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Ethereum Classic (ETC) closes up 40% on Monday after historic crash
- Ethereum Classic (ETC) closed a volatile week on Monday up 42.33%, marking the largest daily gain that ETC has experienced since May 2017.
- Ethereum Classic (ETC) looks ready to make a comeback after closing up 42.33% on Monday.
- This is the largest gain that Ethereum Classic has seen since May 2017 and puts the cryptocurrency on track to counter May’s downward trajectory while also developing a foundation.
On 19th May, Ethereum Classic price fell to $40, a 55% drop on an intra-day basis, and a 75% drop from the high it previously achieved of $158.76 on 6th May. The decline that Ethereum Classic experienced in May followed an advance of 1,200% over a period of six weeks after breaking out of a symmetrical triangle near the start of April. Ethereum Classic dropped close to the 19th May low of $40 on Sunday, but by close of trading, it had bounced back to overtake the 2018 high of $46.98.
Although this success on Sunday left Ethereum Classic in a good position, the cryptocurrency closed the week with its most significant loss since 2016 at 44.84%. Sunday’s performance also emphasised the significance of the 2018 high that Ethereum Classic achieved. Ethereum Classic is a subset of Ethereum that was created in 2016. It was created to offer investors improved security. However, it has foregone Ethereum’s 2.0 overhaul for increased efficiency.
It has not enjoyed the atmospheric highs of some of its competitors, though it received a boost recently as investors have started looking for a cheaper alternative to Ethereum. Regardless of its current success, Ethereum Classic remains vulnerable to the vicissitudes of day-to-day market trading. This is due to the unsteady conditions of cryptocurrency trading and Ethereum Classic’s technology barrier to entering the $110-$117 range. Ethereum Classic will need to close daily at a rate closer to $46.98 to potentially correct its decline.
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