Ethereum Classic Up 15% This Week As Investors Await Coinbase Listing
Ethereum’s estranged sibling Ethereum Classic is amidst a bullish run. The total value of all Ether Classic (ETC), the cryptocurrency that powers the ethereum classic blockchain, in circulation has topped $2.2 billion.
The chart pattern spans $12 to $19 so the resulting rally could be roughly the same height. However, moving averages have yet to catch up to the move since the 100 SMA is still below the longer-term 200 SMA. This suggests that the path of least resistance is to the downside or that sellers have the upper hand.
This could mean that a pullback to the broken triangle top around $17 is in order. After all, RSI is dipping into overbought territory on its move up, and turning lower could bring selling pressure back in. Similarly stochastic is indicating overbought conditions and looks ready to head south, so Ethereum Classic might follow suit.
It can be seen that the weekly RSI levels look healthy and show only a slight uptick in momentum, signaling room for further growth. Continuation is likely as the bulls have already matched the previous weekly total volume. Bullish Symmetric triangle has allowed for continuation topside with prices breaking the long-term resistance level at $19. However, a pullback prior to continuation is also a potential as traders seek profit-taking and the daily indicators take their time to cool off.
Notably, on August 3rd Coinbase announced that it is working on the final testings in order to support Ethereum Classic on their platform. As per the report, the final testing should be completed by Tuesday, August the 7th. After it they will announce that it will be possible to accept inbound transfers of ETC. Additionally, the company will be allowing 24 to 48 hours of inbound transfers through Coinbase Pro and Coinbase Prime.
Coinbase’s news follows Robinhood’s listing of ETC on August 6th. “Starting today, you can invest in Ethereum Classic on Robinhood Crypto, commission-free,” the official announcement said.