Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
Ethereum classic price forecast highlights the consolidation phase of ETC crypto over the daily time frame chart. ETC crypto has been trying to escape the horizontal range-bound area but failed. Now, buyers need to accumulate at a higher rate in order to surge towards the upper threshold of the horizontal rage-bound area. Meanwhile, ETC crypto is trying to maintain at 20, 50, and 100-days DMAs to reach the 200-days daily moving average.
Ethereum Classic is Innovating Further
A controversial hard split from the original Ethereum network in July 2016 gave birth to Ethereum Classic (ETC), a decentralized blockchain platform. In contrast to Ethereum, which had a major redesign, Ethereum Classic mostly kept the original blockchain.
ETH and ETC have many similar properties. Developers can create and implement decentralized apps (DApps) and smart contracts on this open-source, decentralized platform. Ethereum Classic, on the other hand, takes great satisfaction in advocating for ideas like immutability and resistance to censorship. It holds that blockchains should never be changed once they are established, not even in reaction to security flaws or attacks.
Similar to Bitcoin, ETC has a Proof of Work (PoW) consensus method in which miners must solve challenging math problems in order to validate transactions and safeguard the network. Although this technology uses a lot of energy, it has always offered a high level of security.
Ethereum Classic has found a place in the blockchain industry. Applications of financial services and the Internet of Things (IoT) have made use of it. It’s important to remember, though, that ETC’s emphasis on immutability and its dedication to staying the same can have unintended consequences, as it might turn off developers who would rather work with platforms that are more adaptable and flexible. Ethereum Classic nevertheless has a devoted following and a position in the larger cryptocurrency ecosystem in spite of this.
Ethereum Classic Cryptocurrency Liquidations
The Ethereum Classic cryptocurrency’s liquidation rate, as reported by Coinglass(dot)com, indicates how much was liquidated over the course of trading the cryptocurrency. In the past 24 hours, $85.97K worth of ETC was liquidated. Furthermore, around $2.89K worth of Ethereum Classic cryptocurrency was liquidated in the past 12 hours. Moreover, almost $591.27K was liquidated in the last four hours.
Analyzing Ethereum Classic Price Technical Indications
Ethereum Classic price forecast highlights the sideways momentum of ETC crypto inside a horizontal range-bound area over the daily time frame chart. ETC crypto has been consolidating inside the consolidation phase since August 15th after slipping from the $19.09 mark. ETC crypto has been moving sideways below the $17.20 and tried to break out. However, trading volume (19.077K) was below average (83.596K) and needs to grow intraday.
Ethereum Classic crypto gained around 4.19% in a week and 3.73% in a month. However, ETC crypto slipped by 13.14% in the last three months and 14.58% in the last six months. Nevertheless, Ethereum Classic cryptocurrency managed to gain around 4.39% year to date.
Technical indicators highlight the upward momentum of ETC crypto. Relative strength index (RSI) confirms the uptrend of ETC. RSI was at 59 and is heading towards the overbought zone. Investors in Ethereum Classic cryptocurrency need to wait until ETC approaches the upper threshold of the consolidation phase to register its breakout.
Summary
Ethereum classic price forecast highlights the consolidation phase of ETC crypto over the daily time frame chart. ETH and ETC have many similar properties. Developers can create and implement decentralized apps (DApps) and smart contracts on this open-source, decentralized platform. ETC crypto was moving sideways below the $17.20 and tried to break out. Nevertheless, Ethereum Classic cryptocurrency managed to gain around 4.39% year to date. Technical indicators suggest ETC is moving with positive momentum.
Technical Levels
Support Levels: $15.80 and $15.30
Resistance Levels: $16.80 and $17.20
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/10/30/ethereum-classic-price-forecast-all-about-etc-and-some-targets/