RATE Group | Ethereum Classic retreats from multi-month high as speculative sentiments fade away
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Ethereum Classic retreats from multi-month high as speculative sentiments fade away

16 Jan Ethereum Classic retreats from multi-month high as speculative sentiments fade away

Posted at 12:50h in Ethereum News by

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  • Ethereum Classic has started a technical correction from overbought levels.
  • The retreat may be extended towards SMA200 daily.

Ethereum Classic, now the 18th largest digital asset with the current market value of $881 million, reached the top at $8.17 during early Asian hours and retreated to $7.64 by the time of writing. The coin has started a correction after a strong growth during the recent days. Despite the retreat, ETC/USD is still 4% higher on a day-to-day basis. Since the beginning of the year, ETC/USD has gained over 73%.

Speculations supported by fundamentals

Ethereum Classic has been supported by several positive factors such as successful network update and Binance announcement. The Malta-based cryptocurrency exchange added ETC to the list of instruments available on Binance Futures with leverage. x75. The trading platform has been expanding its tools rapidly with XRP, LTC and TRX added since the start of the year.

Considering a strong rally on…

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