Ethereum Classic price is going up before it goes in for another fork- this time a hard fork that’s being termed Atlantis due to which the cryptocurrency is experiencing a surge in its price.
Ethereum Classic (ETC), the parent chain from which the Ethereum (ETH)- we all know and adore enough to give the top position among the altcoins- works on the proof-of-work algorithm, unlike its fork.
Lack of funding caused the ETCDEV, the ETC’s main development, to shut down and the blockchain had been suffering from attacks. The Ethereum Classic blockchain experienced fifty-one (51%) percent attacks. This happened because of the bear market that hit the altcoins like a storm.
Ethereum Classic price before forking
The ETC/BTC pair had a fifty percent pump (50%) from the lowest lows of August, and the charts show ETC challenging some higher-ups in the resistance world while it stampedes its way to the top on its current bull run.
ETC’s relative strength index (RSI) hasn’t been in these regions since mid-June, and the fifty-five-day exponential moving average (EMA) has been left in the dust.
The moving average convergence/divergence (MACD) is above the danger zone, and it gets the green lights shown to it. The EMA and the next resistance level have about a thirty percent (30%) price gap; this could prove for good enough consolidation are before the bulls take ETC back on its ascend.
The thirty-three (33) day EMA has previously been an unreachable point on the graph, but with the current enthusiasm that the bulls are showing, it won’t be long before we see ETC break clean through it.
The RSI here- hanging around the mark labeled forty-two (42)- can be predicted to give three outcomes. ETC could experience a support flip or a clean, a brief penetration of this mark or a clear rejection- so nothing is quite clear. However, the MACD is moving towards the center, thus expecting a rise in the near future on a large scale such as the current from ETC, will be too much demanding.
The possibility of a pullback arises when the four-hour chart is taken a closer look on- based in the RSI status.
The Fibonacci retracement levels in the range from ₿0.00063-60 are unclear. With the MACD running against the ETC price, we can expect a consolidation in the near future.