In an interesting turn of events, Coinbase yesterday announced listing of Ethereum Classic (ETC) on its platform. This announcement was long overdue and Ethereum Classic (ETC) bulls rejoiced on the game changing news. The price shot up more than 20% against both the US Dollar and Bitcoin (BTC) in just a few hours. The price is currently above the previously breached support line, marking a failed break out (to the downside), signaling a bullish reversal. The price will likely retrace a bit after the recent rally before continuing upwards.
It is also important to note that Coinbase has not added Ethereum Classic (ETC) to its platform yet. The company has just announced that it will be adding Ethereum Classic (ETC) as its next coin on Coinbase in the next few months. This was expected after Coinbase’s trouble over Bitcoin Cash (BCH) listing last time. That is why; this time around they announced the listing before actually adding it. It also gives investors more time to accumulate now and profit from the rally when Coinbase adds Ethereum Classic (ETC) in the coming months.
This is game changing news for Ethereum Classic (ETC) when you consider that the coin was almost forgotten by many investors amidst the luster and shine of new coins like TRON (TRX) and EOS (EOS). Most Ripple (XRP) investors expected that the next coin to be listed on Coinbase will be XRP instead of ETC. This is why many of them were annoyed to see Ethereum Classic (ETC) listed instead and quickly took to Twitter to express their disappointment. In a reply to this announcement of Ethereum Classic (ETC) listing, Coinbase created a poll asking users which coin to add next. An overwhelming majority of them replied with Ripple (XRP).
Another interesting development was Binance listing ETC/USDT and ETC/BNB pairs immediately after the Coinbase announcement. It is pertinent to note that Binance currently offers a limited number of USDT pairs and ETC’s addition to that list should be seen as a major development. Just like Coinbase carefully decides which coin to add, Binance is also very picky about its BNB and USDT pairs. Ethereum Classic (ETC) USDT and BNB pairs will encourage more trading of the cryptocurrency. ETC/XBT has also embarked upon a new route and could see price movement similar to that of March 2017. The RSI is currently trading in a triangle, with the likelihood of a breakout.
Ethereum Classic (ETC) just broke an important resistance trading against Ethereum (ETH). ETC/ETH pair is now in an uptrend and is poised for further gains. However, the RSI is nearing overbought levels and the price might have to retrace before continuing upwards. Ethereum Classic (ETC) has long served as a safe bet for most investor due to its investment nature as being both a top 20 coin as well as an undervalued crypto asset that could provide one of the highest returns on investment. That notion seems to have strengthened further in light of recent developments. Most mainstream investors have been skeptical about investing in Ethereum Classic (ETC) until now. Whether a Coinbase listing and additional Binance pairs can change that, remains to be seen.