Why Are Ethereum Classic (ETC) and Bitcoin Cash (BCH) Making Headlines This Week?

Why Are Ethereum Classic (ETC) and Bitcoin Cash (BCH) Making Headlines This Week?

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The crypto market has recently experienced a whirlwind of activity, sparked by the approval of 11 spot Bitcoin ETFs in the USA, which initially stabilized the primary cryptocurrency, Bitcoin (BTC), holding it steady at around $43,000. However, this calm proved short-lived. The past weekend marked a significant downturn, with BTC plunging to $40,000 on Monday and further descending to a 7-week low of $38,500. This marked a substantial loss from its $49,000 peak on January 11, coinciding with the ETFs' debut on US exchanges. Despite this setback, a resurgence of bullish momentum has since nudged Bitcoin (BTC) back to the $40,000 mark, pushing its market dominance slightly upwards.

Amidst this tumultuous backdrop, most altcoins, including Ethereum Classic (ETC) and Bitcoin Cash (BCH), have defied the broader market trend with remarkable resilience. ETC has seen an impressive surge of over 4%, while BCH has climbed by 5%, contributing to a collective market cap boost of over $30 billion to $1.56 trillion. In this ever-evolving landscape, projects like ScapesMania (MANIA) stand out with their ambitious long-term goals. Coupled with a strategy focused on customer engagement and rewarding tokenomics, MANIA's presale discounts and stage bonuses further solidify its potential to be more than just another crypto fleeting sensation.

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As the ScapesMania presale nears its completion in February, the team is working hard to secure a quick listing on tier-1 exchange platforms. There is a good probability that the token's value will increase exponentially after the listing.

The team behind ScapesMania, with years of expertise, has crafted a robust post-listing marketing strategy. Buyback, burn, staking, and all the perks for holders keep attracting new adopters. Through DAO governance, backers will be able to influence and benefit from a multi-billion-dollar industry.

Moreover, the token's utility is impressive. It's not another meme coin whose success relies heavily on trends and hype. ScapesMania (MANIA) is a well-balanced, meticulously designed project that acts as a gaming ecosystem. 

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ScapesMania, a player in the $376 billion gaming industry, leverages the market's growth potential. Post-exchange debut, holders can anticipate greater liquidity and easier trading.

The community's excitement about the project is evident so far, with $4,400,000+ raised to date from crowd/retail contributions alone. Notably, the fundraising amount is growing by $50,000+ daily and the follower count has reached 60K+ and showcases a weekly growth of 12%.

The growing interest from crypto whales with checks of $20,000+ might expedite ScapesMania's transition from niche to mainstream.

ScapesMania's smart contract has received approval from prominent security-ranking firms, ensuring peace of mind for holders. Additionally, the award-winning team behind ScapesMania secured a prestigious grant from a prominent player in the blockchain industry.

Furthermore, ScapesMania is notable for putting its community front and center. Driving customer engagement and making sure that everyone benefits through great tokenomics and generous rewards is where ScapesManias stands out.

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Ethereum Classic (ETC) Price Analysis

Ethereum Classic (ETC), often regarded as the "sleeping giant" among top cryptocurrencies, has stirred significant interest in the wake of the Bitcoin ETF approval, surging an astonishing 79% from $18.18 to $32.52. There was a notable increase in ETC's trading volume, signaling heightened trader interest particularly on January 11 and reaching a peak not seen since September 13, 2022. 

In recent days, the broader Ethereum (ETH) community has speculated about a potential green light for ETH-ETFs, even though the SEC Chair Gary Gensler’s stance suggests that such approval isn’t a given. Amidst these hot discussions, the value of Ethereum Classic (ETC) has seen a dip to below $25 following the broader market downturn, but it is poised for a potential rebound with the upcoming 'Spiral' hard fork slated for January 31, 2024.

Ethereum Classic (ETC) Technical Outlook

From a technical analysis standpoint, ETC is currently trading between its first support level at $22.29 and the first resistance level at $27.29. The Exponential Moving Averages (EMAs) provide a bearish signal, with the EMA (10) at $30.2, EMA (50) at $32.43, and EMA (200) all above the current trading range, indicating a potential downward trend. 

