Ethereum Classic has seen positive developments in the past few weeks. Donald McIntyre, former Vice President of Morgan Stanley, believes that ETC has “has an incredibly unique market positioning in an extremely valuable niche” in the crypto sector.
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The ETC/USD pair has been trading close to the strong support of $9.5 for about a month and a half. This is a critical support level because it has not been broken convincingly since end-May of last year. If the bears sink prices below $9.5, the next support is way lower at $5.2.
The price is currently below both moving averages, and the 20-week EMA has turned down — this shows that the bears have an upper hand.
On the upside, a breakout above $11.883 will indicate strength that can propel the virtual currency to $14.5 and above that to $19.
Source: COINTELEGRAPH (https://cointelegraph.com/)