Ethereum Classic Snaps Slump as Price Hits Eight-Week High

Nov 6, 2017 at 15:30 UTC. Ethereum classic rose to eight-week high today - its highest level since Sep.

As per CoinMarketCap, the ninth largest cryptocurrency by market capitalization has gained 16.90 percent in the last 24 hours.

Week-on-week, ETC is up 38.88 percent, while on a monthly basis, it is carrying 21.68 percent gains.

Volume figures show the rally has been in part fueled by Korean exchanges offering trading in ethereum classic to South Korean won pairs.

As per CoinMarketCap, trading volumes on Bithumb, one of the largest cryptocurrency exchanges in South Korea, have jumped by 53.52 percent over the last 24 hours.

Elsewhere, the investor community is associating the price rally with the listing of ETC and ETH futures on OKEX, a digital asset trading platform launched by China-based exchange OKCoin.

Whatever the reason for the recent gains, the rally looks solid on the technical charts.

Price action analysis indicates that the cryptocurrency could rally to $17.88 levels.

View Bullish break has opened doors for a rally to $17.88 levels.

The RSI is overbought, hence a short-term consolidation in the range of $13.50-$15.00 cannot be ruled out, before prices rally to $17.88 levels.