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Price Analysis

Ethereum Classic Price Analysis: Ethereum Classic’s Slow Yet Steady Gain Hints at Bullish Future

  • Ethereum Classic (ETC) gained slightly over the last 24 hours.
  • The target remains unchanged at 20 USD.

Ethereum Classic is one of the major coins in the market which has been giving handsome returns not only to long-term investors but also to intraday traders. In the last 24 hours, the coin managed to gain by a short margin. But there was a huge price variation at around 05:30 UTC yesterday when the coin gained almost 2.5% in just 2 hours. The growth was not sustained for long and fell back to its original level of 8.5 USD. However, the medium-term outlook seems promising for ETC. It is likely to reach 20 USD by the end of this year. Let us look at the current details of the coin from ETC chart to understand the growth pattern.

ETC Price Statistics-

Ethereum Classic Price Chart - 20 June
ETC Chart by Trading View
Ethereum Classic (ETC)20th June 03:16 UTC
Rank19th
ROI (Return on Investment)1,030.94%
Coin Circulation111,342,714 ETC
Market Cap949,302,640 USD
Value in USD8.550 USD
Value in BTC0.00091627BTC
24h Volume591,002,035 USD

ETC to USD Price Comparison-

Ethereum Classic showed its first growth at around the 2nd week of February when it gained 29.65% over 17 days.  The highest growth can be seen around the 1st April when it gained 84.67% over just 6 days to fall again by 36.87% in the next 33 days. Another short span of growth can be noticed on 22nd May when it grew by 37.81% over 11 days. The market cap on 20th May was 823,183,395 USD, and the value of each coin was 7.399 USD. The current market cap and the value of each coin are respectively 15.32% and 15.55% more than the values of the last month.

Ethereum Classic Price Prediction-

As per the current data, the next resistance points will be there at 8.66 USD, 8.78 USD, and 8.91 USD. The support level remains at 8.41 USD, 8.28 USD, and 8.16 USD. The medium-term outlook is bullish for ETC. By the end of this year, the coin is likely to be around 20 USD.

Conclusion-

Looking at the target price, it would be a prudent decision to buy fresh coins. Investors need to trade cautiously, having resistance points in mind in order to minimize loss and maximize profit.

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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