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Ethereum Classic goes up with a +20% price increase
Ethereum Classic goes up with a +20% price increase
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Ethereum Classic goes up with a +20% price increase

By Federico Izzi - 17 Jan 2020

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The cryptocurrency sector is about to close in positive for the second week in a row. So in 15 days, the market leaves behind the trend and uncertainties that had generated a fundamental weakness that characterized the last two months of 2019. The rises that have intensified in recent days starting from January 14th see prices rise and return to the levels of early November, for some even returning to the values of last spring/summer 2019. This is the case with Cosmos (ATOM) and Ethereum Classic (ETC) which are showing strength today with increases that go as high as 20%.

Ethereum Classic today is rising by 30%, making prices fly very close to $12, which it has not recorded since October 2018. ETC soars and earns over 250% in a month. It was on December 18th that Ethereum Classic hit its lowest levels in the last year. The Ethereum Classic community and crypto supporters celebrated the Agartha fork two days ago, which aligns ETC with Ether itself.

The rise of Ethereum Classic makes it jump to the tenth position among the largest capitalized.

Precisely the tenth position in recent weeks seems to change ownership often, alternating between Ethereum Classic (ETC), TRON (TRX), Monero (XMR), Stellar (XLM), Cardano (ADA) and Dash (DASH), six tokens that vary by about $100 million in capitalization. 

The jump of ATOM instead reinforces the positive trend that was underway, further propelling Cosmos that reaches the threshold of $5.40, a level abandoned since the beginning of July 2019. Today’s rise is a strengthening of the uptrend that started from the higher relative lows at the end of November and takes advantage of the Coinbase effect, one of the largest exchanges worldwide that has listed ATOM in the last few hours. The jump in these hours is double-digit, between 10 and 20%, currently standing at 11%.

Tezos (XTZ) is back with an increase of 14% to $1.50, far from the highs recorded last December. 

Source: COIN360.com

Trading volumes in the last 24 hours have risen to 120 billion, far from the 150 billion exchanged in recent days, but still remain robust and at the highest levels in recent months, strengthening the bullish movement in place.

The market cap remains at 245 billion dollars. Bitcoin dominance remains above 66%. Ethereum, with the further bullish confirmation of these hours that leads prices to rise and score new short-term highs, increases its dominance to 7.6%. Ripple remains anchored at 4.2%. 

Bitcoin chart by Tradingview

 

Bitcoin (BTC) goes up today as well

Bitcoin goes up 1.5% today. The further increase in Bitcoin prices leads them to test the $9,000 level in these hours. The real technical and dynamic resistance that joins the tops at the beginning of July is at 9,200 dollars, a level not so far away compared to a few days ago. 

Since the beginning of the year, Bitcoin has gained 25%, which added to what has already been built since the second half of December, starting from the lows of December 17th, touches a gain of nearly 40%. 

The $8,000 dollar break on Tuesday gave a strong bullish signal that was expected and now it is necessary to go at least close to $9,200 to have a confirmation of a trend change from bearish to bullish in the medium to long term.

The bullish approach would be affected by declines that would bring prices below the $8,000 threshold.

Ethereum chart by Tradingview

Ethereum (ETH) price

The surge, which coincided with the rest of the industry and which had a further intensity on Tuesday, leads prices to break the former $165 support that last fall rejected the bearish attacks several times and then was broken in November, and which until a few days ago was an important level of resistance. 

Now the extension in the $175 area in the last 24 hours sees ETH prices close to testing the dynamic bearish trendline just over $180. A test of this level would project prices in the $190 area that with a confirmation of volumes could reach $190-195, relative highs touched several times and that have acted as an upward barrier between October and November 2019. 

The strong upward trend that Ethereum has consolidated since mid-December and early January has led prices to gain about 50%. The trend would be affected only with a collapse below the $150 threshold, conversely, Ethereum is also starting to reverse the long-term trend. 

 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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