Given that the cryptocurrency has been growing as a whole, Ethereum Classic has been having a problem breaking its $60 resistance level. On the other hand, its reputation was still intact with its 8.5% rate. It was higher than Ether and 12.3% higher than Bitcoin.
The cryptocurrency took a downfall on Tuesday, falling about 4.5% from its daily high of $50.09. This incident was followed by a sharp decline affecting the general markets triggered by Federal Reserve Chairman Jerome Powell’s remarks before the US Senate Banking Committee.
By evening, the cryptocurrency market recovered. Bitcoin BTC is trading relatively stable, while Ethereum ETH is up more than 4%. Ethereum Classic followed at 13:25. EST is rebounding more than 2% from its 12pm low of $47.85.
Although Tuesday’s price action nullified at least one bearish pattern, Ethereum Classic still has a lot more to do to instill confidence in bull traders in the future.
Market Trend
From $44.66 on November 25 to November 28, ETC plummeted more than 16%. Then, from Sunday to Monday, the cryptocurrency rose about 9%.
Since November 9, ETC has been stagnant in its decline. This occurrence resulted in a series of low highs and low lows in its 24-hour data. On November 25th, the crypto reached an all-time high of $53.48, and it has been its goal to rally above it.
ETC Increases
When it comes to market cap, Ethereum Classic ranks in the top 30. Its performance has been outstanding over the past few hours. As of this writing, ETC has risen by more than 13% against the US dollar and is trading above $62.
One of its major problems is breaking the $60 resistance overall mark, despite the growth of cryptocurrencies. Despite this fact, its record is still higher than Ether at 8.5% and Bitcoin at 12.3%.
After breaking through the $60 resistance level, the price may be able to rise above the $65 mark in the coming hours. ETC has been ahead of ETH since the beginning of the year.
So far, ETC has risen more than 990% in 2021, outperforming Ether’s record of 559%. Bitcoin, on the other hand, has grown more than 150% since the beginning of the year. ETC is down more than 60% from its all-time high of $167 in May of this year.
However, if ETC can maintain its current momentum, it could exceed the $65 resistance level in the coming hours.
Expanded rallies in the broader crypto market could allow ETC to rise higher and move towards the $70 mark in the next few hours or days.
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