Briefly –
- Ethereum Classic and Ethereum have their prices rebounding.
- Such price actions follow the positive news surrounding cryptocurrencies at the moment.
- Will the assets maintain their bullish trends? Let's find out.
The Ethereum Classic (ETC/USD) and Ethereum (ETH/USD) saw their prices rebounding due to the bounce that the crypto volume has experienced lately. Most altcoins saw price upticks as Bitcoin appear to enjoy bullish waves. ETH surged to trade at $2,350 as ETC had its value climbing to $53. That way, the Ethereum Classic market cap valued over $6.8 billion while ETH's was $274 billion.
Price Rebounds
Both the altcoin's gains relate to Bitcoin's total performance. BTC rallied from a $30K low last week to hover around $40K today. Such price actions emerged with the rumors that Amazon might add Bitcoin payments by the end of 2021.
If Amazon confirms the news, it will translate to vital moves since most individuals in America use this platform daily. Keep in mind that this comes some days after Elon Musk stated that his firm might resume Bitcoin deals if the asset improves on its power usage.
Ethereum seems to enjoy a boost from the increased volume in centralized crypto exchanges like Binance and Coinbase and decentralized platforms like PancakeSwap and Uniswap. Keep in mind that most decentralized exchanges have Ethereum as the underlying technology.
Meanwhile, DeFi TVL (total value locked) rose to over $64 billion. That's vital since platforms like Aave, Compound, Maker, and Uniswap uses ETH's tech.
ETC price increases result from the high correlation the coin has with Ethereum. Remember, the two have some history. Most retailers purchase ETC as an Ether substitute.
ETH Price Prediction
The daily price chart indicates that the leading coin created a bottom of around $1,702. The asset defeated its descending trend-line (blue) over the weekend. These price moves somewhat invalidated the dropping triangle pattern. For now, ETH is over the 50-d and 25-d MAs. That indicates bullish moves as the volume rises. With that, Ethereum's next vital support will be $3,000.
ETC Price Prediction
The price chart indicates that ETC bounced back over the past sessions. The coin trades at around 67% high from its lowest prices in May this year. Moreover, ETC has formed a somewhat inverted heat-shoulder pattern. Also, it moved over the short and long MAs. That way, Ethereum Classic might rise to the crucial resistance around $70.
