Price Analysis

Ethereum Classic (ETC) Price Analysis: No More a Flat Market Trend for Ethereum Classic!

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Introduction:

Ethereum Classic (ETC) is an open source, decentralized smarter blockchain. It is a network, a cryptocurrency that takes digital assets further. Ethereum Classic is the continuation of the original Ethereum blockchain- the classic version preserving untampered history. Ethereum Classic and Ethereum have a value token called “ether” which can be transferred between participant nodes for computations performed in the Ethereum platform. Ethereum Classic allows for complex contracts that operate autonomously and cannot be modified or censored. Gas is an internal transaction pricing mechanism that is used to prevent spam on the network and allocate resources proportionally to the incentive offered by request.

Highlights:

  • Short term market of Ethereum Classic seems to have a bullish trend. Since the market for the same has been oscillating or flat from a very long time. So, long term market for the same cannot be predicted.
  • The technical analysis and algorithms indicate to buy Ethereum Classic and have a profitable investment.
  • The beginning of uptrend for ETC forecasted.
  • The price has moved beyond its resistance level of $4.82 observed till the end of March.

ETC chart

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Current Statistics:

From having a storm-tossed situation of Ethereum Classic for quite a few days now, today it has been ranked on the 21st position. ETC is having a market cap of 639,448,333 USD having a price (USD) 5.84 on 3rd April at 4:17 UTC time. The BTC price for Ethereum Classic is 0.00116129. The 24h volume is 608,859,755 USD having a circulating supply of 109,434,832 ETC. The Return on Investment (ROI) for ETC is 677.30%.

Analysis and Data Interpretation:

Looking at the above Ethereum Classic chart from the Coinmarketcap, it is observed that from the start of the year 2019, January 7th was featured with the highest price (USD) 5.50. Then it had a bearish market for the first week of February. After that, it increased to price (USD) on February 24th maintaining a resistance level at $4.95 for a month, till the end of March. Concerned to the day, a high tide price is seen which is 17.97% more than the price observed nearly a month ago.

Predictions and Conclusion:

According to the current statistics and the market of Ethereum Classic, the bullish trend appears to be stronger. The situation of a flat trend that was observed since a long time has been now into the overbought or excessive zones. This results in a “strong buy” indicator for the investors to get hands on the trending markets of Ethereum Classic.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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