Source: TradingView

The Relative Strength Index (RSI) at 43.7 and the Stochastic %K at 41.7 both suggest the asset is neither overbought nor oversold, presenting a neutral stance. 

The Average Directional Index (ADI) at 30.15 shows a moderate trend strength, while the Commodity Channel Index (CCI) at -40.25 leans towards a bearish territory. 

The MACD Level at -0.56 and the negative Momentum indicator also hint at a bearish momentum.

Ethereum Classic (ETC) Price Prediction

In the bullish scenario, if Ethereum Classic (ETC) manages to break above the first resistance level at $27.29, it could aim for the second target at $30.07 and potentially the most ambitious ceiling at $35.07, aligning with the 200-day EMA. Such a move could be driven by positive sentiment surrounding the upcoming 'Spiral' hard fork. 

Conversely, in a bearish scenario, failure to hold the current $22.29 support could see ETC slide towards the second defense line at $20.06 and possibly even the lower ground at $15.06. The decline will probably occur, should the broader market sentiment become negative again, regulatory uncertainties surrounding Ethereum ETFs shatter investor confidence, and the Ethereum (ETH) market itself turn bearish.

Bitcoin Cash (BCH) Price Analysis

Bitcoin Cash (BCH), a prominent player in the cryptocurrency market, has experienced notable fluctuations in its value since January 22, echoing the broader volatility in the crypto sphere. Crypto intelligence tracker Santiment highlights that despite these setbacks, BCH may be on the verge of a rebound – the potential turnaround comes amidst a context where investors have been predominantly favoring short positions. 

Derivatives traders, particularly on platforms like Binance, have been actively shorting Bitcoin Cash (BCH), influenced by the overarching crypto market's bearish trends earlier in the week.

Bitcoin Cash (BCH) Technical Outlook

BCH is now hovering between its first support level at $222.82 and the first resistance level at $254.25. The 10-day, 50-day and 200-day EMAs, observed at $233.12, $238.24 and $243.47, respectively, suggest a mild bearish bias in the short term but not overwhelmingly so. 

Source: TradingView

The RSI at 53.96 leans slightly towards a bullish sentiment, while the Stochastic %K indicates overbought conditions at 72.96. 

The ADI at a low 22.32 hints at a lack of strong trend, and the CCI at 56.85 sits in a neutral zone. 

The MACD Level at -1.57 and the Momentum of 1.73 further add layers to BCH's intricate trading landscape.

Bitcoin Cash (BCH) Price Prediction

In the bearish scenario, the current trading pattern between $222.82 and $254.25 might continue to be tested. The persistence of bearish sentiment in the derivatives market and the negative funding rate suggest that Bitcoin Cash (BCH) may further approach or even breach its immediate support levels, potentially targeting the next significant threshold at $208.84 or even $177.41 in a pronounced downtrend.

On the flip side, the bullish scenario, as indicated by Santiment's analysis, hinges on the liquidation of short positions – in the last 24 hours, $117,700 worth of BCH short positions were already offloaded. Should these liquidations gain momentum, they could trigger a reversal from the current bearish trend and propel BCH towards overcoming its immediate resistance. Breaching this level could open the path towards higher barriers at $271.7 and $303.13. The potential recovery trajectory is particularly compelling given the historical tendency for assets to bounce back under similar circumstances.


Right now, the crypto market is all over the place – prices are swinging wildly and it's tough to predict what'll happen next. Bitcoin, after a brief period of stability, experienced a notable downturn, reflecting the broader market's sentiment. Altcoins such as Ethereum Classic (ETC) and Bitcoin Cash (BCH) have bounced back impressively, each carving out its own path in the market and showing promise for future gains. ETC's potential rebound, driven by the upcoming 'Spiral' hard fork, and BCH's likelihood of recovery, as indicated by the liquidation of short positions, highlight the diverse and ever-changing nature of the cryptocurrency landscape. In these conditions, one should stay sharp and adaptable to make informed investment choices.

Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

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