Ethereum Classic Price Prediction: Is ETC Price Looking To Breakout For $50?

• 1 ETC hashrate and price are low since the switch of ETH from PoW to PoS
• 2 Technical indicators of ETC are currently favoring a weak upside move.It has seen a gain of 0.1% in the intraday session

Ethereum Classic is a crypto which emerged as a result of a contentious hard fork from the original Ethereum blockchain in 2016. The hard fork was caused by a disagreement within the Ethereum community about whether to reverse a hack that had resulted in the loss of millions of dollars worth of Ether tokens. The Ethereum Classic blockchain represents the original Ethereum blockchain, which did not undergo any changes or reversals to recover the lost funds. Ethereum classic uses proof of work consensus mechanism. Ethereum Classic also supports smart contracts and decentralized applications, which allow developers to build and deploy their own decentralized applications on the network. Ethereum Classic has seen a decrease in hashrate and consolidation in price since the switch of ETH from PoW to PoS.

Ethereum Classic has a market cap of $2.9 Billion and is ranked 24th in crypto verse. Volume of ETC has seen a decline of 20% in the intraday session. Volume to market cap ratio of ETC suggests a consolidation in price.

Is ETC Price Consolidation Coming To An End?

Source: TradingView

The weekly technical chart of the Ethereum Classic suggests a weak upside move in price. It is currently in a demand zone but can see a break out to a new high. It is trading near the value of $21 with a slight gain in the intraday session. Resistance of the ETC can be seen near $30.Meanwhile the support of the asset price can be seen near $15.It is currently trading above the 100 DMA and below 50 DMA. The 100 DMA line can act as a support for the asset price. There can be a positive crossover which can push the asset price to a new high. Various analysts are expecting a strong growth in the future.

RSI of ETC is currently near 45 suggesting its presence in the neutral zone.There is a downside slope which can push the asset price to a new high.

Conclusion

Ethereum classic is currently seeing a decline in the hashrate. It is in a consolidated trend which may continue. Various analysts are expecting a strong growth in ETC in near future.

Technical Levels

Major Support:$15

Major Resistance:$30

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 assets comes with a risk of financial loss.

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