Why Ethereum Classic (ETC) Is Seeing Blue Skies Wednesday

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.

Timeline of Ethereum-classic

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.

Ethereum Classic (ETC) has joined the ranks of the altcoins with impressive growth ticks today. Per data from CoinMarketCap, the cryptocurrency is changing hands at $21.60 in what can be considered one of the biggest price uptrends over the past month.

Ethereum Classic (ETC/USD) price drifted upwards on the first day of April as investors focus on the upcoming Shanghai upgrade. ETC jumped to a high of $21.54, the highest point since March 19 of this year. The coin has risen by ~30% from the lowest level in March.

Ethereum Classic [ETC] has been in a consolidation phase since mid-March. Price action hit a homestretch on its symmetrical triangle pattern at press time, pointing to a potential breakout.

The Crypto space has been slowly garnering the attention of industrial investors. In order to attract newbies, unique crypto projects have been brewing in the market. Ethereum Classic (ETC) is one such project that thrives to enable developers to build and deploy smart contracts.

At 106.59TH/s, Ethereum Classic's [ETC] hashrate has hit its lowest point so far this year, data from 2miners.com revealed. Moreover, the chain's network difficulty at 1.45P also declined to its lowest value since the year began.