Ethereum Classic (ETC) breakout up to $10, halving in March is causing a bullish

Ethereum Classic (ETC) is arguably one of the top cryptocurrencies of 2020 following a successful Agatha hard fork, up to $ 13.00 on January 17, and a break into the top 10 for the first time in over a year. Following the spike to yearly highs, the bears took control of the market setting the price back to sub-$ 10 levels, as major crypto exchanges price a token of ETC at $ 10.27 USD, as at the press time. ETC has grown 18% on the day from an opening value of $9.19.

ETC price today | Source: Coinmarketcap 

Messari, along with Bob Summerwill, Executive Director at the ETC Cooperative and Kevin Lord, Ethereum Classic Community Manager at IOHK, in the Messari community group organized a public AMA. The development team at ETC has already released two upgrades, Atlantis and Agharta which are designed to increase compatibility between the two networks.

“Reason or benefit for Ethereum compatibility is pretty obvious! Ethereum is by far the dominant smart contract platform (something like 90-95% of all Dapps are on Ethereum). Compatibility means that such Dapps can trivially be deployed on ETC as well,” said Summerwill.

Furthermore, the upcoming halving in March is causing a decrease in the natural supply of the tokens. This provides bullish fundamental principle arguments for strongly bullish investors.

 

Ethereum Classic technical analytics

ETC USD 4-hour chart

ETC is struggling in the run-up to $10 despite the impressive gains from lows around $8.00. The resistances that have already been conquered include the 50 SMA on the 4-hour chart and the 61.8% Fib retracement level taken between the last swing high of $11.99 and a swing low at $4.30. Also supporting the surge is the RSI uptrend from levels under 50 to the current level at 70. If the price fails to penetrate past $10 and a reversal occurs, ETC will bank on finding support at $9.00 and $8.00, respectively.

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