Ethereum Classic Bullish Trend Re-Ignited, But Resistance at $20 Remains

• Ethereum Classic (ETC/USD) has been experiencing a bull interest in the last two days, up 18% in the week.
• The gains pushed the cryptocurrency above a crucial descending trendline that has contained ETC for a while.
• Despite the gains, Ethereum Classic still faces bear pressure at $19.

Ethereum Classic (ETC/USD) has been in the spotlight lately, with the cryptocurrency gaining 18% in the week. On January 04, 2023, the gains pushed Ethereum Classic above a crucial descending trendline that had been containing it for a while. This reignited hopes of increased miner activity on the Ethereum Classic network, as the hash rate began to improve from 97.5975 TH/s on December 27 to 111.7497 TH/s on December 30, according to CoinWarz data.

The Ethereum Classic network had initially experienced a boost in price when Ethereum shifted to the Proof of Stake protocol, as Ethereum Classic is a Proof of Work protocol. However, the speculations soon faded and the price of ETC began to crash. Now with the renewed miner activity and increased ETC transactions, buyers are hopeful that the gains will continue.

Despite the boost in price, Ethereum Classic still faces bear pressure at $19. This is because the cryptocurrency market is still influenced by the overall market sentiment and the broader cryptocurrency market is still bearish. Additionally, the cryptocurrency will need to break above the $20 resistance in order for the bullish trend to continue. If it fails to break above the resistance, the bulls may start to lose momentum and the bear pressure may increase.

Overall, while Ethereum Classic is showing signs of growth, buyers need to exercise caution at the current price level. The cryptocurrency will need to break above the $20 resistance in order for the bullish trend to continue. Until then, the gains may be limited and the bear pressure may increase.