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ETC Price Analysis: Ethereum Classic Blows Up to Record Highs, Network Hash Rate Back to Pre 2020 Hack Levels

ETH Price

Highlights

  • Ethereum Classic (ETC) blows up to fresh record highs of $98
  • Ethereum Classic was trading at $92.31, up 40.08% in the last 24 hours and 135.01% Weekly
  • The recent surge in ETC token price is also believed to increase Ethereum Classic security

The cryptocurrency market is tinged with red on Wednesday. Ethereum Classic (ETC) blows up to fresh record highs of $98 on May 5. The ”Green Ethereum” is seeing increased retail and institutional demand following its listing on Robinhood and Grayscale increasing its Ethereum Classic holdings. At the time of writing, Ethereum Classic was trading at $92.31, up 40.08% in the last 24 hours and 135.01% weekly. An Ethereum hard fork, ETC has consistently climbed higher to rank 21st largest with a present market cap of $9.1 billion. In 2020, ETC suffered multiple 51% attacks with millions of dollars siphoned from the project. The network announced on May 5 ”as one of the last Proof-of-Work chains around, we’re glad to see the network hash rate is at previous levels seen before those 2020 coordinated attacks.” The recent surge in ETC token price is also believed to increase Ethereum classic security due to growth in Miner base and block rewards.

Key Levels
Resistance levels: $150, $130, $100
Support Levels: $72, $50, $30

ETC/USD Daily Chart: Bullish

ETC/USD Daily Chart

ETC/USD has attracted fresh buying interest once more, as the price continues to post five consecutive green days. Surpassing the all-time high of $98, ETC price could enter uncharted levels such as the nearby $100 level, the $150 and $200 barriers. The RSI is extending its move into the overbought territory which may suggest profit-taking in the near term.

In case of losses, support could come from the $72 barrier ahead of the $50 psychological level. Failing to halt negative tendencies, the ETC price may hit support at $34.5 before the MA 50 at $25.48. The strong MA 50 support may put a lid to further losses while ETC resumes the upside tendency to record highs and once again enters the uncharted zone.

ETC/USD 4-Hour Chart: Bullish

ETC/USD 4-Hour Chart

Ethereum Classic retreated slightly from the record high of $98, reached earlier today. The technical indicators may suggest a possible retracement as the RSI pulled back from the overbought territory. If the ETC price falls further, it could retest support at $82 before heading south towards $67 and the $55. Even lower, the $50 barrier ahead of the MA 50 support at $45 could be a crucial barrier for the bears.

Alternatively, an upside move beyond the current level could take ETC towards the all-time high of $98 before entering uncharted levels such as $120 and $150. Concluding, the ETC/USD pair has been in a strong upside tendency since Apr. 26. If traders sink ETC price beneath the $50 psychological, this could shift the view to neutral.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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