The Ethereum Classic blockchain is an exact copy of the more popular Ethereum blockchain, emphasizing smart contracts and providing supporting platforms for decentralized applications. ETC price action remained mostly trapped in a narrow high-volatility zone as several proof-of-work blockchains offer high mining rewards. As a voluntary organization, ETC has no plans to transform into a for-profit blockchain, but it has an army of developers working to enable further scaling of this blockchain. Unlike its counterpart ETH, ETC ranks quite low at 19th position with a market capitalization of $5 billion.

The recent pull on ETH has also helped ETC grow, as it started a tremendous uptrend in just two months. Currently reeling from profit bookings, ETC is trading above its immediate moving averages.

The price action is immensely stronger as the current consolidation is taking place above its major moving averages. With the fifth consecutive positive day, ETC has finally taken the support from the lower band of its previous active consolidation zone. Read our ETC Price Prediction to know if this uptrend will continue or not.

Ethereum Classic, for the first time, overtook ETH in momentary gains. With repeated breakouts from the 200 EMA, the resistance moved to a higher value of $50. August has been a positive month so far with price action, but the profit booking on August 19th has significantly shaken ETC’s buying sentiment. This price movement indicated a significant decline in the RSI, which was a major move in a negative direction.

The MACD on the daily charts is finally heading towards a bullish cross. Combining the outlook of MACD with RSI shows a much higher uptrend potential for ETC. It has gained significant value over the past six days and remains below the maximum value of August 19, 2022. $43 would be the first resistance ETC needs to overcome to maintain its uptrend outlook.

ETC PRICE ANALYSIS

On the weekly charts, the ETC price action shows the presence of a bearish weekly engulfing candle, but the daily price action consolidation zone is defended even on this chart. The RSI on the weekly charts is just as strong as on the daily charts, while the MACD shows little potential to make a bearish cross. Upcoming resistances would be at $43 and $50, while support can be expected from $31 in case of unexpected profit booking.