Ethereum ETHUSD
The Ethereum Classic is in a tight range after having a remarkable comeback in the past few days. The ETC price is trading at $37.50, which is 25% below its year-to-date high of $50. It is still up by more than 178% this month while its total market cap has surged to more than $4.3 billion. It is now the 36 biggest digital currency and sits between Cosmos and Algorand.
The background: Ethereum Classic has staged a remarkable recovery in the past few months. The currency has bounced back from its all-time low of $3.22 to the current $37.50. This is a 1,057% gain from December 2018.
While its performance has lagged that of ETH, its performance shows that there are still many enthusiasts rooting for the currency. Most of the enthusiasts love Ethereum Classic because of its characteristic of prioritizing the integrity of blockchain above all other interests.
Ethereum Classic price has done relatively well because of the overall performance of cryptocurrencies. Indeed, this year, almost all cryptocurrencies tracked by CoinMarketCap have all rallied.
In the four-hour chart below, we see that the ETC price tremendous rally has paused recently. A closer look shows that it has formed a bullish pennant pattern that is shown in red. The upward trend is also being supported by the 25-day moving average (MA) while the Average True Range (ATR) has started to decline in a sign that the volatility is declining.
Therefore, in my view, Ethereum Classic will likely rebound as bulls target the next key resistance at $60. However, a drop below the lower side of the pennant at $30 will invalidate this trend.
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