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Ethereum Classic: what are the chances of a massive breakout?
Ethereum Classic (ETC.X) is trading at $17.14, up 4% from yesterday. There is a bullish trend line forming on the ETC/USD hourly chart.
What is Ethereum Classic's price forecast, i.e., prediction? What are the reasons attributing to the chances of a massive breakout?
Ethereum Classic is Ethereum's fork. The announcement regarding the addition of Ethereum Classic to the Coinbase platform drew investors' attention. ETC has a surplus of $700,000 per Ethereum Classic Cooperative ’s mid-year review.
Cryptocurrency investors like Ethereum Classic's relative price stability and limited downside. In contrast to Ethereum, transactions on the ETC blockchain remain unchanged. This aspect makes the digital asset attractive to investors, and its rising demand is one of the reasons for ETC will be added to the Coinbase platform.
Ethereum Classic touts decentralization and transparency as its strong points--and SEC made a verdict the altcoin is not a security. This leaves no room for backroom deals, making it similar to the Bitcoin platform. Relative to Ethereum, Ethereum Classic is gaining in popularity.
The Coinbase exchange is completely compliant with the US regulations and has gained American investors' trust. If a new coin is listed on Coinbase during a bull market, there are pretty good chances its price will over-exceed the rest of the market. Ethereum Cassic will be added to the Grayscale Fund of Coinbase which will cause a positive cash inflow for the brokerage.
Here are the major technical indicators:
- MACD is moving into the bullish zone. MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices. MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
- RSI (relative strength indicator) is moving higher towards 50 (not oversold any longer). RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
- A new major support level is forming at $16.75;
- A new major resistance level is forming at $17.49.
Ethereum Classic: how long will the bull run last?
Over the last 3 months, the price of Ethereum Classic (ETC.X) has swung widely--reaching the peak of $39, but also a bottom of $13. While this coin is on an uphill again, crypto investors are wondering, what is the price prediction for Ethereum Classic?
First, there are some good news about Ethereum Classic. The Ethereum Classic Investment Trust was recently approved by FINRA for a public quotation (OTCQX: ETCG) on OTC Market’s OTCQX. The Trust was founded in 2017 as a private and open-ended trust which holds Ethereum Classic (ETC).
Second, Ethereum Classic (ETC), dubbed as the “real Ethereum”, recently released its Emerald Wallet which was very well received by developers building apps on the ETC platform. This comes at a time when Ethereum (ETH.X) is being increasingly challenged by lawmakers and also the times when there is a lot of infighting going on among ETH developers.
Ethereum Classic has a limited number of coins as opposed to Ethereum’s undefined number of coins. Technical analysts remark that ETC has one of the most favorable charts from an investment standpoint in the market right now. The ETC chart suggests that a bull run is expected to go through the end of May this year.
However, don't forget that any investment in crypto coins is a pure speculation. For a more comprehensive guide and some good altcoin investment tips, please review our list of commonly asked questions.
Ethereum (ETH.X): will the bull run sustain?
After the market recovered from the US tax deadline, Ethereum's (ETH.X) price witnessed a continuous rise, reaching the level of $706 per coin.
This depicts strong signs of a bull run. For the latest price and news about Ethereum, please visit Finstead and type “ETH.X price” and “ETH.X news”.
The deadline for filing taxes in the US caused a huge sell-off of cryptocurrencies, causing Ethereum’s price drop. This is because crypto investors and speculators paid their capital gains taxes by raising money from cryptocurrency sales.
London Block Exchange has recorded a notable rise in cryptocurrency trading. It is being seriously considered by institutional investors (from hedge funds to pension funds). This remarkable rise in the Ethereum has left its creator Vitalik Buterin surprised as he had no long terms plans for its success.
Here are some developments you need to know about Ethereum:
- Higher volumes of complex smart contracts now can be supported by Ethereum scale through the use of a newly designed protocol.
- The security proofs implemented by the team enhanced the safety of Ethereum. This is because the security flaws are directly associated with the cryptocurrency's monetary value.
- There are chances that Ether would be classified as a security which would subject it to more rigorous regulatory inspection.
- There are plans to invest funds raised in space startup projects in the ether cryptocurrency.
No matter how alluring Ethereum may appear to you, investing in it is highly speculative. You may get a huge return, but also be prepared to lose all your money.
For further guidance on investing in cryptos, read the Finstead Bitcoin investment guide.