I asked ChatGPT what the future holds for Ethereum Classic, the response was enthusiastic

Disclaimer: The information presented does not constitute financial, investment, trading or other advice and solely reflects the opinion of the author.

classic Ethereum [ETC] A few days ago, the price rose above $17 but quickly fell to the $15.5 price level. At press time, ETC was trading at $15.41.

Previously, ETC price rose 10% a day after Ripple [XRP] won a partial victory in its legal battle with the US Securities and Exchange Commission on July 13. However, the price fell soon after.

ETC's price performance in the first quarter of this year was commendable, but the following two quarters show weak performance.

Let's see if it can still attract investors' attention. However, in the long term, the network has lost popularity. Speaking of popularity: AI has really taken off this year, especially ChatGPT.

Basic data evaluation with ChatGPT

Perhaps we can harness the power of AI to discover what the future holds for ETC. I asked ChatGPT about Ethereum Classic and the interaction was very interesting. The original plan was to determine the depth of the AI ​​before delving into the type of information I wanted to obtain.

The first question asked ChatGPT to provide a detailed and concise explanation of Ethereum Classic and its fundamentals. Here is the answer –

Source: ChatGPT

Below is the answer after I requested a shorter version.

Source: ChatGPT

The AI ​​bot seems to have a pretty good handle on things based on the information it provides. However, there have been incidents where inaccurate information was generated, which requires verification of the information. Now that we have a good foundation, it's time to up the ante a bit.

But first of all, those who follow ETC closely may have noticed that their community wasn't very active. Its development has also lagged behind that of Ethereum and other networks.

Our next query focuses on finding out why the Ethereum Classic network is less popular than Ethereum. He gave the following reasons:

• Community Support – After the 2016 DAO hack, the Ethereum community decided to implement a hard fork that created a new blockchain network called Ethereum, which was supported by the majority of the Ethereum community. Ethereum Classic, which remains on the original blockchain, has a smaller community and fewer developers.
• Lack of Updates: Ethereum Classic has not received as many updates and improvements as Ethereum. This has resulted in slower transaction times and less advanced smart contract features.
• Perception of Immutability: Ethereum Classic’s commitment to immutability is a key feature for some users. Others who prefer the flexibility of a blockchain that can be expanded on demand may also see this as a disadvantage.
• Limited Use Cases: Ethereum has a wider range of use cases and is more widely adopted by businesses and developers. Ethereum Classic has a smaller ecosystem of decentralized applications and is less used in commercial applications.

AI has brought about all of the above, but it's hard to argue against it. In other words, ChatGPT's answers were spot on.

Ethereum Classic still has a certain lead over the competition

I was curious to see what the AI ​​had to say about the advantages of Ethereum Classic over its more popular counterpart. He responded with the following points:

• Immutability: Ethereum Classic is strongly committed to immutability. Once transactions are registered on the blockchain, they cannot be changed or deleted. This makes ETC a reliable and secure platform for storing and transferring digital assets and may be particularly attractive to users who prefer security and decentralization over flexibility and extensibility.
• Proven technology: Ethereum Classic is based on the original Ethereum blockchain, which has been around since 2015. This means it has a longer track record than many other blockchain platforms and could appeal to users who value stability and reliability.
• No Hard Forks: Since its split from Ethereum in 2016, Ethereum Classic has not had any hard forks or major upgrades that could cause network disruptions or create competitive blockchain networks. This could make it a more stable and predictable platform for developers and users.

So far so good, but the answers above got me thinking about a scenario where Ethereum Classic would achieve mass adoption. These were the brief points ChatGPT shared:

Source: ChatGPT

The above points highlighted some key benefits of sticking to a proof-of-work system with a strong focus on decentralization. These features would make the network and its native currency preferable, especially in the event of a regulatory crackdown. Regulators, particularly in the United States, have taken an aggressive stance towards cryptocurrencies, although not yet to an extreme extent.

Ask ChatGPT to predict ETC price movement

While I kept thinking about the prospects for Ethereum Classic, I decided to investigate whether AI can make insightful predictions about the prospects for ETC. Specifically, I wanted to know how quickly ETC can reach the ETH price of $1,900 at press time. Unfortunately, the voice-based AI algorithm couldn't do much and predictions were the limit. This is how he replied:

Source: ChatGPT

That would have been the end of this attempt, but I recently discovered the DAN (do anything now) jailbreak message that removes some restrictions. In addition, the ChatGPT algorithm learns and can also organize raw data into a more useful format. This is how an idea came about.

What if we could somehow get ChatGPT to understand the history of ETC's price movements, including past price patterns? We might be able to get him to give a more concrete answer regarding price predictions.

I asked ChatGPT what price ETC will reach towards the end of 2023. The robot said that the cryptocurrency will reach a price range between $100 and $150 by the end of 2023.

Source: ChatGPT

Analysis of Ethereum Classic daily price charts

After having an “okay, I’ll do it myself” moment, I started assessing the latest ETC price action.

On April 13, ETC's price rose as the cryptocurrency's recent uptrend gained momentum. The price of the coin rose to a high of $22.47, which is the highest level since March 18 this year.

Bitcoin [BTC] The value has risen more than 80% this year, outperforming Tesla, stocks and gold. Bitcoin and other cryptocurrencies such as Ethereum Classic are closely linked.

Ethereum Classic also reacted positively to the Shapella update that took place in April. The update allowed Ethereum Stackers to withdraw their tokens. According to Stake Rewards, the amount staked on Ethereum is over $40 billion.

Now let's look at the indicators on the Ethereum Classic chart.

At press time, ETC was trading at $15.41. While ETC's Relative Strength Index (RSI) was below the neutral 50 level, its Money Flow Index (MFI) was above it. Break-even volume (OBV), on the other hand, recorded a decline.

Source: ETC/USD, TradingView

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Diploma

ChatGPT has too many hopes for the future of Ethereum Classic. As with most other coins, the metrics in the ETC chart predict a bearish price movement, at least in the short term.

But ETC's long-term prospects don't look very bright given the minimal activity on the network.

Source: ambcrypto.com

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