Ethereum Classic (ETC) is on the verge of a historic breakout that we have all been waiting for since 2017. A close look at the RSI for the weekly ETC/USD chart clearly shows that Ethereum Classic (ETC) has been preparing for this breakout for two years. The RSI has now reached its lowest level inside a falling wedge and could break out any minute now. This is a big development for Ethereum Classic (ETC) considering we did not see the cryptocurrency gain as much as the rest of the market during the last rally. While most coins rallied aggressively to new highs, Ethereum Classic (ETC) just rose slightly above its June 2017 all-time high during the aggressive market rally of late 2017.
For the first time in two years, Ethereum Classic (ETC) is now ready to begin a rally just like the one it began in early 2017. If the events that occurred during the last few days have taught us anything, it is that events happen to suit the charts. Everything you see on the charts as a long-term trend is very unlikely to be invalidated. Most of the time, events take place to suit the charts. We need a market capitulation so the hashwar between Jihan Wu and Dr. Craig S. Wright became the catalyst. This is not a standalone event. We have seen countless examples of events suiting technicals throughout the history of financial markets. It is clear now that Ethereum Classic (ETC) is supposed to rally aggressively during early 2019. The question is, “What will be the catalysts?”
In the past, Ethereum Classic (ETC) was just trying to survive. Whenever it made a rally, people who wanted to suppress the price of ETC were quick to dump on it. A lot of people had bags of ETC from the hard fork. Of course, they did not have the decency to sell them over the counter, because they wanted to kill the project (Ethereum Classic). What was the result of all this? ETC/USD performed worst than most sh*tcoins. In fact, a lot of scam coins made investors more money than Ethereum Classic (ETC) back then. However, time went by and Ethereum Classic (ETC), just like Bitcoin (BTC) took the punches but persevered. It came out not just as a survivor but a contender for its rightful place as the standard platform for Dapps and the Internet of Things (IOT).
Some people measure the success of a blockchain by the number of Dapps built on it. The number of Dapps can increase or decrease at any moment. The same goes for the number of miners or developers. What matters is the fundamentals behind a project and the core principles and values it stands for. Ethereum Classic (ETC) has made it very clear that it is not prepared to compromise its security, immutability and decentralized nature. This is what makes it the perfect blockchain for decentralized applications and the Internet of Things (IOT). Nobody wants to build a Dapp on a blockchain that has a select group of people deciding what to allow and what to ban. The same goes for blockchains where a few powerful people could take an entire chain apart. Ethereum Classic (ETC)’s edge over the rest of the market in adhering to the same principles and values as Bitcoin (BTC) gives it a distinct advantage to position itself at the centre of the upcoming IOT (Internet of Things) revolution.