Is Ethereum Classic (ETC) Rally Over?

Ethereum Classic (CRYPTO: ETC) is taking a breather from Wednesday’s rally. The cryptocurrency traded 4.66% lower at $56.11 over 24 hours in the early hours of Thursday.

What Happened: ETC, which emerged after a contentious 2016 hard fork on the Ethereum (ETH) blockchain, saw high social media interest on Wednesday and buoyed as a result.

The cryptocurrency has soared 33.3% over a week. ETC weekly gains have outrun ETH’s 13.16% rise. ETH traded 1.74% higher at $2,176.84 over 24 hours at press time.

Why It Matters: ETC has soared 907.5% since the year began. On Tuesday, the coin’s developers announced a network upgrade called “Magneto.” Magneto will include features that were announced in Ethereum’s “Berlin” upgrade.

See Also: Ethereum Vs Ethereum Classic 

On Tuesday, Benzinga's Tyler Bundy noted that ETC was in a state of consolidation, where the market is undecisive. 

Ethereum Classic's relative strength index remains just above the $50 mark, as of press time, indicating there are still more buyers than sellers in the market. It's also trading above the 30-day moving average of $53.398, as per Trading View data.

This year, upwards movement in ETC has also been attributed to it being a cheaper Ethereum play.

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Photo by ETC on Flickr