fbpx
QQQ
-2.71
348.05
-0.78%
DIA
-5.86
344.51
-1.73%
SPY
-7.07
429.04
-1.68%
TLT
+ 2.69
140.35
+ 1.88%
GLD
-0.87
166.72
-0.52%

Ethereum Vs. Ethereum Classic: A Technical Comparison

May 12, 2021 6:50 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Ethereum Vs. Ethereum Classic: A Technical Comparison

Ethereum (CRYPTO:ETH) and Ethereum Classic (CRYPTO:ETC) are two cryptocurrencies running on the Ethereum blockchain.

Ethereum Classic is the old version of Ethereum that executed smart contracts with a Proof-Of-Work platform. Following a hack on the platform, Ethereum worked on the code to switch the execution of smart contracts from Proof-Of-Work to Proof-Of-Stake to avoid another hack in the future.

Below is a technical look at the charts.

See Also: Is Ethereum A Good Investment?

ethdaily5-12-21.png

Ethereum Daily Chart Analysis

  • Ethereum recently broke out of an ascending triangle pattern, tested old resistance as support, and has since been rallying.
  • Ethereum is trading above both the 50-day moving average (green) and the 200-day moving average (blue), indicating the sentiment has been bullish.
  • Both of these moving averages may hold as a potential area of support. 

Key Levels To Watch

  • The ascending triangle broke out when Ethereum crossed the $2,000 mark. This level retested at support and then was able to further rally.
  • The crypto showed some resistance near the $3500 level before it crossed above and moved over $4,000.
  • When Ethereum cools off it may find support near the $3,600 level again.

etcdaily5-12-21.png

Ethereum Classic Daily Chart Analysis

  • Ethereum Classic broke out of an old resistance level and saw a large jump into the months of April and May.
  • Ethereum Classic is trading above both the 50-day moving average (green) and the 200-day moving average (blue), indicating the sentiment has been bullish.
  • Both of these moving averages may hold as a potential area of support.

Key Levels To Watch

  • In early May, Ethereum Classic broke out of an old resistance level near $45 and saw a large run up afterward.
  • The crypto peaked near $160 before cooling off, support may be found near the $100 level as this was an area it bounced near.

For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to our YouTube channel.


Related Articles

EXCLUSIVE: Dogecoin Mania Didn't Prove 'The End Of Crypto,' So They Launched Commercial Toilet Paper-Backer Tetherino, 'The Most Ridiculous Cryptocurrency' Ever

Dogecoin (CRYPTO: DOGE) and other meme coins have been in the spotlight this year as they soared to sky-high levels, but there is a cryptocurrency that wants to take the meme hoopla and ra read more

If You Invested $1,000 In Bitcoin When 'The Simpsons' First Mentioned, Here's How Much You'd Have Now

Since 1989, “The Simpsons” has entertained fans around the world and provided references to pop culture and current world events. An episode in 2013 featured the first mention of Bitcoin (CRYPTO:BTC) on the show. read more

EXCLUSIVE: Building On Top Of Bitcoin May Not Be As Popular As Ethereum, Other Blockchains, But We're 'Close To Seeing Some Runaway Success,' Says Stacks

Stacks (STX) aims to bring smart contracts and decentralized applications, or DApps, to Bitcoin (CRYPTO: BTC). An attractive facet for some is the ability to earn BTC earning through a mechanism the project calls “Stacking.”  Mitche read more

Dogecoin Fans Launch Baby Doge Coin, With Average Daily Gain Of 1,213%

Dogecoin (CRYPTO: DOGE) fans have launched Baby Doge Coin (CRYPTO: BABYDOGE) in an attempt to improve its "transaction speeds & adorableness," according to the official website. read more