- ETC developers are getting ready for the Agharta update.
- ETC/USD is oscillating within a tight range.
Ethereum Classic, now the 22nd largest digital asset with the current market value of $561 million, has lost 1.6% in recent 24 hours, moving in sync with the market. An average daily trading volume settled at $525 million, in line with the trading activity.
Moving on to Agharta
Meanwhile, the team of Ethereum Classic developers is getting ready for the Agharta update scheduled on January 15. The main goal of the update is to increase compatibility with Ethereum network.
“The goal of Agharta is achieving parity with the Ethereum network by enabling outstanding Ethereum Foundation Constantinople & Petersburg protocol upgrades on EthereumClassic,” the team commented recently on Twitter.
ETC/USD, the technical picture
ETC/USD topped at $5.2 on October 26 and retreated to $4.8 by the time of writing. Looking technically, the coin’s upside momentum is capped by SMA50 (Simple Moving Average) daily at $4.90. This technical barrier separates us from psychological $5.00. Once it is out of the way, the upside is likely to gain traction with the next focus on the recent high of $5.20. SMA100 daily at $5.60 forms the next bullish goal for ETH/USD.
On the downside, keep an eye on $4.60. This support area is strengthened by the lower line of the Bollinger Band on a daily chart. It has been limiting the downside correction since the end of October. If it is broken, the sell-off may continue towards $4.20 (the lower line of the daily Bollinger Band) and $4.00 ( October 23 low).
ETC/USD, daily chart
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