Chart for ETC/USD (1W)
Ethereum Classic (ETC) is the coin to load up during the current market correction. As the old saying goes, âBuy when there is blood on the streets, even if the blood is your ownâ, Ethereum Classic (ETC) investors have been holding on to their coins and accumulating more during the correction. The Ethereum Classic (ETC) investor community is not really a large one at this point, but it definitely is one of the most knowledgeable and meticulous ones. This means that most of them are not going to invest in something because there is a lot of hype around it or people are rushing to buy it. They are more concerned about the fundamentals behind a project because that is what is difficult to achieve and change. Sentiment and hype do not take time to change.
When Ethereum (ETH) forked off the original chain and Ethereum Classic (ETC) came into existence, investors in the original Ethereum ended up with two coins: ETH and ETC. So, as most of the mining and development teams switched to Ethereum (ETH), they started to dump their Ethereum Classic (ETC) coins. There are many reasons for this. Of course, some of them wanted to practically kill Ethereum Classic (ETC) because it did not support the fork, so they took out their revenge on the coin. They kept dumping tons of their coins on open exchanges every time Ethereum Classic (ETC) would see a spike.
Igor Artamonov and the rest of the ETC Dev team did not care about the price. If they did, they would have supported the fork, switched to the new chain (ETH) and made a lot of money. Instead, they decided to stick to hard work and principles. With their struggle and perseverance, not only did they succeed in brining a dead project back to life, but they have made it an emerging Ethereum (ETH) contender. This is why, for the first time since the inception of Ethereum Classic (ETC) we have now seen Ethereum Classic (ETC) begin an uptrend against Ethereum (ETH). This is very likely to eventually reach a point where the real flippening occurs i.e. Ethereum Classic (ETC) overtakes Ethereum (ETH) in market cap.
Chart for ETCUSDShorts (1W)
The sentiment has been against Ethereum Classic (ETC) since its inception. A lot of people believed itâs a dead project, those who did not think so believed it was a scam. So, it was no surprise that when exchanges like Bitmex and Bitfinex started offering ETCUSDShorts, a lot of people got in on the action. In fact, if you look at the above chart for ETCUSDShorts, it looks like a chart for shorts that you might not find for any other coin. Bitcoin (BTC) has seen a rise in the number of shorts and then a fall, Ethereum (ETH) has seen the same, and so has Ripple (XRP). However, for Ethereum Classic (ETC), the number of shorts has been on a big rise.
If we are being more realistic, we would say that the sentiment has been against Ethereum Classic (ETC) since its inception and Ethereum Classic (ETC) has not seen any love from the crypto community. First, people dumped on it, and then they called it a scam coin and a dead coin. Now that it has risen from the ashes, people are starting to realize that it is here to stay. Coinbase listing in particular had a big impact on changing hearts and minds. The crypto community for the first team since the inception of Ethereum Classic (ETC), sees it for its merits rather than being just another Ethereum. The above chart for ETCUSDShorts shows that the number of shorts is about to break out of a rising wedge to the downside. This is a major development which would relieve Ethereum Classic (ETC) of a big bearish pull for the first time in its history. With all the events and developments that lie ahead, Ethereum Classic (ETC) is well on track to seeing its biggest breakout in its entire history.