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- 1 The EMAs are providing strong support for the ETC price.
- 2 The ETC crypto seems like is poised for a sensational possible uptrend ahead.
Ethereum Classic (ETC) is a hard fork of Ethereum (ETH). It was launched in 2016. The main functions of ETC are smart contract networks with the ability to host and support decentralized applications (dApps).
ETC is the native token of Ethereum Classic. Since its launch, ETC has made efforts to distinguish it from Ethereum. The technical roadmaps of both networks are expected to diverge further with the passage of time.
It was first set to preserve the integrity of the existing Ethereum blockchain and prevent its hacking. A previous hacking event led to the theft of 3.6 Million ETH.
In fact, Ethereum Classic is the legacy chain of Ethereum. So, the creators or developers of the Ethereum Classic are the same as the original Ethereum developers. Vitalik Buterin and Gavin Wood are the developers of Ethereum Classic as well.
It is the outcome of disagreement between participants about the reversion of blockchain to cancel out the effects of the major hack. This hack impacted the DAO, which had raised approximately $150 Million in an ICO several months earlier.
ETC came into existence as the network that did not reverse the chain. Developers claim that there is no official team for the ETC project. Its global development community is permissionless.
What the ETC Chart Shows
The ETC crypto experienced a dip of 1.16% in the last 24 hours, trading at $19.709. However, if the demand for the ETC remains high, the ETC price could bounce back from the current level. The next goal for the ETC price is to reach $21.
It looks like ETC crypto could smash resistance levels and zoom to new altitudes from the current base zone. However, if the crypto price fails to stay above the $18 level, it could decline further.
The ETC price is higher than the 20-day and 50-day exponential moving averages.
This shows that the EMAs are providing strong support for the ETC price, as they are following the price and stopping it from falling more. Therefore, the ETC price trend is positive and rising.
Summary
The ETC crypto is ready for a significant rise ahead, as it gains strength to overcome the obstacles and reach new levels from the current support zone. Moreover, if the ETC continues to attract buyers, the ETC price could recover from the current level. The next target for the ETC price is the $21 mark
Technical Levels
Support Levels: $18
Resistance Levels: $21
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
