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Ethereum Classic Rockets 14% – Bulls Buckle Up to Trade Ascending Triangle Breakout

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Ethereum Classic
Ethereum Classic

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Despite most cryptocurrency markets being red, Ethereum Classic rockets 14% in 24 hours. The ETC price increased to $27 on July 27, representing a 100% gain nine days after bottoming out at $13.35. The optimism surrounding Ethereum’s expected network upgrade in September has significantly affected its price recovery. ETC: Optimization driven by Ethereum 2.0 drives strong uptrends in ETC, making it the day’s top gainer.

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Ethereum Classic (ETC) Network Development

Lv Lei, the pool’s CEO, has contributed $10 million to the Ethereum Classic ecosystem and will continue to do so. That was announced this week at Bitmain’s World Digital Mining Summit that AntPool, the mining pool connected to mining rig behemoth Bitmain.

Even as the Ethereum network transitions to a proof-of-stake (PoS) model, Ethereum Classic will continue to use the proof-of-work methodology (PoW). The Proof-of-Stake protocol will significantly alter how Ethereum validates blocks, adds them to the blockchain, and generates new Ether (ETH).

This will eliminate the need for specialized mining rigs such as those manufactured by Bitmain. The initial $10 million investment was used to investigate and develop apps for the Ethereum Classic mainnet to improve the network’s overall performance. This was regarded as one of the primary reasons for ETC price increases.

Mixed Crypto Market Sentiment

Even though some digital assets, such as Ethereum Classic, have not yet taken a hit, the cryptocurrency market has lost its previous week’s upward momentum. Investors returning to the fiat market, combined with a lack of bullish leverage in the cryptocurrency market, indicate another crash is possible. Bitcoin has been losing ground, which could be detrimental to other crypto coins.

Bearish BTC performance and sell-off in the crypto market haven’t impacted Ethereum Classic price. ETC’s current live price is $27.19, and its 24-hour trading volume is $1.4 billion. Ethereum Classic gained 15.70% the day before, whereas ETC is ranked number 21, with a live market cap of $3.6 billion. Let’s have a quick look at the technical outlook of Ethereum Classic.

Ethereum Classic Price Chart
Ethereum Classic Price Chart

Ethereum Classic Rockets 14%  – Technical Outlook

The ETC/USD pair is consolidating under a triple top pattern, with $27.80 acting as solid resistance. The ETC/USD pair has formed an ascending triangle pattern during the 4-hour timeframe. Typically, the ascending triangle pattern breakouts on the higher side; therefore, it’s worth looking for a buying trade once the resistance level gets violated. A surge in ETC demand could cut through the $27.80 level, exposing the coin’s price to $31.60. However, traders should wait for candles to close above the resistance mark to confirm a breakout.

On the downside, ETC could find support above the 50-day EMA line at $25.15. A bearish crossover below the 50 EMA line may expose the ETC price to the $23.20 double bottom support level. Consider looking for a buying trade that exceeds $27.80 and vice versa. Good luck!  

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