Ethereum Classic (ETC) has been on a roll for the past few weeks especially after the Coinbase announcement. The price shot up from $13 after what could be deemed as a game changing announcement, and has resisted falling back. Ethereum Classic (ETC) has made similar gains in the past but most of the time, those gains were short lived. In fact, Ethereum Classic (ETC) has been one of the worst performing coins in terms of investment until now. Some investors, mostly Ripple (XRP) fans believe that Coinbase no longer has the same type of clout that it did back in the day. They believe that it will have little effect on the price of Ethereum Classic (ETC). However, so far we have seen that it is just not true. Coinbase listing has not only offered investors a more secure and convenient gateway to invest in Ethereum Classic (ETC) but has also lent the project more credibility and recognition.
A recent tweet from Coinbase hinted that Ethereum Classic (ETC) is ready to go live as the coin is similar to Ethereum (ETH) in terms of listing requirements. Considering Coinbase already offers Ethereum (ETH) it is reasonable to assume that they have everything ready on their side to open Ethereum Classic (ETC) for investment to the general public. The only thing stopping them now seems to be the current situation of the market. Investor confidence is at an all time low. Most new traders believe that even solid cryptocurrencies like Bitcoin (BTC) could go down further. Ethereum Classic (ETC) is far more risky compared to Bitcoin (BTC). Maybe Coinbase is looking for a restoration of faith in the market to launch its new offering but on the technical side, all arrangements seem to be complete.
Ethereum Classic (ETC) is now at the end of the line and has to make a critical decision same as the rest of the market. RSI for both ETC/USD and ETC/BTC has reached the end of the triangle it was trading in and is now looking to break out, either to the upside or the downside. Of course, the most likely scenario for Ethereum Classic (ETC) in light of all the positive developments in its favor would seem to be a breakout to the upside. However, a negative Bitcoin (BTC) could once again drag the entire market down with it in case something goes wrong.
Barring extenuating circumstances, Ethereum Classic (ETC) is at a favorable point for a buy entry as the price has just bounced off a strong support and is trading close to the 21 EMA on the weekly chart for ETC/USD. Ethereum Classic (ETC) is now at a crucial point where either it has to break above the 21 EMA or face a rejection at the 21 EMA. If it breaks above the 21 EMA, the price can be expected to continue a very bullish rally well past its previous ATH. However, if the price is rejected at the 21EMA, it may fall below the support line breaking market structure.
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.