Ethereum Classic (ETC) has recently shown signs of strength after positive news from Coinbase. If it were not for these news, Ethereum Classic (ETC) would most likely have broken market structure and would be lagging behind in the altcoin run this year, same as it did last year. However, the announcement from Coinbase stating that it will list Ethereum Classic (ETC) in the months ahead, translated into an unprecedented positive sentiment for Ethereum Classic (ETC). It is one of the few major cryptocurrencies that still appear bullish on the weekly chart. Ethereum Classic (ETC)’s EMA alignment appears bullish but in order for it to remain bullish, the cryptocurrency will have to keep up its bullish impetus in the weeks ahead.
Previously when Litecoin (LTC) or Bitcoin Cash (BCH) was added to Coinbase, mainstream investors did not know about it before the day of listing. However, this time Coinbase has announced beforehand that it will be listing Ethereum Classic (ETC). Investors having seen the game changing influence Coinbase listing has on a cryptocurrency have preempted the move by buying up before the actual listing. Those who anticipated this move, bought way before the Coinbase announcement. Those looking to capitalize on the announcement are buying now so they can sell later when the cryptocurrency rises up astronomically after a Coinbase listing. Even before the Coinbase announcement, most analysts put out a price target of $100+ for Ethereum Classic (ETC) by the end of the year. Tom Lee of Fundstrat announced a target of $70+ for Ethereum Classic (ETC) well before the Coinbase announcement.
Some investors today do not like Coinbase or the influence it has over the market. Majority of investors with this view are those who were disappointed when Coinbase listed Ethereum Classic (ETC) instead of Ripple (XRP). However, the fact remains that even today Coinbase has a lot of influence over the markets. Anything that ends up on Coinbase has the potential to end up in the wallets of millions of Coinbase users. If that asset is priced significantly lower than other cryptocurrencies on Coinbase, then it has the potential to be bought up the most. We saw the same thing with Bitcoin Cash (BCH) and Litecoin (LTC).
The difference this time is that unlike Litecoin (LTC) or Bitcoin Cash (BCH), Ethereum Classic (ETC) is not a fork. It is a smart contracts platform of its own running on the original Ethereum chain. So, given that this time Coinbase has announced a listing beforehand and that Ethereum Classic (ETC) is a far better investment than Litecoin (LTC) or Bitcoin Cash (BCH), it is highly likely that Ethereum Classic (ETC) will have a more aggressive rally than that of Bitcoin Cash (BCH) or Litecoin (LTC) after their Coinbase listing. Ethereum Classic (ETC) is also poised for a big run up against Bitcoin (BTC) in the near future. This would put it close to 0.01 satoshis against Bitcoin and at a triple digits price of $100+ against US Dollar by the end of the year.