TL;DR breakdown
- Ethereum Classic price prediction underscores ETC’s massive rally over the past few days.
- Currently, Ethereum Classic appears to be on its way to earning a spot in the top 10 most important cryptocurrencies on the market.
- In the last 7 days, Ethereum Classic has recorded gains of more than 200 percent.
In the last 48 hours, Ethereum Classic has recorded a new all-time high as it surpassed $175 and settled around $197. Looking at the price action over the past few days, Ethereum Classic seems to have outperformed most of the top cryptocoins. This upward momentum has resulted in the crypto asset earning a place in the top 15 most important cryptocurrencies in the market.
Ethereum Classic Price Prediction: General price overview
Following Ethereum Classic’s recent price action, the crypto coin appears to be taking the term frenzy to a new level. Recently, the crypto coin is recording historic gains never seen before in the crypto market. The Ethereum fork recently saw about 300 percent gains, with more than 50 percent recorded in the last 24 hours. However, the blistering gains are in jeopardy as technical and sentimental indicators are forecasting a sharp reversal in the coming days.
To put things into perspective, it’s worth noting some stats on the coin’s performance at the time of writing.
1. In the last 24 hours, Ethereum Classic has seen the second-biggest gain of over 50 percent.
2. In the last 3 days, the crypto token has seen an increase of over 150 percent.
3. In the last 6 weeks, ETC is up over 1,100 percent.
4. On a monthly basis, Ethereum Classic has gained over 280 percent.
5. Over the past 6 months, the crypto asset has gained more than 2,000 percent.
The above stats are just a few of the milestones this crypto asset has achieved in recent times. For example, the daily Relative Strength Index (RSI) recently touched 94, the highest level in cryptocurrency history.
Ethereum Classic price movement in the last 24 hours
Source: TradingView
According to the coin’s price action over the past 24 hours, Ethereum Classic’s daily high was around 3 percent below the 360 Fibo extension level of the 2018 bear season. This is an optimal region for a price correction.
It is currently difficult to predict supply due to the bearish outlook. However, investors should keep an eye out for the 38 percent Fibonacci retracement level at $103 to buy the crypto coin if it crashes. A drop above the $103 region would disrupt the bullish outlook and open the door for further declines towards the 50% retracement level in the $85 region.
Ethereum Classic 4 hour chart
Source: TradingView
Like the 24-hour price action, the 4-hour chart paints a bearish picture for Ethereum Classic. However, further uptrends are expected once the crypto coin finds support.
Conclusion
That being said, everyone is wondering why is this crypto posting such exorbitant gains? What could be the secret to a cryptocurrency trade from $35 at the end of April to $110 on May 5th? Well, the secret is the sudden market interest in Ethereum, ETC’s more expensive brother, and social media attention. Right now, amateur investors are confusing Ethereum with Ethereum Classic, hence the sudden uptrend. Others prefer the crypto coin due to its cheap cost compared to its expensive sibling.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com is not liable for any investments made based on the information provided on this page. We strongly recommend independent research and/or advice from a qualified professional before making any investment decisions.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.