The positivism about the upcoming hard fork has led the ETC network to accumulate profits above 30%. If the cryptocurrency crosses the resistance at USD 60.71, the bulls will recover the short-term control.
The price of Ethereum Classic (ETC) recently accumulated a profit above 30%. The generalized bullish intentions on the market and the upcoming hard fork of the network have caused that positive jump.
ETC is trading at around USD 55.01 and has accumulated a loss of 1.36% in the last 24 hours. However, it has remained 38.91% positive this week.
This cryptocurrency is one of the most prominent in the ecosystem due to its relevant percentages of profit. Undoubtedly, the positivism about the hard fork has led to that bullish jump.
The implementation of Ethereum improvement proposals (EIP) should occur together with the latest hard fork. Earlier this year, it was possible to see them for the first time in the Berlin update of the Ethereum network.
This update seeks to improve the security of the network, as well as reduce gas costs. By storing the keys and addresses in one place, users can access them through a single transaction.
Technical Analysis of the Price of Ethereum Classic
The ETC daily graph shows a big bullish jump, a break of the immediate resistance, and the beginning of a short-term bullish transition.
There is still a dominant bearish direction as the price of Ethereum Classic still has to break resistance at USD 60.71. By overcoming this challenge, the bulls could recover short-term control.
For its part, the weekly graph of the price of Ethereum Classic indicates that the recent fall failed to close below the previous low. That is a sign that the bulls are exhausted and that the price could reach the retracement bottom.
The resistance that the cryptocurrency must break to confirm a bullish resumption is USD 66,12. The current bullish volume indicates that this is the most likely scenario for the market of the cryptocurrency.
If ETC loses the support at USD 39.79, it would be confirming a bearish transition in the medium term.
Current Situation of Ethereum’s Cryptocurrency Ether
Although the price of Ether (ETH) maintains a short-term bearish trend, it was already beginning to break the immediate resistance close to USD 1,989.
The cryptocurrency now has to face the upcoming and most short-term resistance surrounding USD 2,278. If its price breaks it, it would mean the beginning of a bullish transition, which would lead to increasingly high lows and highs.
The price ceilings of USD 2,634 and USD 2,884 could hinder profits. Ether needs to break that last resistance to resume the medium- or long-term trend.
The recovery of the second cryptocurrency on the market began with support close to USD 1,733. The price of ETH rapidly slowed down at that level in May, showing great exhaustion and the impossibility to mark new lows.
If the price of Ether loses that support, it will lead to sales of up to USD 1.581. The lowest level following it stands at USD 1.419.
The lowest low that the price of ETH has reached is USD 2,711, but its medium-term trend has not suffered any falls. There is still a clear bullish trend that does not allow losses to extend too much.
By Alexander Salazar
