Ethereum Classic (ETC) is one of the few cryptos that has had an upward trend during the latest bitcoin falls in recent months. We explain to you the secret of their success.
Why Ethereum Classic (ETC)?
ETC is an open source, public, blockchain-based cryptocurrency project based on smart contracts. It was born from a hard fork in Ethereum (ETH), in the same way, it works in the same way as the Ethereum protocol. The platform supports the creation of smart contracts and decentralized applications. ETC is useful as a means of payment for products and services, in addition to being used for the payment of transaction fees.
Ethereum Classic has had a gratifying July breaking above the resistance at $18.00. Although the current downward pressure on the market has led to prolonged falls, the ETC/USD has remained above the $15.00 level. The pair is currently trading around the $16.5 level, after a brief bullish correction from the $15.00 level. Coinbase recently announced its intention to include the ETC as a negotiable instrument. This list has been predicted as a major boost to the price performance of ETC. Meanwhile, the subtle upward corrections will continue to keep cryptocurrency in the spotlight.
The last time we talked about the hard fork of ETC was on the day of the implementation. A month and a half later, its price has risen from the June lows of around $12, but appears to have remained just below a key resistance level, which falls on the upper band of the daily Ichimoku Kinko Hyo’s cloud and the 23% Fibonacci retracement level.
Reasons For The ETC Bullish Trend
The Coinbase listing seems to have made a game change for the ETC community. But there may be another reason behind the new uptrend. That is the fact that ETC was one of seven cryptocurrencies approved by the Securities and Exchange Commission of Thailand.
The inclusion of ETC by both Coinbase and the Thai SEC is interesting. This is because there are many other cryptos that could have chosen instead of ETC, which currently ranks 15th on the market capitalization list, having risen from 18th since the listings were announced.
It is almost mid-July and there is always time to make investment decisions. Furthermore, it has been predicted by expert analysts like Tom Lee that there is going to be a Bull Run led by Bitcoin (BTC) towards the end of the year.