Ethereum Classic (ETC): Hidden Bullish Divergence Hints At Trend Reversal

Ethereum Classic (ETC): Hidden Bullish Divergence Hints At Trend Reversal

Ethereum Classic (ETC) is on the verge of a trend reversal. There are two very strong indicators that confirm our view. The first indicator is the flattening of the price while trading along a parabolic trajectory. If we look at the above daily chart for ETC/USD, we can see right away that the price has been settling atop a curve (shown in yellow). The price has now reached the inflection point of that curve and is expected to begin a bullish cycle from here onwards. The second strong indicator that points to an imminent trend reversal is the hidden bullish divergence on the RSI for ETC/USD. For the past few weeks, the price has been forming lower highs but it has formed higher lows.

After mid November, the price is expected to formally enter a bullish channel forming higher highs and higher lows till the end of the year. Even though ETC Dev recently postponed one of the most anticipated events for the year i.e. Ethereum Classic (ETC) becoming fully IOT compatible by November 30, the price has managed to hold steady so far. Some members of the Ethereum Classic (ETC) community did express their dismay over Ethereum Classic (ETC) postponing such a major event without prior announcements. However, many still believe that the team only delayed this because they do not want to deliver a half baked product. Igor Artamonov, the head of ETC Dev recently said on Reddit that this event was moved to 2019 somewhere in the beginning of this year.

Chart for ETC/USD (1W)

Ethereum Classic (ETC) team has done a wonderful job working on the tech side of things. They are very active trying to get Dapp developers onboard. They have recently launched ETC Labs to help entrepreneurs build useful products on Ethereum Classic (ETC). However, Ethereum Classic (ETC) still lags behind its competitors in terms of design, marketing and social outreach in a major way. The official twitter account for Ethereum Classic (ETC) is operated like a personal account with little to no regard for professional standards. It is true that Ethereum Classic (ETC) was previously stripped off marketing dollars and community support when the majority of developers and miners moved to the forked coin (ETH). Fortunately, Ethereum Classic (ETC) today is a lot bigger and better than what it used to be. It also has enough funding to put together teams for marketing, design, social outreach and such.

Ethereum Classic (ETC) truly is one of the few blockchain projects that are going to be around 10 to 15 years from now. It is immutable, decentralized, open, fast, scalable and reliable. It also has one of the best minds in the industry behind it. If the Ethereum Classic (ETC) Teams put in the effort to promote the project in a way that its competitors like Lisk (LSK) or Ripple (XRP) do, there is every reason that a lot of smart minds in the industry would want to throw their weight behind this hidden gem of a project. 

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