Ethereum Classic (ETC) has had an impressive run up for the past few days but the price is now at risk of falling below $14. The 4H chart above for ETC/USD shows that the price has now formed two candles on the 4H chart above the 10 EMA. However, Wave Trend analysis and RSI profile point to an imminent fall in the days ahead. It will not be easy though as the price will have to break the critical 21 EMA support in order to fall. However, if it does manage to do that, then the price will fall straight to the bottom of the rising wedge, which if broken has the potential to take Ethereum Classic (ETC) back to a price of $12 if not lower.
Ethereum Classic (ETC) has seen a lot of interest from major players in the last few months. Its recent addition to Coinbase has made it even more appealing to investors that are already sold on the fundamentals of this project. In addition to that, there is serious infighting going on the Ethereum (ETH) front which has left a lot of miners worried who are one step away from switching to Etheruem Classic (ETC) as Vitalik Buterin and his team have delayed mining difficult removal for Ethereum (ETH), which means less mining rewards for miners. Ethereum Classic (ETC) on the other hand removed its difficulty bomb this year and most big players are already seeing it as the next big thing. Recently, big mining pools like BTC.com and Bitmain announced that they will be mining Ethereum Classic (ETC). Long story short, a lot of people are starting to see the potential in Ethereum Classic (ETC).
So, what comes next? Manipulation. Ethereum Classic (ETC) is currently available at a dirt cheap price compared to its broken competitor Ethereum (ETH). Big players who see the potential in Ethereum Classic (ETC) are not going to let the small guys just take up all the Ethereum Classic (ETC) at these prices. They want them to buy it from them at much higher prices once they have filled their bags. So, they will buy but then they will dump some to keep the fear in the market as they accumulate. Meanwhile, a lot of amateur investors will grow tired of Ethereum Classic (ETC) behaving like a sh*tcoin and they will give up. That’s where the big players accumulate.
Long term prospects for Ethereum Classic (ETC) have never been this bright. The weekly chart above for ETC/USD shows the price trading in a diamond continuation pattern. The project is currently at a point of massive adoption. It is the sixth largest coin by trading volume and still sits at a market valuation of just over 1 billion dollars. This is a big deal from a risk/reward standpoint for the big investors who are not going to give up till you sell them your Ethereum Classic (ETC). As mentioned before, the price is already expected to fall below $14 but if it comes down to $12 or similar levels that would not be surprising at all considering the manipulation that might come into play to accumulate more Ethereum Classic (ETC). There are already plenty of investors in the crypto community who believe Ethereum Classic (ETC) is a scam so much effort may not be required on part of the whales.