Ethereum Classic Price Falls Below A Key Support Against The USD And BTC As Altcoins Correct Lower, Is Ethereum Classic Dead?

Ethereum Classic is one of the most resilient projects in the cryptocurrency space. Few projects can go through what Ethereum Classic has gone through and still remain in existence. At some point last year, many members of the cryptocurrency community said that Ethereum Classic would not survive the cryptocurrency winter per our Ethereum Classic news at the time. This year, when the market conditions started improving, and the price of Ethereum Classic started moving higher, there was a 50% power consolidation attack on the network that allowed the attacker to make changes on the network without consensus. This was another blow to Ethereum Classic that was expected to be its end. Rather than die slowly, Ethereum Classic survived and the Ethereum Classic price prediction became bullish again.

Ethereum Classic Prediction – Ethereum Classic Price Prediction – Ethereum Classic News Today – ETC Price Analysis Today

The price of Ethereum Classic was holding a key support against the USD at 95k satoshis. This support which happens to be at the 236 Fibonacci level was the first place Ethereum Classic stood during the last price correction. If the price of Ethereum Classic didn’t lose this support, it would have surged to the 120k satoshi level which is at the 200 moving average. The next move from here would have been a breakout of the 107k satoshi level and eventually the 116k.

Ethereum Classic (ETC) Price Today – ETC / USD

NamePrice
bitcoin
Bitcoin
$8,733.95-3.78%
ethereum-classic
Ethereum Classic
$4.90-3.24%

Unfortunately, since the price of ETC failed to surge above the 95k satoshi level, there is a high chance that it would move as low as 90k satoshi near-term. If the support at 90k satoshi doesn’t hold, ETC May fall even lower to the 77k support level. Short-term, the price of ETC is facing bearish pressure. The 50 and 200 moving averages are above the price action. Before the bulls can take control of the market and make the Ethereum Classic price prediction bullish, it must surge above the 107k satoshi level.

Long-term, the case is different. The relative strength index shows that ETC is in the oversold region. A cryptocurrency typically trends in the oversold region just before a breakout. So, it’s safe to say that the price of Ethereum Classic is primed for a bullish breakout against the USD. There is a bullish outlook for the price of Ethereum Classic long-term. While the Ethereum Classic development team is working on making the network the first choice for smart contracts and decentralized apps, it also has a lot to gain if Ethereum’s switch to Casper doesn’t go as planned. Another reason why the Ethereum Classic network is most likely to succeed is that it going to be more interoperable soon. Developers are trying to make it possible for the Ethereum Classic blockchain to interact with Ethereum and Cadano.

Ethereum Classic Prediction – Ethereum Classic Price Prediction – Current Price Of Ethereum Classic

At the time of writing, the price of Ethereum Classic was $7.54. This means that it is down by 2.07% against the USD and down by 2.72% against BTC. The trading volume over a 24 hour period is $650,818,026 and the market capitalization is $833,456,368. Before the end of trading today, Ethereum Classic will most likely move above this level. It’s not clear if a breakout will happen near-term, we can only wait and see.

What do you think about the Ethereum Classic price prediction in our Ethereum Classic News Today? Share your thoughts about the current price action of ETC below.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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