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Why Is Ethereum Classic (ETC) Moving Up Today?

Ethereum Classic (CRYPTO: ETC) rose 4.25% to $67.63 in the early hours of Thursday. What’s Moving? ETC has shot up 9.86% over a seven-day trailing period as of press time.

Benzinga · 09/02/2021 03:27

Ethereum Classic (CRYPTO: ETC) rose 4.25% to $67.63 in the early hours of Thursday.

What’s Moving? ETC has shot up 9.86% over a seven-day trailing period as of press time.

ETC declined 2.10% over 24 hours against Ethereum (CRYPTO: ETH) and was larget flat rising 0.06% against the apex cryptocurrency Bitcoin (CRYPTO: BTC) in the same time frame.

ETC touched an all-time high of $176.16 in early May, the cryptocurrency is trading 61.61% lower at press time from those levels.

ETC has shot up 1,090.46% since the year began, while in the same period ETH gained 413.82%.

See Also: Ethereum Vs Ethereum Classic

Why Is It Moving? On Thursday, both ETH and ETC saw significant appreciation, with ETH rising 6.8% in 24 hours to $3,760.21.

In May, when ETC soared it did so in tandem with ETH as it was seen by some as a cheaper Ethereum play.

On Monday, Ethereum Classic’s Twitter handle posted a video by the Youtuber “Financial Journey,” who claimed that ETC was under pressure due to shorts.

The YouTube analyst said that “ETC is at a huge discount as of right now.” He noted that the $66 was a huge resistance level that the coin had failed to move past. 

However, the analyst noted more buyers coming into ETC, which made the cryptocurrency attractive for the long term.

ETH and ETC emerged as separate coins after a contentious hard fork in 2016 in which ETC retained the original chain.

Read Next: Is Now The Time To Buy Into Ethereum Classic (ETC)?

Photo: By ETC on Flickr