August 19, 2016 20:00 +0000 UTC, Ethereum Classic price moves into weekly price support range. The Ethereum Classic community enters the picture giving further recognition to ETC.
The market price of Ethereum Classic could be reversing its downward retracement this week following the emergence of the ETC community.
Ethereum Classic is resting at its 50% retracement support. Recent events are springing up among the Ethereum Classic community and solidarity among the public is emerging that reinforces the price support range between 0.0026 and 0.0029.
The retracement during the past week could be the end of the short-term bearish trend that has been taking hold since the Ethereum Foundation backed DAO ETC sell off attempt. Of significant importance, the first Meetup regarding Ethereum Classic took place in London UK this week on August 18th, with more than 63 attendees including guests from Shanghai, China. The group met to discuss the current state of the ethereum ecosystem and moving forward with the decentralized Ethereum Classic ecosystem. Presentations were given by Dr. Avtar Sehra, a former HSBC employee in Global Markets Strategy and Risk and now Founder and CEO of Nivaura, a blockchain company.
“I think I made a mistake to help Vitalik to hard fork…. I hope everyone in the China community will join me, if you’re a miner, ok join me, mine 100% ETC, if you’re a ETH holder, I hope you consider about that, consider you sell all your ETH fork buy ETC. This is the revolution.”
Because the talks that took place during the meeting were focused on future planning of the ETC community, they shine the spotlight on the expansion of the global group that is supporting Ethereum Classic.
“These ETC conspiracy theories will go away, as they have no factual basis. There will always be chatter. We as foundation are focused on the technology. People make the price and that doesn't really concern us. On the end people go where the innovation is. Short term market fluctuation are not the end of the world,” said Fabian Vogelsteller, Lead Web Developer in charge of the Ðapp and other user-facing applications for the Ethereum project.
The current market rate for ETC/BTC at the Poloniex Exchange is 0.0029 Bid and 0.0030 Offered. Momentum in the past week has been slightly bearish. The price has entered a significant support range that is between the price of 0.0026 and 0.0029, which indicates that the price may be completing a retracement cycle and it could be reversing its decline due to the major events involving the Ethereum Classic community.