Ethereum Classic has been on a great run. In the last month, the price has increased from $61 to $74. The price has been driven by the bullish Bitcoin price increase, but also by the crypto-community’s belief that Ethereum Classic is more decentralized than Ethereum. This is partially true, but the truth is that the Ethereum Classic community is more decentralized than Ethereum.
The Ethereum Classic price is down about 7% today as the rest of the world continues to implement their own version of the Ethereum blockchain, causing the value of ETC to drop.
Another week, another price drop for Ethereum Classic. The price has dropped to $61 from $66 (a loss of over 4%), even with the recent announcement of the launch of the Ethereum Classic mainnet.Summary of the situation
- Ethereum Classic price analysis highlights ETC’s resistance at the $61 resistance level.
- A decisive close above resistance could trigger a 15% rally.
- A close below the $49 price area would negate any upside prediction.
According to Coinmarketcap.com, Ethereum Classic is ranked 22nd at the time of writing. It currently has a market value of approximately $6.9 billion and a trading volume of $3.6 billion per 24 hours.
Ethereum Classic Price Analysis: Price Overview
The price of Ethereum Classic has fallen for the fourth consecutive day, while other crypto assets are seeing their prices rise. At the time of writing, Ethereum Classic is at $59.94, about 72% below its highest price of the year. Nonetheless, the crypto asset has seen positive price movement in this morning’s session. A few weeks ago, ETC experienced a sharp rise in prices, pushing it into impressive price ranges. This happened when retail investors rushed to buy the coin when Ethereum’s flagship reached an all-time high of around $4,000. The Ethereum coin plays an important role in the life of Ethereum Classic, as it is considered a replacement for the relatively expensive token. Despite this correlation, the decline in the price of ETCs was more pronounced than that of ETHs. Ethereum Classic’s losses accelerated overnight, with market participants raising questions about the security and privacy of virtual currencies. The move comes after the FBI successfully seized cryptocurrencies in the Colonial Pipeline scandal. Between 6 and 9. In June, the price of ETC fell 24%. Fortunately, the steady decline in price has not broken through the 79 percent Fibo retracement level at around $49. The cryptocurrency has seen a rapid price reversal from a low of $49.5, which resulted in a 33% increase, to where it is currently trading at $60.16.
Ethereum Classic price movement in the last 24 hours
Source: TradingView According to the 24-hour chart of Ethereum Classic, the price movement managed to break through the 50% Fibo retracement level at $61.7, after which the price fell back to the level it is at today. If the crypto-currency manages to close the day above the 12-hour candle, the ongoing price consolidation will weaken and pave the way for a rally. In this case, traders should expect Ethereum Classic to rise to break the bottom at $72. In retrospect, this increase would amount to 15% of the current purchase price. With no limit to the uptrend, Ethereum Classic’s rise could try to bypass the recent high of $79.12 and head towards the $83 area. This will be an extreme case of an upward move.
4-hour chart of Ethereum Classic
Source: TradingView On the contrary, if the ETC fails at the 50% Fibo retracement at around $62, a downtrend will be initiated. Such a move would indicate increased selling pressure or low buying activity. If Ethereum Classic fails to consolidate above the 50% Fibo retracement level, investors should expect further consolidation between $61 and $53. If the owners of the coin decide to sell it, Ethereum Classic will likely fall on a 79% Fibo correction to around $49.
If Ethereum Classic breaks through the $49 price level, there is a risk that all profits will fall through the cracks and trigger a potential downward movement. ETC could close at $39.60. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.Ethereum Classic has been relatively quiet in the past week, with no major announcements or news. However, there have been a few important developments. First, the Ethereum Foundation plans to launch the Ethermint PoC Consortium (Ethermint) by the end of the month. Second, the Ethereum Foundation recently announced its support for ETC Classic (ETC Classic) by providing funding for the ongoing development of the ETC Classic protocol in a similar way to how it helped develop the Ethereum protocol. Third, the value of ETC Classic has steadily risen in the past few days, now being quoted at $61.. Read more about ethereum classic price history and let us know what you think.
Frequently Asked Questions
Is ethereum Classic a good investment in 2020?
Becoming a cryptocurrency enthusiast can be dangerous—and it’s even more dangerous if you subscribe to the wrong financial media. Crypto enthusiasts make a lot of mistakes when analyzing the market, so today I’m going to talk about three of the most popular misconceptions: Ethereum Classic is currently the number 4 ranked cryptocurrency on Coinmarketcap with a market cap $1.86 billion and a price of $46.78. Ethereum Classic (ETC) is slowly but surely growing in popularity but is still a long shot to overtake Bitcoin (BTC) which currently has a market cap of $17.77 billion and a price of $1,544.10.
How much will ethereum Classic be worth in 2025?
Ethereum Classic (ETC) is the result of a hard fork from the original Ethereum (ETH) blockchain in late-2016 when the DAO hacker exploited a vulnerability in its code, siphoning $50 million worth of ETH. The result was the formation of 500 new blocks, forming an alternate chain that was able to retain the same ERC20 token contract code (with the addition of ETC). In early-2017, the new chain was forked again, creating a new altcoin called ETC, which came with its own block explorer, wallet, and exchange. Many people believe that Ethereum Classic will be worth a lot more in the future than it is today. After the DAO hack, the Ethereum community split into two, with one side going with the original software and the other opting to stick with the fork that resulted in Ethereum (ETC), named after the DAO’s hacker, Ethereum Classic. And while both sides have claimed to be the “real” Ethereum, many are skeptical that ETC will ever be worth more than a pittance.
What will ethereum Classic be worth in 2020?
As the days, weeks, and months go by, it becomes increasingly obvious that Ethereum Classic is an extremely undervalued cryptocurrency. Despite its current price of $61, its market cap of $1.1 billion is dwarfed by that of Bitcoin, which has a market cap of $210 billion. What will Ethereum Classic (ETC) be worth in 2020? That’s the question I’m going to answer now. You’ll need a basic understanding of the history of the Ethereum network, what the Ethereum Classic platform is, as well as the other cryptocurrencies that you might be considering holding. Because this is the first in a series of articles, and I don’t want to bias you, I’m going to start with a very brief history of Ethereum. If you’ve already covered the basics of Bitcoin and Ethereum, feel free to skip ahead to “What is Ethereum Classic?”.
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