In 2016 Ethereum went under hard forking and it resulted in the creation of Ethereum Classic. It has smart contracts that allows the development of dApps on the platform with the native token as ETC. Since then the price of Ethereum Classic (ETC) has been growing with a lot more potential still remaining.
At the time of writing Ethereum Classic (ETC) is being traded at the price of $55.03. The price has dropped by 3.86% in the past 24 hours. The maximum the price has achieved is around $57.70 and the minimum is around $54.62. The daily trading volume has also dropped by almost 46.93% in the past day too. ETC is listed on coinmarketcap on 29th rank and has the market dominance of around 0.26%.
The maximum supply of ETC is around 210M and the circulating supply is around 130M ETC. ETC had achieved its all time high around the price of $173 in the month of May 2021.
Technical Analysis – Ethereum Classic (ETC)
In May ETC had a huge pump which increased the value of it from $36.09 to $180.57. Unfortunately, the price wasn’t stable and couldn’t keep up with the momentum which resulted in a fall to $33.11 in the next month. On the weekly time frame, for the past 6 weeks price is indecisive and printing extremely low volume Doji candles. Now this can be an accumulation phase on lower time frame which can drive the price to either direction.
On the daily timeframe, the consolidation is very visible as a range and price did wicked out below this particular range which took out liquidity below there. Now this can be considered as a Wyckoff spring and a possible expansion can be expected now which would pump the price to the upside. Now this is if it unfolds accordingly, this wave might end till that daily order block present at $71.21. The price might react to it, but for a bigger picture, it can be anticipated that sooner price might violated this OB, because equal highs are present above this area.
A possible movement is shown in the graph which can unfold but additional confluences would be required at each trigger point.
Price Prediction – Ethereum Classic (ETC)
Ethereum Classic is one of a highly used coin in the market. According to wallet investor Ethereum Classic is expected to reach a value of $105.40 in one year. In five years ETC is expected to reach a value of $306.499.