Ethereum Classic (ETC) has broken past a critical trend line resistance and is now rising on bad news. That’s right, bad news! The cryptocurrency seems to be completely unaffected by the departure of a high profile developer, Anthony Lusardi of ETC Cooperative. We at Crypto Daily have interviewed Anthony Lusardi in the past. He has been very keen to see the project succeed. However, he recently announced his departure due to “burnout and social media FUD”. The price has reacted in a completely strange way as if the departure had a positive impact on the future of the Ethereum Classic blockchain. One explanation for this is that the community is trying to show its support by holding on to its coins as a key Ethereum Classic figure quits. However, we cannot say for sure what the cause of the recent spike in ETC/USD might be despite the negative news.
Looking at the daily chart for ETC/USD, we can see that the price has clearly broken past a critical resistance and now does not face any real obstacle in its rally towards the 200 day moving average. The daily trading conditions are close to the overbought territory but that does not mean the price cannot surge further. In fact, we expect ETC/USD to continue to rally next week until the price runs into the 200 day moving average. After that, we expect the price to decline swiftly towards its ultimate bottom. This year has been a terrible year for Ethereum Classic (ETC) as we have seen a lot of key figures leave the blockchain. It does raise concerns regarding the future of the blockchain if a few more key developers were to quit.
Chart for ETC/BTC (1W)
We have seen the Digital Finance Group (DFG) cozy up to Ethereum Classic (ETC) in the recent months but it is yet to be seen whether they have what it takes to keep this project alive,