Ethereum Classic (ETC) is about to complete a full cycle as it corrects against Bitcoin (BTC) as can be seen on the ETC/BTC chart above. The price continues to be in a downtrend as the resistance has yet to be breached but the lower the price goes, the easier it gets for Ethereum Classic (ETC) to break out of the downtrend. So far, Ethereum Classic (ETC) has demonstrated Bitcoin (BTC) like properties, not only because of its limited supply and decentralized economy but also because of its price action.
Ethereum Classic (ETC) has been a favorite among cryptocurrency investors for its stable price action and limited downside. In other words, Ethereum Classic (ETC) being one of the most undervalued cryptocurrencies provides one of the highest risk/reward while being stable and holding its ground during bad times. When Bitcoin (BTC) falls, even large cap coins like Ethereum (ETH) and Ripple (XRP) fall significantly. Ethereum Classic (ETC) on the other hand has recently performed a lot better than before in times of a correction. Price action for ETC/BTC on the daily chart above shows that the cryptocurrency has traded sideways for the most part since the beginning of the year. It also shows that Ethereum Classic (ETC) has missed out on big rallies during the previous altcoin season.
Most analysts agree that Ethereum Classic (ETC) is not the same coin after the recent Coinbase announcement. Prominent crypto community figures like Charles Hoskinson and Barry Silbert have supported Ethereum Classic (ETC) for long but until recently most mainstream investors regarded Ethereum Classic (ETC) as a sh*tcoin. It is not surprising to see that most of them actually thought Ethereum Classic (ETC) was a fork of Ethereum (ETH). In addition to that, they thought it was a useless fork with no real use case whatsoever.
Ethereum Classic (ETC)’s Coinbase listing is significant, not because of any price boost, but because of the attention it has brought to the project. Many cryptocurrency investors did not realize that Ethereum Classic (ETC) is actually focused on something a lot bigger than blockchain technology itself: Internet of Things (IOT). That is the fourth industrial revolution that most of us have long been talking and hearing about. It is soon going to be a reality and when it does, projects like Etheruem Classic (ETC) that are working on it at present will be the ones leading the show.
Ethereum Classic (ETC) is currently trading at the bottom of the channel according to the ETC/USD daily chart above and has just completed a bullish cypher pattern. RSI conditions for ETC/USD favor a run up past $20 in the days ahead. Veterans in the crypto community are increasingly debating how Bitcoin Cash (BCH) being a fork of Bitcoin (BTC) with comparatively limited use cases is only 9 times smaller than Bitcoin (BTC) in market cap whereas Ethereum Classic (ETC) despite being at par with Ethereum (ETH) in terms of technology and use cases, while also being superior in terms of decentralization and a limited coin supply is 29 times smaller than Ethereum (ETH)! If Ethereum Classic (ETC) lands up on Coinbase in the next few weeks, it will have the lowest market cap and price out of all cryptocurrencies currently available on the platform. It is highly likely that the price might shoot up past $100 in a matter of days after the listing.