Ethereum Classic price analysis: ETC/USD rejects $17.00 support; Atomic Wallet adds ETC support

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  • Atomic wallet added ETC because of its “great community of supporters,” among other reasons.
  • A rising wedge pattern is forming on the 1-hour chart; while $18.00 supply zone remains untested.

Ethereum Classic failed to maintain the tempo above $0.18 while the supply zone at $18.5 remained untested in spite of the bullish trend that has been in the market this week. The crypto is currently correcting lower and has broken below a couple of support areas at $17.5 and $17.00 respectively.

There is a classic rising wedge pattern forming on the 2-hour chart, which means that a fall is imminent in the medium-term. A couple of moving average resistances are highlighted on the same chart; the 200 SMA at $17.02 while the 50 SMA at $17.45. The gap between the moving averages is increasing signalling the rising selling pressure. The stochastic, on the other hand, has just left the oversold and is now at 32%, which means that buyers are seeking entry. However, the trend is still negative at the time of press.

In other news, the Atomic Wallet has announced with excitement that ETC has been added to its trading platform. The users can now trade and manage Ethereum Classic alongside hundreds of other digital assets in a secure and decentralized way. In addition to that, the team at Atomic wallet has said that ETC is a main goal for them and that they are intending to add ETC swaps this summer. Atomic Wallet team went ahead to outline why ETC was added:

“Ethereum Classic is included in the top 15 assets by market capitalization, according to CoinMarketCap. ETC is traded on most of the largest exchanges, also ETC / USD and ETC / BTC pairs are always among the most popular. And, of course, the main thing: ETC has a great community of supporters!”

ETC/USD 2-hour chart

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