Ethereum Classic price analysis 12 September: Token transcends bear market
Ethereum Classic's value has risen slightly and positive news from the first ETC Summit could propel it further.
- Ethereum Classic is one of the few cryptocurrencies currently experiencing positive traction.
- Trading volumes have jumped up and volatility is rising.
- The first-ever ETC Summit will be held in Seoul, South Korea between 12-13 September.
Ethereum Classic is one of the only cryptocurrencies still in the green today, up 1.27% against the US dollar and approximately 1.70% against bitcoin, at the time of writing. Plus, there may be more gains to follow.
Over the past few months Ethereum Classic (ETC), a hard fork of digital currency Ethereum (ETH), has gained and lost plenty of value. The coin was listed on US-based cryptocurrency exchange Coinbase last month, which caused a temporary price hike. Since listing, the token's value has almost halved, declining from US$19 in August down to US$11 this month.
However, the inaugural ETC Summit, to be held in South Korea today, will likely divulge new announcements and garner considerable market attention. The two-day conference will take place in Seoul and will feature a range of keynote speakers, developer briefings, live demonstrations, panel discussions and strategies and proposals for the advancement of Ethereum Classic.
ETC touched a daily high of US$11.48 during the early hours of this morning. Since then, the coin has been fluctuating lower but remains above its position of 24 hours prior. There is much volatility at the moment.
At the time of writing the price of Ethereum Classic was US$11.32.
24-hour trading volumes have risen slightly (5%) from US$169 million yesterday to US$178 million today.
CryptoGlobalist reports that ETC is trading at a key support level of around US$11. This price point has offered significant support in the past few months. Ethereum Classic could be poised to encounter a substantial upside break over the next week if there are positive announcements emanating from the ETC Summit in Seoul.
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