Ethereum Classic Price Analysis: ETC/USD Moving within a Descending Wedge Pattern Structure

  • Ethereum Classic (ETC) remains stuck within a bearish trend, price confined within a wedge pattern.
  • Bob Summerwill, a developer from ConsenSys, has joined The Ethereum Classic Cooperative.

Recent Price Behavior

Ethereum Classic continues to edge further south, with the price confined within a bearish structure. Since the start of January, ETC/USD has been stuck within a downward trend, after losing upside momentum. It is seen down around 33%, from the peak high of this year so far, at $5.75. Back in early December 2018, the price hit a bottom at around $3.30, consolidating down at these lows until the middle of the month. On 17th December, a chunky surge of life came back into the bulls, as the price rallied to the end of the month. It had gained a whopping 55%, over the mentioned period.

ETC/USD daily chart.

A descending wedge pattern formation can be observed via the daily chart view. ETC/USD has been moving within this since 8th January, respecting the upper and lower trend lines of this range. Given the current price structure, it is still vulnerable to further downside. Ethereum Classic is on its way to giving back the big advances seen in December. This is where the next major area of support is eyed, having proven to attract decent buying interest within this territory. A further move below this area could be further punishing, as it would be the complete abyss.

ConsenSys Developer Joins Ethereum Classic  

A well-known developer within the blockchain world, Bob Summerwill, who has been a big part of ConsenSys, has joined the Ethereum Classic Cooperative. This organization actively manages and develops all to do with the Ethereum Classic project. As a reminder, ETC came into the world via a hard fork in 2016, which was triggered by differences within the Ethereum network. At the time, they both had different views of how to respond to the high-profile DAO hack, that hit the Ethereum blockchain.

Summerwill will be acting as an Ethereum Classic Cooperative executive director, according to an official announcement made earlier this week. He will be a large part of developing relationships, which will assist in the project’s goal to expand ETC’s development and community. Summerwill is also going to be additionally supporting the ongoing ETC initiatives such as peaceBridge, a bridge that facilitates the transfers of ETH and ETC between the two networks. He will also play a role in Kotti, a scheduled proof-of-authority testnet.

On the back of the announcement, Mr Summerwill said, “I would like to heal the wounds of the past. To help everyone get past this zero sum thinking. I would like the ETC community to be seen as it actually is, a strongly principled group of people who develop useful technology, rather than an ideologically driven group of zealots with no technical development.”

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Ken has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.