Most altcoins seem to be recovering towards the May highs. Ethereum Classic, one of the most popular altcoins, follows the trend, and its price is shooting to show strong bulls. On a yearly scale, ETC’s price has increased by over 900%.
In the past 24 hours, ETC has gained value by 29.1%. At the time of writing, it is trading at around $59.04 on major exchanges.
Ethereum Classic Price Analysis
Ethereum Classic is trading around $59 in a positive uptrend it has maintained this week. ETC is testing support at around $50 after selloffs came to a halt last week. ETC’s buying support is currently high, meaning that the coin is deriving its value from growing demand.
However, investors should be cautious when buying at high demand levels because a price correction might lead to a downtrend. Besides, some investors may choose to sell at high prices, triggering another bearish trend.
The coin needs support at the $62 level to prevent a downward trend that may eliminate gains. Going above this level may propel ETC towards $100, and a strong bull run will be reported. With the crypto market showing a strong recovery, ETC might gain the support needed to build a strong bullish zone.
One of the reasons leading towards ETC’s price surge is the magneto hardfork upgrade. The upgrade will lower transaction costs and improve speed on the network.
With mining activities on Ethereum expected to end after the ETH 2.0 rollout at the end of the year, Ethereum Classic will be an ideal destination. The Magnate upgrade will boost Ethereum Classic’s viability as the next destination for Ethereum miners.
Ethereum is also gaining institutional support, which will help boost the token’s adoption. Last week, Grayscale, one of the largest digital asset management firms, sold $50 million worth of ETC shares to Digital Currency Group. DCG had initially bought similar bitcoin shares.
Where to Buy ETC
If you want to buy Ethereum Classic during the current bull run, create a crypto exchange account on eToro. eToro is one of the leading exchanges that support ETC and a wide range of other cryptocurrencies. Furthermore, eToro offers competitive trading fees and copy trading capabilities to allow new traders to learn from market experts.
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