The price of Ethereum Classic took a surprising bullish toll from near the $11.00 support after United States Director talked about the Coinbase listing. Yesterday, smartereum.com reported that Ethereum Classic was at risk of falling below the significant support at $10.00. Instead of falling, Ethereum Classic took a surprising wave back to the bullish territory.
Ethereum Classic (ETC) Price Today – ETC / USD
Ethereum Classic (ETC) held a significant support at $11.00 yesterday. The buyers were able to prevent the price from falling below $10.00. During yesterday’s trading session, the bulls pushed the price above the 61.8% Fibonacci retracement level of the last decline from $12.26 to $11.34. The price even reached the $12.40 resistance before the bulls lost momentum.
Ethereum Classic (ETC) In The Bullish Trend
The price of Ethereum Classic ETC, moved lower below a significant bullish trendline which also happens to be below the 50 (15-minutes) simple moving average. The 100 simple moving average also offered support at the 38.2% Fibonacci retracement level of the last wave which was at $11.60. The $11.60 level will prevent further declines.
The quick boost in price has been attributed to the comments made by the Ethereum Classic Cooperative Director from the United States branch. Anthony Lusardi, during an interview with Crypto Basic aired his opinion on the Ethereum Classic Coinbase listing. He said:
“Most times, when a digital asset is listed on Coinbase, the asset gets a significant boost. It brings in more money for projects on the platform. Most projects have at least 50% of their tokens with the care of a core group or a core development team.”
While noting that the Coinbase listing brought more money for the Ethereum Classic, he also acknowledged that money alone isn’t enough to drive development. The listing didn’t just give Ethereum Classic the power to seek out funds but it exposed the network to a wider market.
At the time of writing, Ethereum Classic (ETC) was trading at $11.66. This indicates a 2.84% rise against the USD and a 2.98% against Bitcoin.