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Ethereum Classic: The Token and its Price Action

What is Ethereum Classic Token?

Ethereum Classic has been one of the most successful digital currencies in 2017. It is a token that works on Ethereum’s blockchain, and it has seen some incredible price action this year. The ETC token was trading for as low as $1 at the beginning of January 2017 but managed to skyrocket up to $175 at its peak. Let’s take a quick look at what Ethereum classic is, how it operates, and why so many people are interested in mining or buying the ETC tokens!

Ethereum Classic is a blockchain platform that operates on the same principles as its parent company. It was originally created after some in the community were not happy with what they saw happening to and around Ethereum, such as hard forks or hacks of exchanges. Mining Ethereum classic tokens means you are mining blocks on their blockchain network. As an incentive for people who take part in this process, there’s a reward system set up called “Uncle rewards” which gives out more coins than usual if someone mines faster than expected!

Technical structure of Ethereum Classic (ETC)

Source:tradingview

The price of Ethereum Classic tokens has been looking strong recently as it sustain above 100-DMA in bear market. whereas, volume is recorded lower and falls below avrage line. As long-term investors we expect to see this downtrend continue until the Market Cap reaches its new normal level again – then we can potentially anticipate bullish market conditions to form up once more!

Currently ETC is trading at on bearish note, with the price currently sitting at $53.66 on a 24 hour time frame. There is an strong support line of 100-DMA that has been formed which could be breached soon but for now it’s acting as support and preventing any further downtrend movement in ETC prices.

RSI is heading towards the oversold zone and continuously falling from the higher levels. whith no major sign of recovery.

Ethereum classic MACD is trading on bearish note. There can be an uptrend if the token manags to hold 100-DMA line that has been acting as support and preventing any upward movement in ETC prices.