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Ethereum Classic (CRYPTO: ETC) plunged almost 8% lower at one point during Wednesday's trading session after initially attempting to break above Tuesday's high-of-day. The sharp decline came in tandem with the broader cypto sector, which reacted negatively to the S&P 500, which attempted to regain a long-term descending trendline as support but failed.
Shiba inu was one of Friday's biggest gainers, as the meme coin raced to a six-week high. The move came as the global cryptocurrency market cap surged, as U.S. inflationary pressures continued to cool off. Ethereum classic was also in the green, with price hitting a two-month high.
After a 12% rally on 6 January, Ethereum Classic [ETC] got into the $19.95 – $21.77 range. ETC has been trading in the above range since 7 January.
Ethereum Classic (CRYPTO: ETC) was consolidating mostly sideways during Wednesday's 24-hour trading session, trading generally within Tuesday's range. The sideways consolidation has been taking place since Saturday, after the crypto spent the period between Jan. 4 and Jan. 6 soaring 31.21% higher.
As the first week of 2023 ends, most cryptocurrencies have traded in the green zone after massive sell-offs over the past year. Notably, some assets aim to build on the fuel that has inspired a mini-rally as a foundation for sustained gains.
Ethereum Classic (ETC), a decentralized, open-source and blockchain-based cryptocurrency, might soon lose its current momentum that allowed it to become one of the top performing crypto assets for the past week. A quick review at some data points for the digital asset reveals that it is currently trading at an overbought position which might cause buyers to be “exhausted” and unable to sustain a further rally, yielding technical advantage to the bears once again.
Ethereum Classic [ETC] had a strong week, with its price increasing by 28.60%, according to data from CoinMarketCap. This made it one of the top-performing cryptocurrencies, along with Lido [LDO], which saw a price increase of 55%, and Solana [SOL], which had a rally of 35% within the same period.
Ethereum classic was one of the biggest movers to start the weekend, as prices surged to a six-week high. The move saw the token climb by as much as 12%, breaking out of a key resistance level in the process. Polygon also moved higher, as it raced towards a recent price ceiling.
Ethereum Classic [ETC)] rallied on 4 January, following Bitcoin's [BTC] rally on the same day. ETC rose from $15.88 to $19.86, but a bearish order block at $19.86 undermined the further rally and forced a price correction.
Every once in a while, Ethereum Classic [ETC] registers a large price pump that is usually associated with whale activity. The latest such event occurred on 4 January, when ETC bulls pulled off a surprise attack and pushed the token up by over 20% in one day.
In yesterday's trading session, the price of Ethereum Classic surged more than 20%, breaking through the long-term resistance level of $18.
ETC (CRYPTO: ETC), the native asset of the Ethereum Classic, experienced a remarkable rebound on Wednesday as its price surged from $15.64 to a massive green daily candlestick. What Happened: Dubbed as Ethereum (CRYPTO: ETH) spin-off ETC has rallied more than 24% in the past 24 hours, topping intraday gains at $19.52.
Cryptocurrencies are jumping on some potentially positive long-term news.
Bitcoin (CRYPTO: BTC) moved higher this morning, with prices for the most valued cryptocurrency in the world, trading past the $16,800 level on Wednesday ahead of the release of minutes from the recent Federal Reserve meeting. Ethereum (CRYPTO: ETH), also recorded gains, with prices trading above the key $1,250 mark on Wednesday.
Solana Price Surge Update: The global crypto market registered a broad recovery in the first week of 2023 after an intense sell off in December 2022. The largest cryptocurrency, Bitcoin is still struggling to regain the $17k price level.
Ethereum Classic is enjoying pretty nice rally of its own
The Digital Currency Group (DCG) has come under scrutiny after Zhu Su, the founder of Three Arrows Capital, accused DCG and FTX of causing the decline of Terra (LUNA) and STETH and ignoring the issue instead of addressing it.
As miners undergo trying times on major Layer 1 blockchains, Ethereum Classic's [ETC] hashrate clinched its lowest level since the merge, data from CoinWarz revealed.
Ethereum Classic saw its hashrate balloon when Ethereum finally moved to a proof of stake mechanism. The miners who were being kicked out of the network and could no longer use their machines had switched to others such as Ethereum Classic and Ravencoin to put their very specific machines to use.
Ethereum Classic (CRYPTO: ETC), is up 5% topping intraday gains, outpacing the movement seen on the second-largest cryptocurrency Ethereum (CRYPTO: ETH). What Happened: At the time of writing, ETC was trading at $16.46.
Ethereum classic rallied for a second straight session on Wednesday, following better-than-expected U.S. consumer confidence data. The figures showed that confidence among American consumers rose to the highest level in eight months, with a reading of 108.3. Monero was also higher on the news, as it extended recent gains.
Bitcoin stayed afloat above the $16.6k mark after sinking to $16.2k on Monday (19 December). The sentiment across the market has been bearish in recent days, and it was likely to continue over the week.
Ethereum Classic is among today's best performers, while the rest of the market sits quietly.
The origin of Ethereum Classic (ETC) dates back to 2016 when the smart contract operating on the Ethereum blockchain called, The DAO, collapsed due to a massive hack. The genesis blockchain was then split in two, Ethereum and Ethereum Classic, similar to how Bitcoin split into Bitcoin and Bitcoin Cash back in 2017.
