Ethereum Classic Price Today June 30: ETC Aims for the Moon as Community Okays the Magneto Hard Fork
- Ethereum Classic price bull run continues as investors celebrate another development milestone.
- The Magneto hard fork will include all four Ethereum Improvement Proposals (EIP).
Ethereum Classic price broke out on Tuesday, where the token rose above various barriers in the wake of last week’s selloff to $33. Over 30% in gains were accrued in less than 24 hours, with ETC touching $64.
At the time of writing, Ethereum Classic teeters at $58 amid the push by the bulls to settle above $60 and gain the ground toward $100. The short-term technical picture seems bullish enough to support the uptrend.
Ethereum Classic impending upgrade triggers investor interest
The development team at Ethereum Classic is gearing up for a hard fork event dubbed “Magneto.” This upgrade will encompass all the four Ethereum Improvement Proposals (EIPs) according to the ETC community.
The upgrade will include various planned projects that assure higher security and lower gas fees. Ethereum Classic is expected to edge above its peers Ethereum (ETH) and Bitcoin (BTC) with lower transaction fees in the picture.
How far will Ethereum Classic price uptrend go?
At the time of writing, ETC is battling the 100 Simple Moving Average (SMA) resistance on the 12-hour chart. Trading above this level may trigger many buy orders as investor sentiment flip positive following the above development news.
The uptrend appears to have been reinforced by the Moving Average Convergence Divergence (MACD) indicator. It is worth noting that the MACD is a trend-following tool that also calculates the asset’s momentum.
A buy signal flashes when the MACD line (blue) crosses above the signal line. Moreover, the uptrend is usually validated by the indicator moving into the positive region above the zero line. Ethereum Classic’s chart shows that buyers have the upper hand at the moment, and their grip may become stronger in the near term.
ETC/USD 12-hour chart
The Relative Strength Index (RSI) validates the uptrend while moving closer to the oversold area. A break above 70 will most likely trigger more buy orders, creating enough force to push Ethereum Classic above toward $100. For now, it is evident that bulls have the upper hand, and the situation may last longer.