Ethereum Classic’s Weekly Volume Dies Down as Price Consolidates

Ethereum Classic (ETC) has made it onto CoinMarketCap’s trending list and is currently occupying the 32nd spot as its price experienced a 15.98% rise in the last 24 hours. This puts ETC under Stellar (XLM) in the 31st position and Monero (XMR) in the 33rd position.

Together with the 15.98% rise over the last 24 hours, ETC also saw a steep 1.39% rise over the last week. ETC’s 24h High was $32.36.

ETC’s price currently stands at $31.52, and has also strengthened against Bitcoin (BTC) and Ethereum (ETH). Furthermore, it is currently worth 0.0007964 BTC and 0.01075 ETH. This is a 12.06% and 10.93% increase over the last 24 hours respectively. 

When looking at its market cap, ETC’s market cap totals $4,236,383,881, and was accompanied by a trading volume of $703,203,987 over the last 24 hours. This is a 95.59% increase in trading volume over the last day.

Looking at the weekly chart for ETC/USDT, the weekly trading volume has progressively died down over the last month. The price currently hovers between the middle level and lower level of the Bollinger Bands.

The Bollinger Bands do suggest that the current volatility around ETC has lowered, potentially gearing up for a potential rally, whether this will be a bullish or bearish rally is still undetermined. The 50 EMA still stands above the 100 EMA, showing that the outlook is still slightly more bullish. This could change seeing that the 2 EMAs start to close in on each other.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.