Ethereum Classic (ETC) has been on a roll in the past 48 hours. The price has rallied aggressively towards its trend line resistance and is now expected to put up a fight to either break above or fall back within the triangle. The consolidation that we saw last time is unlikely to happen this time as a rejection at trend line resistance most often leads to a strong decline in the price of an asset. It may stall a decline till the end of the week but it is becoming increasingly clear that ETC/USD lacks the bullish momentum to continue higher from current levels. RSI for the 1H chart for ETC/USD shows that the price is overbought short term. The Stochastic RSI indicates that the overbought condition will likely be followed by a correction to the downside to bring the price back to its mean.
We have seen a rising interest in Ethereum Classic (ETC) over the past few weeks. More and more exchanges are listing ETC pairs and developers are building new Dapps on the ETC blockchain. It is clear that Ethereum Classic (ETC), a cryptocurrency that has been around for long but has lacked the spotlight that it deserved is finally going to get it. Just looking at the technicals is enough to deduce that this cryptocurrency is poised for major rallies against Bitcoin (BTC) and Ethereum (ETH) both during the upcoming bull run. Now, there might be some short term setbacks but the long term outlook is quite clear and Ethereum Classic (ETC) will probably be one of the best performing coins during the next bullish cycle.
Ethereum Classic (ETC)’s current situation reminds us of R3 and Ripple Labs. The former had the technology and the latter had the magic to turn it into a successful cryptocurrency. Same is the case with Ethereum Classic (ETC). ETC Dev had the technology which helped Ethereum Classic (ETC) become the decentralized and immutable blockchain that it claims to be today. It badly needed ETC Labs all this time to turn it into a successful cryptocurrency and it seems that now it has finally found it. The technology that was perfected by ETC Dev will now be used by ETC Labs to make Ethereum Classic (ETC) an attractive and more functional cryptocurrency. If we look at the daily chart for ETC/ETH, we can see that Ethereum Classic (ETC) is slowly forming a bottom against Ethereum (ETH) to enter a long term uptrend against Ethereum (ETH).
Ethereum Classic (ETC) has been in a downtrend against Ethereum (ETH) all this time. Now, it seems that the tables are about to turn and Ethereum Classic (ETC) is going to outpace Ethereum (ETH) in terms to growth during the next bullish cycle. The best part is that both the technical and fundamental indicators support this theory. From a technical analysis standpoint, ETC/ETH has already bottomed out and is now entering an uptrend. From a fundamental analysis standpoint, Ethereum Classic (ETC) is getting a ton of new Dapps built on its blockchain and is almost 30 times smaller than Ethereum (ETH) in terms of market cap which means it is more likely to have a higher percentage growth.