Ethereum Classic Price Analysis: Will This Launch Help ETC Price Exceed $20 Or Crash Under $17?

The ETC coin price has been on a downward trend for the past week, completing a negative trend within a falling channel. The price was rejected at the resistance trendline, leading to a 5% drop in the price of ETC over the last five days.

Timeline of Ethereum-classic

I was on vacation for the last week-and-a-half but before I left, I sent a list of things to watch for to my colleagues that in hindsight, was wholly inadequate. Anyway, here's my effort to catch up.

Conor Grogan, the Head of Product at Coinbase Inc (NASDAQ:COIN), on Wednesday, detailed how he uncovered a substantial sum of dormant cryptocurrencies and successfully reached out to their owner. What Happened: Tracking down and reclaiming dormant wallets is no easy feat, as Grogan discovered.

Ethereum Classic (ETC) is currently experiencing a rise in its market price, gaining 13.99% in the last 24 hours, according to data from CoinMarketCap. Following the ETC's dip in the last two days, it appears the bulls have retaken control of the market, pushing the coin to trade above the $20 mark for the first time since April.

Ethereum Classic (ETC) bulls have been active over the past week, bullishly pushing the token's price with significant gains in the last seven days. An over 22% seven-day price increase saw ETC smash the $15.79 resistance level to $18.74 at press time.

Ethereum Classic (CRYPTO: ETC) is trading higher by 5.66% to $16.68 Wednesday afternoon. The altcoin is trading higher amid strength in the price of Bitcoin following BlackRock's Bitcoin ETF application.

Ethereum Classic (CRYPTO: ETC) is trading lower by 7.30% to $16.67 Monday afternoon amid broader weakness across cryptocurrencies. Shares of several cryptocurrencies are trading lower after the SEC sued Binance over U.S. securities violations.

In a time when the cryptographic world is continuously evolving, technology magnate and renowned blockchain creator Charles Hoskinson shares his candid and stringent opinions. As the mastermind behind Cardano (ADA), he has proven to be more than just a technology tycoon.

Recall that Litecoin (LTC) is a peer-to-peer cryptocurrency and an open source software project released under an MIT/X11 license. On the other hand, Ethereum Classic (ETC) is a blockchain-based distributed computing platform that offers smart contract capabilities.

Ethereum Classic (CRYPTO: ETC) is trading lower by 4.08% to $19.34 Friday afternoon. The altcoin is trading lower in sympathy with the broader cryptocurrency sector following key U.S. economic data.

ETC fell by over 8% in the last 24 hours, wiping out all of the gains that it achieved in the second week of April. The selling pressure, at press time, pushed the alt below the 50% RSI level which suggested that the market favored the bears.