Ethereum classic is quite different from the similarly sounding crypto Ethereum by some ideological differences. Comparing the growth on a yearly basis ETC is still up from the $5 levels on January 01 to $43 as of July 16, 2021. The gain of 760% is enormous even after the profit booking scenario ETC is in for the last two months. The falls from 6th May high of $179 to current levels is down by more than 75%.
These historical data make more sense as the trend line for both these actions is about to cross, creating a make or break trend for Ethereum Classic. Truth be told, crypto or any asset cannot keep rising without the backup of the 200 days moving average. In ETC, we witness strong support from similar levels and given the setup for a significant trend being established. Chances are ETC price will rise at least 80 – 100% in the coming months.
Upcoming Magneto Hard fork!
Ethereum Classic enthusiasts support blockchain immutability and are in favor of code is law, which is in stark contrast to the decentralized decision making and conflict resolution adopted by its twin, Ethereum (ETH). After the last stable release named Thanos in 2020, ETC is all geared up towards launching another Magneto hard fork to improve their blockchain network.
All miners and exchanges need to upgrade their node or computer network to support the Magneto hard work, and they will be good to go. Chances are, this hard fork will reduce gas and transaction fees through some optimization. We will have to wait for the fork to be released to notice the difference.
Ethereum Classic should ideally take support from current levels in an attempt to test the more substantial resistance present around $80 levels. 200 EMA will be an essential level to visualize the strength and weaknesses of this cryptocurrency. Since ETC has repeatedly taken support from these levels in upgrading towards a new protocol, there is a good probability for a new bull run for ETC. MACD crossover is also not too steep to worry about a drastic fall in prices.
Those invested last year are still in huge profits, booking smaller profits should bring them to break even. New investors with intentions of making fresh positions should wait for clarity to emerge. Above $60 will be a bullish zone for Ethereum Classic.
Ideally, $42 is a good level for swing support. Entering in trades at these levels can be booked for a small profit in the short term as per ETC prediction. Hourly charts are indicating a profound strength and buying sentiment. Prices above $43.50 should be considered a bullish zone.