- The altcoin witnessed a 67.4% retracement in the most recent bearish phase.
- It wasn’t easy to build up enough momentum to overcome the $32 level tier.
After the January tremors, Ethereum Classic (ETC) has risen by 4 percent to $36.59 today, continuing its recovery with a 25% gain in the last seven days, breaking the $32 psychological resistance level.
It is possible to run decentralized apps on Ethereum Classic’s smart contract network. Miners are rewarded for validating blocks as ETC prices grow, encouraging more people to join the network and boost its safety.
Over the course of approximately 16 weeks, the value of Ethereum Classic (ETC) plummeted dramatically. As the market fell, traders and investors placed a high value on the 20 SMA (red). After a bearish divergence with its daily RSI on February 7, ETC had a patterned breakthrough but failed to gather momentum as it approached the $28-zone.
Substantial Bearish Impact Observed
The altcoin witnessed a 67.4% retracement in the most recent bearish phase as it broke through many important price marks. However, the bears have shifted the $32 level from nine-month support to immediate resistance. Thus, a substantial bearish impact may be seen.
When ETC reported an ROI of 42.62 percent (starting on January 26), the stock could break through the pattern on February 7 and test resistance at $32.00. However, it wasn’t easy to build up enough momentum to overcome this tier and finally it crossed the $32 level with bulls back in action.
The Ethereum Classic blockchain grew increasingly susceptible to attacks as the volume of transactions dropped. During a 51 percent assault in January 2019, $1 million in ETC was twice spent on the Coinbase cryptocurrency exchange, which can only happen if one organization or group controls at least 51% of the network. As a result of the suspension of ETC transactions by Coinbase and other exchanges, the cryptocurrency’s price fell that time.
