Where will Ethereum Classic price go over the next month?
According to CoinMarketCap, Ethereum Classic price was $14.33 at press time, with a market cap of $2.9 billion. Its overall value has been growing rapidly at a rate of over 100% a month. Ethereum Classic is currently one of the top 5 cryptocurrencies in terms of market cap.
OK, so Ethereum Classic has been trading for several hours now. What’s happening? Well, the price is up by around 2.5% and we can see some big news from the Asian market getting some attention.
The Ethereum Classic price has been on a tear since mid-November, and is currently sitting at an all time high. The cryptocurrency is now up by more than 400% since the start of 2017 and shows no signs of slowing down, despite the fact that it has been overshadowed by all of the negative news stemming from the ongoing DAO hack.
Ethereum Classic (ETC) has become an unexpected star in this cryptocurrency bull market, sometimes proving to be the best performing coin in the market in terms of price movement. Ethereum Classic, unable to compete with its larger cousin Ethereum (ETH), could make a splash in June with Ethereum 2.0 on the horizon?
Ethereum Classic price in 2020 and 2021
As many at this point may know, the crypto-currency sector has experienced near-constant growth over the past year since prices collapsed in March 2020 due to COVID-19 concerns. When the spread of the global pandemic affected the stock market and traditional finance, the correlation initially caused cryptocurrencies to fall as well. This was not quite the case with Ethereum Classic. On the contrary, it has been fairly stable for over two years. There was only one notable price movement between January 2019 and February 2021, and that was in January 2020, when the price rose from $4.5 to $12 and then to $15. Mars 2020 is back to $5, with the COVID-19 scare bringing it back down. Otherwise, the currency has mostly oscillated between $5 and $7 before and after this brief breakout. ETC finally entered the bull market for cryptocurrencies in February 2021 and initially broke above 14. Resistance in February at $17, which it held until April. In April, the price rose again, this time to $47, before falling back to $30. Source: CoinMarketCap Finally, around the beginning of May, the coins took off and on the 6th they reached their peak. May almost $160. A further price correction then occurred, leading to a market-wide collapse in prices, as a result of which ETC fell to USD 45. The price recovered slightly to $80 before falling to just below $70, where it stands today.
Ethereum Classic Price Forecast
Source: TradingView After falling from its all-time high in June, the ETC entered a fairly stable trading range, finding support at the lower continuous trend line formed before the May rally and encountering downward resistance on its way up. There is a symmetrical triangle at play here (4-hour chart), and ETC will approach the end of this area in June. This compression will lead to a breakout of the ETC, but the wisdom is that the symmetrical triangle pattern is directionally independent: that is, price can break out upwards as easily as downwards. Traders may need to look to technical indicators in the rest of the market for clues. The first thing to note is that although ETC came to the party quite late, it has since followed very closely behind Bitcoin and Ethereum. She got up when the other two went up, and collapsed when they came down. So it is quite possible that this will continue to be the case in the coming days, weeks and even months. Yet ETC remained relatively untouched by the rest of the cryptocurrency sector throughout 2020 and the first month of 2021. It then began to grow, along with the market in general, but at its own pace. There is also some parallel between the current constant trading range and the range observed for most of 2020 (between $5 and $7). If the currency stays in this range a little longer, it could be a sign that such a rally could begin with a bullish breakout. At least, that’s what one analyst on Twitter thinks. $ETC That’s how small the current chart gets pic.twitter.com/yekmASYNg2 – FORKLIFTZ $ETC $XRP (@QtheFORKLIFTZ) June 6, 2021 If ETC escapes the upside in June, it could return to the $80 range where it ended up during the first leg of the recent decline. A resumption of the crypto-currency bull market in 2021 could see Ethereum Classic rise above $100 again – in the past, the market has shown a double top structure, setting new all-time highs after a period of consolidation. In this case, even a price target of $200 by the end of the year cannot be ruled out. Of course, if the market continues its downward trend, ETC will likely follow, but investors should keep in mind that Ethereum’s little brother has the mentality of an underdog and can surprise the market when least expected. Please note that the above figures are only the author’s personal opinion, based on relevant market data. None of this information should be construed as direct investment advice.The cryptocurrency market is on a roller coaster ride. The top coin, Bitcoin, has bounced back from its low of December 2017, having started the year at $15,000. Since then, it’s set a new all-time high of $20,000, and is currently trading at $15,000. The second most popular coin, Ethereum, has also gained considerable ground this year, and is trading at $1,500, up from around $1,000 at the start of the year.. Read more about ethereum classic price prediction 2030 and let us know what you think.
Frequently Asked Questions
What will ethereum Classic be worth in 2022?
The price of Ethereum Classic has fluctuated a lot over the past few years, and the future looks promising. With the recent announcement of the launch of the Ethereum Network, and the news that Bitcoin will support the Ethereum Classic Platform in the future, we could see a significant increase in the value of ETC. The Ethereum Classic project is a free, open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. The Ethereum Classic blockchain is an upgrade of the Ethereum blockchain protocol, which is the backbone of the Ethereum Virtual Machine, a decentralized virtual machine that runs the programming code of any decentralized application. The Ethereum Classic blockchain was created by a deliberate hard fork of Ethereum on August 1, 2016.
In a few short years, the world has truly gone crazy for cryptocurrencies. With Bitcoin price reaching a staggering $19,000 earlier this year, it seems the industry has no limits when it comes to where the price of a particular cryptocurrency is heading. Ethereum Classic (ETC) is a hard fork of Ethereum, and as such is a cryptocurrency. Hard forks (forks) are not uncommon in the cryptocurrency world. In fact, hard forks happen quite frequently. However, many of these hard forks do not survive. In the case of Ethereum Classic, the fork is set to survive, and for good reason!
Will ethereum classic go up again?
The cryptocurrency market is still reeling from the effects of a sharp downturn in ether. This has led to a great deal of overreaction in the press and on social media. As a result, it can be difficult to find a sober opinion on the future of the market. At the moment, the price of ether is sitting at $67 USD, which is still very high in absolute terms, but it has notably dropped from its peak of $400 USD back in June. Ether is down more than 70% from its peak price, and it is still losing value every day. It is not yet clear what will happen to the price of ether, but it certainly appears that the market will continue to undergo considerable volatility going forward. The price of Ethereum Classic (ETC) has had a roller coaster ride in 2017, with many ups and downs. The one common thread is that Ethereum Classic has fallen in price for the last two years, with a steady trend of losses from 2015 to 2017. However, the price of Ethereum Classic has risen by almost 20% in the last week alone, from $8.44 to $10.16, before falling back today to $9.86.