built as a proxy for Ethereum. The original Ethereum blockchain was split in two making Ethereum Classic the original and Ethereum the newer blockchain. The split was performed to return stolen funds to their original owners.
However, Ethereum’s dominance remains a major challenge for Ethereum Classic. Ethereum has gained in popularity as the more legitimate of the networks. ETH is currently the world’s largest altcoin and is second to Bitcoin as the most popular digital currency in the world.
The future of the Ethereum Classic price seems less bright as traders leave their trades to join better-yielding coins. However, buyers need to gain momentum to change this outlook.
ETC Technical Analysis
The four-chart indicates that the Ethereum Classic price has been on the wrong foot since mid-August. At the time of writing, the ETC price was higher at $69.18. The coin has moved above the descending trendline.
It is moving above the 50 and 200-day moving averages. It is also above the 50-day exponential moving average, which is usually a bullish indicator.
Therefore, the price is likely to break out past the crucial level at $70.00. However, this view will be invalidated if the price moves below the support at $64.25.
Ethereum Classic Price Chart
