Ethereum Classic (ETC) is about to make history with an unprecedented breakout, the likes of which we have never seen before. The price is currently, trading in a diamond formation according to the ETC/USD weekly chart above, which interestingly enough, also forms the core of the Ethereum Classic (ETC) symbol. This diamond formation for Ethereum Classic (ETC) is an extremely bullish sign, one that could push the price beyond $100 in a matter of weeks.
The last time Ethereum Classic (ETC) had such a rally was in early 2017 when the price shot up to enter the diamond formation. Since then, it has been consolidating inside that diamond for a period of 441 days. The price has now found a bottom at $12.4 over the past few days. Last week was brutal for Ethereum Classic (ETC) as the price fell from $21.5 all the way down to $12.4, a correction of 42.3% in a single week. This also left a lot of investors heartbroken as Ethereum Classic (ETC) failed to conserve its gains after a long anticipated Coinbase listing.
However, those that could see this diamond formation would have already seen the drop coming. In fact, Ethereum Classic (ETC) had to complete one last move down before a new cycle could begin. Fortunately for Ethereum Classic (ETC) enthusiasts, all the major events and announcements are still ahead of us. Coinbase is yet to add Ethereum Classic (ETC) to its main platform in order to make it accessible to mainsteam investors. That announcement according to Coinbase was to be expected in two weeks following the Coinbase Pro listing. That means Coinbase can be expected to add Ethereum Classic (ETC) to its platform, this week or the next week.
Ethereum Classic (ETC) has a lot of major events in the pipeline which have unfortunately been masked by the Coinbase effect. One such event is the ETC Summit that is going to be held in Seoul, South Korea in September. The event will have a lot of prominent industry leaders like Tom Lee of Fundstrat speaking about Ethereum Classic (ETC). After that, there is the IPFS integration in October which will make Ethereum Classic (ETC) an effective store of data and information in addition to being an effective store of value. In November, Ethereum Classic (ETC) has another game changing announcement as it hopes to become fully IOT Compatible by November 30, 2018. After that, there is the EVM upgrade in December.
All these events and announcements are major catalysts that are expected to drive the price higher. The weekly chart above for ETC/BTC shows that the price is ready to take off from these levels. Ethereum Classic (ETC) has been trading further along a triangle and now it is at a point where it is expected to break the downtrend resistance and rise towards a price of 0.01 BTC. A major catalyst that could push prices higher from here is the upcoming Coinbase listing which will make it easy for mainstream investors to buy and store Ethereum Classic (ETC). Overall, Coinbase is just a gateway to allow more investors to support the Ethereum Classic (ETC) project and to bring it to the spotlight. Ethereum Classic (ETC)’s own events and developments are far more significant than a Coinbase listing and have the potential to push the price above $500 towards the end of its next cycle.