Ethereum Classic is an open-sourced Blockchain-based platform that enables smart-contracts and has a Turing-complete programming language. Ethereum Classic came to existence after Ethereum hard fork that took place in 2016 after The DAO collapse.
The Ethereum Classic is the original Ethereum Blockchain supported by the people who believed in the core principles of Ethereum like the immutability of Blockchain and “code is law.†They denied the necessity of a hard fork to fix the damage after someone exploited The DAO vulnerabilities.
As the original Ethereum, ETC provides smart-contracts and a development platform. It also provides the Emerald Software Developer Kit: a toolkit, unique to ETC, made for building DAPPS (decentralized applications). The ETC team aims to use its product in the Internet of Things to provide machine-to-machine communication.
The recovery in the ETC/USD pair hit a wall close to $10.040. This shows profit-booking at higher levels. However, a minor positive is that bulls have kept the price above the 20-week EMA during the pullback.
If the price rebounds off the 20-week EMA, bulls will again try to push the price above the $10.040–$11.880 resistance zone. This is likely to start a new uptrend that can carry the price to $15 and above it to $20. Traders can buy part of their intended position size above $10.040 and add the rest on a breakout above $11.880.
Conversely, if the bears sink the price below the 20-week EMA, the pair can slip to $5.22. Therefore, we suggest traders wait for the price to break out before initiating fresh positions.