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Cryptocurrency : This is how the price of Ethereum Classic behaves as its hard fork approaches

The price of Ethereum Classic came to accumulate a gain of more than 30% yesterday, in a leap of positivism driven by the widespread bullish intentions in the market, and the upcoming hard fork of the network.

At the time of this writing, ETC is trading at $ 55.01, accumulating a loss of 1.36% in the last 24 hours, but maintaining a positive 38.91% during the last 7 days.

Thus, this cryptocurrency is standing out in the crypto ecosystem, with one of the most relevant profit percentages. Without a doubt, the upward jump is mainly motivated by the positivism that the hard fork provokes.

It is expected that with this latest hard fork the four Ethereum or EIP enhancement proposals will be implemented. These were first seen in the Berlin update of the ETH network earlier this year.

This update is intended to improve network security, while reducing gas costs by storing keys and addresses in one place, allowing users to access them through a single transaction.

The tests began on June 2, and the fork will be online once all the tests are carried out successfully, which could happen by the end of July this year.

Ethereum Classic price technical analysis

On the ETC vs USDT daily chart we see yesterday’s strong bullish jump, breaking immediate resistance, and initiating a short-term bullish transition.

We still have a dominant bearish direction on this time frame. Ethereum Classic price must break through resistance at $ 60.71 for the bulls to regain control in the short term.

Today the price is challenging that resistance. Although he is having some trouble getting over it, the strength that the bulls bring speaks of a good chance that they will regain control.

Medium-term trend

In the weekly chart of the price of Ethereum Classic, we see how the recent drop failed to close below the previous low. This indicates depletion of the bulls and the possible bottom of the pullback.

In this chart we see that the resistance that must be crossed to confirm a bullish resumption is at $ 66.12. The recent good bullish volume tells us that this is the most likely scenario.

If ETC loses support at $ 39.79, it would send a negative signal, as it would be confirming a bearish transition in the medium term.

Ethereum Classic price weekly chart technical analysis.  Source: TradingView.Ethereum Classic price weekly chart technical analysis.  Source: TradingView.Ethereum Classic price weekly chart technical analysis.  Source: TradingView.Ethereum Classic price weekly chart technical analysis. Source: TradingView.

All our publications are informative, so in no case should they be followed as investment advice.

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