Revising Ethereum Classic (ETC/USD) after Coinbase plans to end support for the cryptocurrency

Revising Ethereum Classic (ETC/USD) after Coinbase plans to end support for the cryptocurrency

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Coinbase has earmarked Ethereum Classic as among the tokens to remove from its wallet

ETC has been on a clear downtrend since August

The cryptocurrency could proceed to $13 if bulls do not arrest the decline

US crypto exchange Coinbase will end support for Ethereum Classic (ETC/USD) in January next year. The targeted assets also include XRP, XLM, and BCH. Coinbase cites low usage on its self-custody digital asset for the digital assets.

In its decision to remove the digital assets, Coinbase says it does so to roll out better features. The crypto exchange says users of unsupported assets can access them through a recovery phase.

The latest decision by Coinbase comes when digital assets have endured a prolonged crypto winter. However, Ethereum Classic had a strong run in July and August on expectations of miners influx after Ethereum merge. Since topping $45 in mid-August, ETH has endured a bear market. The cryptocurrency was trading at $19.48 at press time, losing 1.55% in the day. A technical outlook shows ETC on a downtrend.

ETC consolidates below moving averages in a bear market

ETC/USD Chart by TradingView

Ethereum Classic remains on a downtrend. The cryptocurrency has been trading on a system of lower highs and lower lows since August. ETC has always been rejected at the 20-day MA or 50-day MA.

From the technical outlook, ETC is consolidating but lacks enough power to the upside. It trades at the 20-day MA, while the 50-day MA lies higher, next to the resistance at $21. The RSI reading of 44 shows that bears are still in control.

What next for ETC?

A consolidation at $19 implies that bulls are trying to counter the bear pressure on ETC. However, the bears remain in control as shown by the limited upside. 

A bullish momentum will be confirmed if ETC price recovers above the moving averages or the $21 resistance. Conversely, a rejection by the moving averages could accelerate selling. 

That could see bears remain in control to the next support at $13.

Where to buy ETC

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in.

It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest.

eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy ETC with eToro today

Disclaimer

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in.

OKX takes customer security very seriously, they store almost all of their clients’ funds in cold storage, and the exchange is yet to be hacked.

On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy ETC with OKX today

Disclaimer

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