Ethereum - ETH
The Ethereum Classic price has surged in the past few days. ETC surged to an all-time high of $55. Its market cap has surged to more than $6.2 billion, while its overall ranking has surged to 27. On the other hand, Ethereum price has also surged to an all-time high of more than $3,000.
What happened: In a note last week, I predicted that the Ethereum Classic price would soon break out. I pointed to the bullish flag that was forming and the overall outlook for Ethereum. I noted that ETC was similar to BCH in that they tend to derive their value from Ether and Bitcoin.
Recently, Ethereum has done really well as many developers turn to the network. This has seen its price surge to an all-time high. Therefore, since a single Ether is substantially expensive than an ETC, many retail traders have moved to the latter. So, what next for ETC prices?
The daily chart shows that the ETC price has formed a bullish flag pattern that I talked about last week. In technical analysis, this is usually a bullish sign. The recent Ethereum price rally has seen its price surge above the upper side of the upward resistance level.
It has also moved above the short and longer-term moving averages. It has also moved above the previous all-time high of $49.90. Therefore, in my view, I suspect that the ETC price will keep rising as bulls attempt to move above $60. We can’t rule out a near-term pullback, especially if the price drops below $49.90.
Please don’t consider this investment advice. Views expressed here are those of the writer and the writer and InvestingCube will not be held liable for any losses.
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