Ethereum Classic is one of the more interesting developments in the cryptocurrency world right now, and its price is definitely showing it. At the time of this writing, $61.67 worth of the currency was changing hands on Bittrex’s exchange, and the asset is currently up about 3.4% on coinmarketcap.com.
Ethereum Classic price is trading higher against the US Dollar and Bitcoin. Yesterday the price traded above a major bearish trend line with resistance at $47.00 against the US Dollar. There was a break above many resistances and the price traded above the $50.00 level. There is a strong resistance near $50.00 against the US Dollar. It is followed by $51.00 (50.2% Fib retracement) and $52.00 (50% Fib retracement). Ethereum Classic is likely to test the $52.00 level in the nearterm.
Ethereum Classic is one of the first cryptocurrencies which holds a portion of its value in the form of Bitcoins. Like Bitcoin, the Ethereum Classic blockchain is a distributed public blockchain. However, unlike Bitcoin, mining for Ethereum Classic is expected to be more ASIC resistant. This means the network will be decentralized and not dominated by a single mining hardware manufacturer.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 cryptocurrency manages to close the day above the 12-hour candle, continued 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 rises above the $49 price level, there is a risk that all profits will fall through and a potential downturn will begin. 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.The price of Ethereum Classic surged by 5.86% on the day to $61.87 on the most-traded cryptocurrency exchange CEX.IO. The price of the currency had risen by more than 4% at the time of writing, a move that pushed the price of ETC up to $61.87.. 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?
The Ethereum Classic price is up 4.09% over the past 24 hours, with a current value of $63. It remains to be seen if the price will continue to rise as the support level was recently broken. It’s been one month since the ethereum classic hard fork occurred. While the price of the ETC has dropped to the lowest it’s been in a while, there is still a group of people who believe that it’s still a good long term investment.
How much will ethereum Classic be worth in 2025?
Ethereum Classic (ETC) is a project built on the Ethereum blockchain (Ethereum). The ETC project was created to preserve the original vision of “Ethereum”, which was to build a decentralized worldwide computer for which people could write and deploy decentralized applications. Unlike Ethereum, the ETC project does not support the execution of smart contracts, thus it does not support Ethereum’s blockchain. ETC was hit by a 51% attack this week and the price has dropped by more than half. This is a result of a dispute within the community about a controversial upgrade to the Ethereum software. In short, some members of the Ethereum community are opposed to an upgrade called “Casper”, whereas others think that the upgrade has extremely important implications for the future of the network.
What will ethereum Classic be worth in 2020?
Ethereum Classic $61. Cryptocurrency market is in a rut. It feels like we’ve been in the market for more than a year now. The crash in June that was so severe and lasted for weeks on end has had a negative result on the market. Ethereum Classic (ETC) is a fork of Ethereum that was created in July 2016 by a group of core developers, who disagreed with the Ethereum Foundation’s decision to hard-fork the original chain (Ethereum) to create Ethereum Classic (ETC). The move was intended to preserve the original chain’s original blockchain and be a permanent alternative to ETH.
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