Ethereum Classic (ETC) is about to take off as it prepares to break the downtrend resistance line on the daily ETC/USD chart above. Since the beginning of this correction, Ethereum Classic (ETC) has tested this resistance line at least 5 times but it has failed to break past it. This time, the price has reached the bottom of the ascending channel and it would be incredibly easy for the bulls to push the price past this resistance. Order books on most exchanges are heavily dominated by buying action as sellers are reluctant to sell at current prices, especially before a Coinbase announcement which is expected in the near future.
RSI and Stochastic conditions for ETC/USD favor a rally to break the resistance line at this point. A breakout from these levels has the potential to push Ethereum Classic (ETC) near its previous ATH in the weeks ahead. A Coinbase listing on the other hand could take it past $100 in a matter of days after the listing. This is because most investors know that Ethereum Classic (ETC) is not much different from Ethereum (ETH) in terms of tech and functionality. If anything, ETC is better than ETH due to a limited coin supply and more decentralization, making it free of any external interference or manipulation. This is also why many analysts believe that once Ethereum Classic (ETC) catches the eye of mainstream investors, it could become an actual Ethereum (ETH) competitor.
Ethereum Classic (ETC) differentiates itself from its fork, Ethereum (ETH) by being more focused on needs of the future. While Ethereum (ETH) is busy solving problems of today like decentralization, governance, scalability, coin supply etc, Ethereum Classic (ETC) is focused on issues of the future that the blockchain community has not even faced yet. Ethereum Classic (ETC) already uses the Callisto side chain for scalability and does not suffer from the same problems as Ethereum (ETH)’s Crypto Kitty failure.
Long term prospects for Ethereum Classic (ETC) are brighter than ever. The cryptocurrency is just getting started and is on the verge of a massive breakout just ahead of major announcements. The price has currently reached the bottom of the ascending channel on the ETC/USD weekly chart above. The weekly RSI also seems to have bottomed out. Stochastic conditions also signal a rally from this point onwards. Trading volume for Ethereum Classic (ETC) has picked up even more after the Coinbase announcement. Even before that, Ethereum Classic (ETC) despite being the 15th largest coin would be within top 10 in terms of daily trading volume.
Major developments are in motion on the fundamental front. Ethereum Classic (ETC) is not just focused on blockchain technology; it is preparing itself for the 4th industrial revolution i.e. the Internet of Things (IOT). Ethereum Classic (ETC) will release its Emerald SDK in exactly three days from now. In exactly 125 days from now, by Nov 30, 2018, Ethereum Classic will be fully IOT Compatible according to their official roadmap.
I work as the key Trading Analyst for Crypto Daily and provide the team with regular analyses and updates regarding the technical performance of all cryptocurrencies on the market. I am responsible for the production of articles and posts for Crypto Daily’s own technical analysis section and spend my time monitoring and commenting on the varied moves the markets make on a daily basis.