Ethereum Classic faces a strong resistance after it started approaching the $12 level, right after ETC Labs announced a partnership with Fantom Foundation as we are reading in our Ethereum classic news today.
The ETC/USD pair is well supported on the current levels but the upside could be limited. Ethereum Classic is not the 15th largest digital asset with the market value of $1.3 billion which gained 1.3 percent in the recent 24 hours and it is one of the few top-20 altcoins in the green zone on Tuesday. The reported trading volume for the Ethereum classic reached $2.9 billion. ETC labs even announced a new partnership with Fantom Foundation that is expected to bring the crypto-related DeFi features to the Fantom ecosystem. This foundation is a non-profit project and an open-source platform that is meant for DLT products.
However, Ethereum Classic will only be used as collateral on the Fantom platform which will use a DeFi framework Xar Network specifically developed for the project but Ethereum Classic faces strong resistance in the price since it started increasing. CMO of the Fantom Foundation, Michael Chen commented:
‘’We’re collaborating with ETC Labs to bring DeFi, including all aspects of our tech stack (e.g., stablecoins, lending, staking, asset issuance, collateralization, etc.) to the Xar ecosystem.’’
Fantom provides solutions for bigger companies and governmental outlets as well while the Ethereum classic protocol will be used to mint the stablecoin on a permissioned network. They will be hosted on the XAR network which is a blockchain-based stablecoin protocol. The ETC/USD pair bottomed at $11.03 on February 5 and has been range-bound with the bullish bias ever since. The altcoin is trading inside a channel with the upper boundary at $12 and once it gets out of the way, the upside will gain traction with the next focus on $13 followed by the recent high of $13.18.
The strong short-term support is located below the current price and was created with a combination of SMA50 and SMA100 charts and the lower line of the 1-hour Bollinger which is sustainable to move lower expecting to increase the downside pressure and will push the price to $11.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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