Bitcoin
$61,976.96-0.09%
Ethereum
$2,986.34-1.37%
Binance Coin
$542.94-1.72%
Solana
$137.12+0.77%
XRP
$0.48575583-2.39%
Toncoin
$6.82+11.57%
Dogecoin
$0.14697464-1.90%
Cardano
$0.44309287-1.83%
Shiba Inu
$0.00002193-1.95%
Avalanche
$33.89-1.77%
Wrapped Bitcoin
$61,231.47+0.94%
Tron
$0.10763392-2.32%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Consensus 2024Price Increase Extension Ends In
01
DAY
15
HR
47
MIN
55
SEC
Features

Ethereum Classic Snaps Slump as Price Hits Eight-Week High

Ethereum classic rose to eight-week high today, thanks in part to keen trading on South Korean exchanges.

By Omkar Godbole
AccessTimeIconNov 6, 2017 at 3:30 p.m. UTC
Updated Sep 13, 2021 at 7:07 a.m. UTC
Gas pump
Gas pump
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Ethereum classic rose to eight-week high today – its highest level since Sep. 9.

At press time, the fork of the etheruem blockchain is trading at around $15.00. As per CoinMarketCap, the ninth largest cryptocurrency by market capitalization has gained 16.90 percent in the last 24 hours. Week-on-week, ETC is up 38.88 percent, while on a monthly basis, it is carrying 21.68 percent gains.

Volume figures show the rally has been in part fueled by Korean exchanges offering trading in ethereum classic to South Korean won (ETC/KRW) pairs. As per CoinMarketCap, trading volumes on Bithumb, one of the largest cryptocurrency exchanges in South Korea, have jumped by 53.52 percent over the last 24 hours.

Elsewhere, the investor community is associating the price rally with the listing of ETC and ETH futures on OKEX, a digital asset trading platform launched by China-based exchange OKCoin.

Whatever the reason for the recent gains, the rally looks solid on the technical charts. Price action analysis indicates that the cryptocurrency could rally to $17.88 levels.

Ethereum classic chart

download-1-19

The above chart shows:

  • Consolidation (sideways channel) has ended with a bullish breakout.
  • The relative strength index (RSI) is overbought.

View

  • Bullish break has opened doors for a rally to $17.88 levels (target as per the measured height method, i.e. difference between the channel high/low added to the channel resistance).
  • The RSI is overbought, hence a short-term consolidation in the range of $13.50-$15.00 cannot be ruled out, before prices rally to $17.88 levels.
  • On the downside, a sustained move below today's low of $12.91 would abort the bullish view.

Fuel pump image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.