The price of Ethereum Classic came to accumulate a profit of more than 30% yesterday, in a jump of positivism driven by widespread bullish intentions in the market, and the coming hard fork of the network.
At the time of this writing ETC quoted at $55.01, accumulating a loss of 1.36% in the last 24 hours, but maintaining a 38.91% positive during the last 7 days.
Thus, this cryptocurrency is standing out in the crypto ecosystem, with one of the most relevant profit percentages. Without a doubt, the bullish jump is mainly motivated by the positivism that the hard fork provokes.
It is expected that with this last hard fork the four proposed improvements of Ethereum or EIP will be implemented. These were first seen in the Berlin update of the ETH network earlier this year.
This update aims to improve network security while reducing gas costs by storing keys and addresses in one place, allowing users to access them through a single transaction.
Testing began on June 2nd, and the fork will be online once all testing is done successfully, which could happen by the end of July this year.
Ethereum Classic price technical analysis
On the ETC vs USDT daily chart we note yesterday’s strong bullish jump, breaking an immediate resistance, and initiating a short-term bullish transition.
We still have a dominant bearish direction in this timeframe. The price of Ethereum Classic must pass through the resistance at $60.71 for the bulls to regain control in the short term.
Today the price is defying that resistance. Although he is having some trouble overcoming it, the strength that the bulls bring tells us of a good chance that they will regain control.
Medium-term trend
In the weekly chart of the Ethereum Classic price, we see how the recent fall failed to close below the previous low. This indicates exhaustion of the bulls and the possible recoil background.
In this chart we see that the resistance that must be crossed to confirm a bullish resumption, is at $66.12. The recent good bullish volume tells us that this is the most likely scenario.
If ETC loses support at $39.79, it would send a negative signal, confirming a bearish transition in the medium term.
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