While the cryptocurrency bloodbath continued this week, Ethereum Classic (ETC) became the next crypto in line to be added on Coinbase. ETC will be the fifth cryptocurrency on Coinbase platform, which currently supports Bitcoin, Litecoin, Bitcoin Cash, and Ethereum.
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Interesting Choice by Coinbase
This choice by Coinbase is interesting, considering there are other major cryptocurrencies such as Ripple, EOS, and Stellar which are still waiting to be listed on the exchange. Ranking number 18 on the cryptocurrency market cap list, Ethereum Classic was created as the result of a hard fork in Ethereum. Ever since it has become somewhat of a controversial cryptocurrency.
Despite this, it seems Coinbase sees advantages in supporting ETC. Although the currency will not begin trading anytime soon, the development of the necessary infrastructure is underway. It remains a bit unclear when the trading of ETC will begin exactly, although Coinbase commented it would happen “in the coming months”.
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ETC/USD Technical Analysis
On the news, ETC/USD saw a temporary rally on Tuesday, which was followed by Wednesday’s selloff. Still, the pair remains supported at $13. ETC’s price action has been a bit different than that of many other major altcoins. For one, unlike many other cryptos, it was able to move back to the all-time-high level territory of back in 2017 twice in 2018.
Also, its volatility hasn’t changed that much before and after the cryptocurrency-craze of November 2017. Its price currently appears to be consolidating between the same range it was moving within from May to November 2017.
That is, between $22 and $13. Since the pair remains below the daily Ichimoku cloud, we could see a test of the next support level at $9 before it moves back up towards the upper level of the range.
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