Technicals and Fundaments for ETC on the 1D Chart

Fundamentals: upcoming events include the CASPER and general Ethereum developments. When this happens the POW consensus will switch to POS, and the hash rate from the miners will have to go somewhere. I assume this will go to the most similar digital asset, being ETC. If this doesn't happen before the CASPER implementation, there will likely be a migration from dapps using ETH to ETC due to network congestion. This migration will dramatically increase the network effect.

Technicals: ETC doesn't seem to be very correlated to BTC in general with www.sifrdata.com/cry...-correlation-matrix/ showing 0.65 over the past 90 days, a decrease from a correlation of 0.73 over the past 180 days using the same chart. Volume spikes when the low price ranges are tested show large buyers entering. Volume in general is good.

Support 1: $16.50

Support 2: $14.00

Support 3: $12.00

Comment:

I think we are going to break through S1 $16.50 convincingly and then test S2 $14, with the recovery depending on BTC at the time of testing $14

Comment:

correction- S1 is $15.6 not $16.5

Comment:

wow! bounced almost perfectly off the $14 resistance. next stop, $12 if it reverses!