Original Article on Parabolically here.
Ethereum Classic (ETC) is having an unexpectedly excellent month. The Ethereum forked token hit an a low of $12.45 in mid-June, only to see a massive pump higher the following month. As of this writing, ETC is blasting through the $35 dollar range.
As you can see from the chart below, Ethereum Classic is experiencing a “rip your face off” rally as bullish headwinds in the crypto markets pick up steam.
Ethereum Classic Weekly Chart via WeBull
This chart is showing some strong traction for the OG crypto, finally entering a positive crossover on the weekly MACD. This is generally a bullish sign, although it is impossible to tell if it has fully bottomed.
However, it is very common in the crypto space to see a slightly higher high from the previous major low before the next bull market starts. In the case of ETC, the previous low was approximately $5 at the end of 2020.
The June 2022 lows reached $12, but immediately reversed after. One can speculate that the lows for this bear market have been hit, with major caveats.
But why is ETC pumping so hard?
And, not only cryptos, but crypto related stocks are having a great month as well. Just look at the Coinbase (COIN), Paypal (PYPL) and even mining stocks like Marathon Holdings (MARA).
It is clear by the rampant dip buying that cash that has been waiting on the sidelines is reentering the markets.
Furthermore, ETC appears to be leading the pack with the latest announcement from Antpool. Check out the details via CoinDesk:
We will have more information on this as it comes out. For the mean time…enjoy the pumpage!
Ethereum Classic (ETC) is having an unexpectedly excellent month. The Ethereum forked token hit an a low of $12.45 in mid-June, only to see a massive pump higher the following month. As of this writing, ETC is blasting through the $35 dollar range.
As you can see from the chart below, Ethereum Classic is experiencing a “rip your face off” rally as bullish headwinds in the crypto markets pick up steam.
This chart is showing some strong traction for the OG crypto, finally entering a positive crossover on the weekly MACD. This is generally a bullish sign, although it is impossible to tell if it has fully bottomed.
However, it is very common in the crypto space to see a slightly higher high from the previous major low before the next bull market starts. In the case of ETC, the previous low was approximately $5 at the end of 2020.
The June 2022 lows reached $12, but immediately reversed after. One can speculate that the lows for this bear market have been hit, with major caveats.
But why is ETC pumping so hard?
Bullish Headwinds and Antpool Announcement
Although ETC is showing extraordinary strength, it is not alone. As of this writing, Ethereum (ETH) is up over 100% from its June lows, alongside dozens of other cryptocurrencies like Solana (SOL), Avalanche (AVAX), Apecoin (APE), Bitcoin Cash (BCH) and many others.And, not only cryptos, but crypto related stocks are having a great month as well. Just look at the Coinbase (COIN), Paypal (PYPL) and even mining stocks like Marathon Holdings (MARA).
It is clear by the rampant dip buying that cash that has been waiting on the sidelines is reentering the markets.
Furthermore, ETC appears to be leading the pack with the latest announcement from Antpool. Check out the details via CoinDesk:
Essentially, Antpool, the world’s leading Bitcoin mining pool, announced an investment of $10 million in Ethereum Classic (ETC). The initial investment will go into to the development and pursuit of applications of the Ethereum Classic mainnet, in order to promote the overall performance of the network.
We will have more information on this as it comes out. For the mean time…enjoy the pumpage!
