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Ethereum Classic Jumps 15% Ahead of Today's Coinbase Launch
Ethereum classic will be listed for the first time on Coinbase later today and the market is already reacting positively.
Updated Sep 13, 2021, 8:17 a.m. Published Aug 16, 2018, 4:00 p.m.
is reporting double-digit gains on the heels of an anticipated listing on the Coinbase exchange as of 17:00 PST (00:00 UTC) on Thursday.
At time of writing, ETC is trading across exchanges at an average price of $14.04 – a 15.72 percent gain in the last 24 hours – and is currently the biggest gainer among the top 15 cryptocurrencies by market capitalization, according to CoinMarketCap data.
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This is not the first time that ETC is cheering its association with Coinbase – itrose sharply earlier this month to a high of $21.25 as traders welcomed its listing on Coinbase Pro, the firm's platform aimed at more experienced traders.
However, things took turn for the worse in subsequent days courtesy of a broader market sell-off and ETC fell to $10.25 on Aug. 14 – down 50 percent from its Aug. 7 high, as per Bitfinex.
Although the markets generally are now showing signs of recovery, today's above average bounce surely marks revived investor interest on the Coinbase news, and leaves the cryptocurrency printing a 36 percent gain since the low set two days ago.
Hourly chart
The spike in ETC looks sustainable as it is backed by a pick-up in trading volumes. However, both the relative strength index and stochastic are reporting overbought conditions, so further upside will likely unfold after a minor pullback.
Daily chart
The tide has turned in favor of the bulls, as per the bullish doji reversal seen on the daily chart.
What's more, the stochastic witnessed a bull cross earlier this week and is now rising from the oversold territory in favor of the bulls. A similar action is unfolding on the RSI.
View
- ETC has likely witnessed a short-term bearish-to-bullish trend change this week and looks set to test the 50-day moving average hurdle of $16.15 in the next few days. Acceptance above the key MA would only bolster the bullish setup.
- The bullish case would weaken if prices drop below $12.00 (June 10 low).
Coinbase app image via Shutterstock
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