Ethereum Classic (ETC) has been the focus of cryptocurrency investors ever since the Coinbase announcement. This translated into a favorable price action lifting Ethereum Classic (ETC) off its previous consolidations levels around $13 to $19. However, the price could not remain above $19 for long and eventually had to settle in the $18s territory after facing resistance at 21 EMA on the weekly chart. The daily price action has reached overbought level on the RSI and a pullback to lower levels is likely especially as Bitcoin (BTC) shows further signs of weakness.
Ethereum Classic (ETC) has been ignored for long by crypto enthusiasts mainly due to its low key style and lack of self promotion. After the infamous Ethereum fork, this project was left abandoned as many developers and miners shifted to the newly formed Ethereum (ETH) chain, because that’s where the money and fame was. Some loyal developers picked up Ethereum Classic (ETC) and started working on it out of principle and ideology. It is heartening to see that there are people in this space who are not concerned with money or fame but with principles and morals.
Despite Ethereum Classic (ETC)’s technological advances, many found it hard to believe that the project will actually survive, let alone end up on Coinbase! This is why nobody bothered to build any big Dapps on Ethereum Classic (ETC) or hold any ICOs on the original but abandoned Ethereum blockchain. However, all that soon changed when Coinbase announced that it is going to list Ethereum Classic (ETC). All of a sudden news blogs are giving Ethereum Classic (ETC) more coverage, investors who previously called it a scam coin are buying it, and miners are starting to line up behind Ethereum Classic (ETC).
Fundamentally, nothing much has changed for Ethereum Classic (ETC). It is still the same coin it was 12 months back. It was ignored for the most part despite being the sixth largest coin by volume. The cryptocurrency missed out on big gains during the last altcoin run as other coins shot up to higher market valuations. However, the recent Coinbase announcement seems to have changed that whole narrative with one blow. This goes on to show how little mainstream investors actually care about proper research and how much they rely on hype.
Ethereum Classic (ETC) is still the same coin that nobody wanted to buy for $10 despite having solid fundamentals. However, now after the announcement, investors are eager to buy and not letting go even as the price reaches overbought levels on RSI and struggles to get past $18 because they do not want to miss out. There will always be Coinbase like events to trigger rallies and undervalued projects like Ethereum Classic (ETC) will always use it as fuel to make 10x or 20x gains. However, the key to success in this market is beforehand research and analysis. News and announcements always follow project fundamentals and whatever can be seen on the charts.