Ethereum Classic and Ethereum Showing Relativity In Price Movement Patterns

  • Ethereum Classic and Ethereum Showing Relativity In Price Movement ...Ethereum and Ethereum classic have been the most suggested pair for assuming their price movements respectively. 
  • During this year, the price movement relevance between the coins has been said to be quite similar. 
  • In today’s market, Ethereum is having positive momentum bringing the price level to the safe spot of $201.
  • The same goes for Ethereum classic as it is having a positive momentum of 4.20% in the market and strongly aiming for a $7.00 level. 
Screenshot (1)
 Source: Tradingview

The relevance and similarity between the price movement of both the coins can be justified with the help of the above-mentioned graph. During the starting phase of this year, ETH bulls

were planning to break the crucial level of $200 with gradual positive momentum and an overall bullish market. The same goes for ETC bulls as the Ethereum Classic broke the major resistance level of $10.00 for the first time and was making significant price growth.

Due to the significant and sharp rising rallies made by the coins, ETH price reached its critical resistance area of $270 and ETC reached its critical resistance of $12.00 from where both the coins took a huge negative dip. Ether dropped to the crucial support level of $100 and ETC to the level of $5.00.

After the significant price damage, both the coins started their journey for price recovery in the market. Currently, ether broke the crucial level of $200 again and ETC is looking confident to break the level of $7.00.

ETC can be a good indicator of judging the price movements of the second-largest cryptoasset in the world being the fork of the cryptoasset and having almost the same protocols as of ether.  

Ethereum Vs Ethereum Classic

 Source: Glassnode

Ethereum is also witnessing a gradual increase in the number of new addresses. This can be a positive aspect for ether to build a significant and sustainable price growth from the current level. The increase in the number of addresses for ether may also provide a positive phase for ETC too. The attempt for breaking the crucial level of $7.00 can be successful this time.

The current number of an address is around the level of 75K which suits the range of $200 to $210 for ether. When the decline in a number of addresses reached the level of $50K, ether reached its crucial support area of $120.

Therefore, it concludes that both the cryptoasset are ready to make a bullish impact in the market and increasing their relevance on each other with similar price moving patterns.

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