Bitcoin
BTC$49 813.00

-0.95%

Ethereum
ETH$4 391.95

1.59%

Binance Coin
BNB$605.40

5.72%

Tether
USDT$1.000938

0.02%

Solana
SOL$191.63

1.67%

Cardano
ADA$1.38

0.73%

Ethereum Classic (ETC) Goes From Gainer to Loser


February 2020

It looks like the fairytale rally of Ethereum Classic has come to an end as the coin that was among the strongest gainers in January is now losing in value quite rapidly. In the last seven days, ETC has become the fifth biggest loser behind Hypercash, ICON and both Bitcoin forks, after having decreased in price by 22%.

Biggest losers of the last week

The 17th cryptocurrency began rallying vehemently even before the end of 2019, eventually breaching the resistance that held since October 2018. The move started with a bullish engulfing pattern and has been developing steadily for a while, allowing the bulls to gather strength. Traders who were foresighted enough, went long on Ethereum Classic even before the New Year, as soon as the price moved above the 22-period EMA, although hardly anyone could have predicted that altcoins would come up with such a parade of generosity.

Daily ETC/USDT chart

The consistent upward hike was also instigated by the active involvement of the Ethereum Classic team into building the global ecosystem for Decentralized Finance (DeFi), a concept that should eventually take the applicability of blockchain and cryptocurrencies to a whole new level. Regardless of ETC’s current price action, traders should keep in mind that Ethereum Classic will see major improvement of its fundamentals over the course of this year - in June, to be more precise, when the both Aztlan and Phoenix hard fork will come into play, allowing Ethereum’s native decentralized applications to be launched on ETC’s ecosystem, essentially making it a Bitcoin-like blockchain that employs Ethereum’s smart contracts.

However, that information should be taken into account for long-term trading strategies, whereas right now, Ethereum Classic has entered a period of crisis.

A consolidation ending in a nosedive


After a period of cautions rise, the price of Ethereum Classic had literally exploded, having gone first from $5.4 to $9.7 in four days, retraced slightly to $8 and then had another rally that ended in testing the $13, a level where ETC was way back in August 2018, though, at that time, the market was moving in the opposite way. However, right after reaching the new heights, the coin has crawled below the 22-period EMA - a move that served as a prerequisite for a downfall that began on February 13.

1-day ETC/USDT chart

As of the time of writing, Ethereum Classic is breaking through the bottom line of the ascending channel, which held the trend structure, though this move needs to be finalized and confirmed by the next daily candle. The 14-period RSI responded to these developments by lowering sharply in the direction of the oversold area.

Although this move shouldn’t be considered as a buy signal because MACD reveals that the bears are tightening their grip as both MACD and signal curves are approaching the zero line, moving further away from each other as the histogram grows. This is a hint that the sellers will continue mounting the pressure, so it shouldn’t come as a surprise when ETC drops to the first resistance level at $8 in a span of five days.

Author: Alex Paulson for Crypto-Rating.com

Related

Ethereum Classic (ETC): Will It Ever Recover After 51% Attacks?
Ethereum Classic (ETC): Will It Ever Recover After 51% Attacks?
Ethereum Classic (ETC) Suffers the Third 51% Attack
Ethereum Classic (ETC) Suffers the Third 51% Attack
Ethereum Classic (ETC) 51% Attacks Hinder the Price Growth
Ethereum Classic (ETC) 51% Attacks Hinder the Price Growth
Ethereum Classic (ETC) Could Be Plotting for a Triple Top
Ethereum Classic (ETC) Could Be Plotting for a Triple Top
Ethereum Classic (ETC) Remains Hopelessly Bearish
Ethereum Classic (ETC) Remains Hopelessly Bearish
Ethereum Classic is Climbing Up Sluggishly
Ethereum Classic is Climbing Up Sluggishly
Ethereum Classic: Expecting Further Price Reduction
Ethereum Classic: Expecting Further Price Reduction
Ethereum Classic (ETC) Price Prediction
Ethereum Classic (ETC) Price Prediction
What 2020 may hold for Ethereum Classic
What 2020 may hold for Ethereum Classic

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 74.4% 48 $49 813.00 -0.95% -11.99% $941 251 246 985 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 77.2% 39 $4 391.95 1.59% -2.72% $521 163 421 423 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 78.4% 35 $605.40 5.72% -2.08% $100 981 494 949 BNB 7 days price change
4 Tether (USDT) USDT Tether predictions 93.6% 1 $1.000938 0.02% 0% $76 397 930 724 USDT 7 days price change
5 Solana (SOL) SOL Solana predictions 70% 61 $191.63 1.67% -15.25% $58 896 286 697 SOL 7 days price change
6 Cardano (ADA) ADA Cardano predictions 65.2% 77 $1.38 0.73% -10.09% $46 053 468 779 ADA 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 92.4% 2 $0.999918 0% -0.08% $41 010 560 847 USDC 7 days price change
8 XRP (XRP) XRP XRP predictions 68.8% 65 $0.855956 5.04% -11.91% $40 441 604 421 XRP 7 days price change
9 Terra (LUNA) LUNA Terra predictions 64% 75 $75.93 12.09% 18.47% $28 907 461 002 LUNA 7 days price change
10 Polkadot (DOT) DOT Polkadot predictions 68.4% 70 $29.14 -0.01% -17.85% $28 780 399 611 DOT 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 66.4% 65 $0.178327 0.22% -13.26% $23 617 635 191 DOGE 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 63.6% 77 $92.70 3.12% -20.82% $22 508 416 490 AVAX 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 62.4% 79 $0.000037 -1.09% -13.95% $20 139 409 217 SHIB 7 days price change
14 Polygon (MATIC) MATIC Polygon predictions 63.2% 70 $2.35 2.82% 11.77% $16 640 526 821 MATIC 7 days price change
15 Crypto.com Chain (CRO) CRO Crypto.com Chain predictions 65.2% 78 $0.609576 -0.56% -14.38% $15 399 729 736 CRO 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.