This is really not surprising at all, but it will come as a setback to Ethereum Classic’s price. (ETC) Now that the SEC has made a declaration that Ethereum Classic is not a security, there is nothing stopping the SEC from approving many more of these types of ETFs. This will cause ETC (Ethereum Classic) to drop in price. I predicted a drop in price from $23.00 to $15.00 before the announcement and now I am predicting a drop to $5.00.
The price of Ethereum Classic has been rising steadily at the expense of the Ethereum price. Ethereum Classic is currently the sixth largest cryptocurrency with a market capitalization of $1.11 billion. Ethereum Classic has a lot of untapped potential and is one of the best performing cryptocurrencies in the market. For instance, ETC is gaining on the Ethereum price and the market seems to be bullish about Ethereum Classic price prediction.
As the name implies, Ethereum Classic is a classic version of Ethereum. It was Ethereum until a disagreement in the Ethereum community led to a hard fork, and the old chain was left behind. What followed was a lot of controversy, but eventually, things settled down, and the Ethereum Classic community found a niche where it could exist. Instead of focusing on short-term gains and pumps, the Ethereum Classic community focuses on long-term viability.. Read more about ethereum price prediction 2025 and let us know what you think.Summary of the situation
- The Ethereum Classic price forecast shows a 17% increase in the ETC price over the past 24 hours.
- With the recent price increase, Ethereum Classic has crossed the upper limit of the $80 supply range.
- The Momentum Reversal Indicator (MRI) is giving sell signals on the 12-hour chart, indicating an impending sell-off.
- Ethereum Classic could fall 40%, breaching critical support levels around the $46.5 price point.
A look at the 48-hour chart of the price of Ethereum Classic shows that the cryptocoin has experienced a tremendous price movement that has brought it closer to pre-crisis levels. Despite this impressive rally, critical technical indicators suggest that the crypto-currency could be in the midst of a major price reversal.
Ethereum Classic Price Forecast: Price Overview
Ethereum Classic managed to send shockwaves through the market during Tuesday’s trading session, rising an impressive 43%. The huge price recovery has put Ethereum Classic on an excellent path to address the trend line that has been falling in recent months and move further forward. May was not a good month for Ethereum Classic investors, as the tide has turned significantly this month. For example, the price of Ethereum Classic fell 55% in one day and 78% from its last high of $158.8, reached on the 6th. The month of May has arrived. The May drop followed a six-week surge in the price of Ethereum Classic that saw the cryptocurrency rise by more than 1,200%. This rally began when Ethereum Classic exited the symmetric model in early April. The 23rd. The crypto-currency saw another unfavorable price move in May, keeping ETC near its low of the 19th. The month of May stood at $40. Fortunately, the price drop was short-lived, as the cryptocurrency rebounded to close the day above its 2018 high of $47. Furthermore, the cryptocurrency posted its biggest weekly loss since 2016 in the last trading session; ETC settled at around $44.83.
Ethereum Classic price movement in the last 24 hours
Source: TradingView At the time of writing, Ethereum classic is trading at around $77.45, down 8% from its peak of $82.72 on the day. This price movement has caused the cryptocurrency to fluctuate in the supply zone, which ranges from $59.44 to $80. If Ethereum Classic closes the day above its 6-hour candle at $80, it would mark the beginning of an uptrend. However, the Momentum Reversal Indicator (MRI) is giving reverse price signals, suggesting that Ethereum Classic expects further price declines. A red candlestick represents a price reversal signal on the 4 hours chart.
4-hour chart of Ethereum Classic
Source: TradingView According to the 4-hour price chart, the red candle means that the price increase of Ethereum Classic has reached its peak. Investors should keep this in mind as Ethereum Classic is likely to experience a price correction of 1-4 candles in the near future. So the best course of action for buyers now is to make a profit. While this would limit investors’ short-term losses, such a move would cause the ETC to fall below the supply zone mentioned above and delay a potential recovery. With the relative strength index moving downward towards the midline, a potential sell spike and upward pressure could push Ethereum Classic towards the $59.44 support level. This would mean a 37% price reduction. If selling pressure continues, ETC could experience a 40% price decline, which could send it into the $46 price area.
Despite the bearish outlook, the crypto asset could jump and cross the $95.70 price range if Ethereum Classic bulls manage to maintain significant buying pressure. Such price action would register a higher high and mark the beginning of a new bullish cycle. In this case, Ethereum Classic could rise 20% to break through significant resistance barriers around the $114 price point. 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.There has been a lot of talk over the past few days about Ethereum Classic (ETC) and whether or not it is worth holding at this point in time. After all, the coin has lost around 33% of its value over the past few days, and it is now unclear as to where it will go from here. Whether or not the price will recover is unknown, although there is a good chance it will.. Read more about ethereum classic news and let us know what you think.
Frequently Asked Questions
What will ethereum Classic be worth in 2020?
Ethereum Classic (ETC) is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum Classic was launched Nov. 24, 2015 after a hard-fork split in the Ethereum community over a hack that took place in June of the same year. The hack resulted in the theft of more than $50 million worth of Ether. According to Ethereum Classic (ETC), the answer is nothing – or at least it won’t be worth anything – because the hard fork that created it was a mistake. That said, the project has a community of developers, and it has been adding features since it forked from Ethereum, and its price has been climbing since January. Here’s what you need to know about Ethereum Classic:
What will ethereum be worth in 2030?
What will Ethereum be worth in 2030? This is one of the most common Ethereum price predictions and is often asked. But before we try to answer this, let’s take a quick look at the history of Ethereum, where it came from, and the possibilities for the future. After that, we’ll look at a few Ethereum price predictions for 2018 and beyond. It is no secret that the cryptocurrency and blockchain industry is exploding. The question on everyones lips though, is what coins will be worth in 20 years? No one really knows for sure, but there are some educated guesses that can be made. As our resident expert on all things ethereum , we thought we would see what our expert had to say.
Can ethereum reach 50000?
Recently the price of Ethereum has been soaring, but can it reach 50000? It seems unlikely to many, but it is within the realm of possibility. There is a lot of excitement around the recent launch of the Enterprise Ethereum Alliance, which aims to bring together large companies to work together on using the Ethereum blockchain for their businesses. If you believe that this will succeed, and that the use of Ethereum on the business level will grow exponentially over the next few years, then you have reason to believe that the price of Ethereum will grow rapidly. Of course, there is also the other side of the coin: if the EEA doesn’t live up to expectations, or if it doesn’t expand at the rate that many are predicting, then the Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference. These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk. David Welden, co-founder of Etherscan, the most popular ethereum block explorer, thinks that the price of ethereum could reach $5000 in 2018.
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