Ethereum Classic (ETC) has had 1,200% returns year-to-date. The cryptocurrency rose to prominence amidst the market boom of 2021. Before the start of the year, ETC coin was operating at a price level of $5 and went as high as $176. At the time of writing, ETC crypto stands at a price level of $74. The price of cryptocurrency is on a downtrend. The price level decreased by 8% in the past twenty-four hours while the daily trading volume went down by 30%.
Ethereum Classic (ETC) Technical Analysis
The market sentiment for Ethereum Classic is neutral with a bearish bias. Out of the twenty-six technical indicators, ten stand at a neutral position while buy and sell indications are at eight each. The oscillators are bearish while the moving averages suggest an uptrend.
After picking up the pace, Ethereum Classic again succumbed to the bearish pressure in the market. The cryptocurrency was operating in a descending channel formation after establishing its all-time high. The recent bullish momentum resulted in ETC crypto breaking out of the formation to the upside. However, the bullish divergence could not be upheld as Ethereum Classic again fell downwards. The price level of $72 is acting as strong support for the cryptocurrency while the price level of $80 followed by $84 are major resistance levels which ETC coin has failed to break.
Why Ethereum Classic (ETC) can go up?
According to the forecast of Digital Coin Price Ethereum Classic will stand at a price level of $330 in five years’ time but why? Ethereum Classic is a hard fork of Ethereum which means it has the capabilities of the queen of the market but is a better alternative. Ethereum’s potential is a hard fact now because of the unique offering of the platform.
Ethereum Classic was a product of the 2016 hack. The developers believe the coin to be “free from external interference and subjective tampering” – making it more secure. ETC has outperformed ETH in the bull run in terms of price growth. The stark difference in the price of both cryptocurrencies also make ETC more viable than ETH. While the technical analysis may suggest a prolonger bearish bias, the fundamentals are strong and some advocates believe ETC may overtake ETH one day – which may be wishful thinking but the crypto market is full of surprises.