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Ethereum Classic Jumps 15% Ahead of Today's Coinbase Launch
Ethereum classic will be listed for the first time on Coinbase later today and the market is already reacting positively.
Ethereum classic (ETC) is reporting double-digit gains on the heels of an anticipated listing on the Coinbase exchange as of 17:00 PST (00:00 UTC) on Thursday.
At time of writing, ETC is trading across exchanges at an average price of $14.04 – a 15.72 percent gain in the last 24 hours – and is currently the biggest gainer among the top 15 cryptocurrencies by market capitalization, according to CoinMarketCap data.
STORY CONTINUES BELOW
This is not the first time that ETC is cheering its association with Coinbase – itrose sharply earlier this month to a high of $21.25 as traders welcomed its listing on Coinbase Pro, the firm's platform aimed at more experienced traders.
However, things took turn for the worse in subsequent days courtesy of a broader market sell-off and ETC fell to $10.25 on Aug. 14 – down 50 percent from its Aug. 7 high, as per Bitfinex.
Although the markets generally are now showing signs of recovery, today's above average bounce surely marks revived investor interest on the Coinbase news, and leaves the cryptocurrency printing a 36 percent gain since the low set two days ago.
Hourly chart
The spike in ETC looks sustainable as it is backed by a pick-up in trading volumes. However, both the relative strength index and stochastic are reporting overbought conditions, so further upside will likely unfold after a minor pullback.
Daily chart
The tide has turned in favor of the bulls, as per the bullish doji reversal seen on the daily chart.
What's more, the stochastic witnessed a bull cross earlier this week and is now rising from the oversold territory in favor of the bulls. A similar action is unfolding on the RSI.
View
- ETC has likely witnessed a short-term bearish-to-bullish trend change this week and looks set to test the 50-day moving average hurdle of $16.15 in the next few days. Acceptance above the key MA would only bolster the bullish setup.
- The bullish case would weaken if prices drop below $12.00 (June 10 low).
Coinbase app image via Shutterstock
Sam Ouimet
Junior markets editor for CoinDesk, the global leader in blockchain news.
Disclosure: I currently own BTC, LTC, ETH, ZEC, AION, MANA, REQ, AST, ZIL, OMG, 1st, and AMP.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
