Will ETC Price Hit $50 Mark?

Ethereum Classic (ETC) stands as an autonomous, community-driven blockchain system that embraces a proof-of-work (PoW) consensus model. This framework empowers users to execute and preserve smart contracts and dApps with high security and permanence. 

Smart contracts on this platform are crafted in Solidity, a robust programming language, and are processed by the Ethereum Virtual Machine (EVM)—a decentralized computing engine that is Turing-complete and integral to the Ethereum Classic ecosystem.

ETC is versatile, facilitating the development of dApps and the creation of diverse token types, including virtual currencies, utility tokens, security tokens, and non-fungible tokens (NFTs).

It functions as a medium of exchange and can be actively traded on digital currency exchanges. Ethereum Classic prioritizes unchangeable records and resistance to censorship, qualities that have garnered it favor among projects seeking a steadfast and decentralized foundation.

Technical Analysis of Ethereum Classic Crypto Price

The price of the ETC token has been rising consistently, with numerous higher-high swings indicating a bullish trend. This reflects the stability and trust of the Ethereum Classic community in the project. 

The crypto price has started a significant bullish move from the lower support levels, breaking above the major trendline and surging toward the upper resistance. 

The ETC token has supported increases above the key moving averages and has shown bullish waves in the past sessions. It has also experienced a golden crossover and has surged over 74% in the last 3 months, reflecting bull accumulation. Additionally, the ETC asset price is currently above the 50-day and 200-day exponential moving averages, indicating a bullish sentiment in the current trading session. 

Ethereum Classic crypto showed bulls strength and daily charts showed bullishness in crypto price. Moreover, the price is trading above the major EMAs, indicating further strength for the cryptocurrency. The RSI curve is near 59, a positive zone, with a positive outlook indicating bullish sentiment in cryptocurrency. 

The MACD indicator also continued to form green bars and a bullish crossover emerged, indicating a corrective move.

 Ethereum Classic Crypto Price vs Volume Analysis

The graph indicates that trading volume has risen in recent days, accompanied by an increase in price. There has been a significant price surge in the past few days, suggesting a potential long-term growth.

Ethereum Classic Crypto Social Dominance vs Social Volume

According to the graph for social dominance and social volume, both indicators have shown a consistent increase over the last few months, resulting in a positive effect on the price. Moreover, the price momentum of Ethereum Classic could be influenced by alterations in social dominance and volume dominance.

Summary

Ethereum Classic’s long-term price prediction is bullish, suggesting that the momentum may continue. ETC’s price is currently under the bulls’ control, making it highly likely to reach $50 in the coming weeks.

Technical Levels

Support Level: $31.44

Resistance Level: $38.48

Disclaimer

It’s important to note that the views and opinions presented in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading stocks carries inherent risks, and readers should conduct their research before making any financial decisions.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages ​​and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.