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Price Analysis

Ethereum Classic (ETC) Price adds 30%, is $180 incoming?




Ethereum Classic, against all odds, did overcome the selling pressure of the better part of the first half of 2021 to be one of the top performers.

The coin is printing higher highs in the daily chart, relatively stable versus Ethereum and most coins.

If anything, Ethereum Classic is already in green week-to-date, adding 30 percent but recoiling on the last trading day versus the greenback.

ETC/USDT Market Structure and Performance

Altogether, uptrend resumption could be on the card, spelling a new shift in fortune for traders who held on to their coins throughout the bear spell of May and June.

At the time of writing, ETC/USDT is inside a falling wedge.

However, when zoomed out, ETC prices are tracking higher, aligning with the primary multi-week support trend line.

Encouragingly, ETC/USDT higher highs are with decent trading volumes. What’s more, despite the contraction in the Asian and European sessions, June 2021 ended strongly with a bullish bar.

Presently, prices are trending inside the June 30 bull bar, an indicator of strength and determination, especially from buyers keen on defying gravity and printing a new trajectory in the second half of the year.

Still, how fast ETC prices expand largely depends on Bitcoin’s strength.

A stronger BTC would undoubtedly attract traders keen on spreading out to altcoins, of which ETC stands out as a strong contender.

Ethereum Classic (ETC) is Ready for a 12X Surge to $600

As such, it explains why most traders are optimistic of ETC’s prospects, expecting a recovery in the days ahead.

One trader on Twitter expects ETC/USDT to make a leg up, surging to $600.

This may be an ambitious target but not discounted, especially if past crypto performances count for something.

ETC is now trading above $50. Therefore, a 12X surge could be an outstanding proposition for value investors searching to bounce back after the capitulation of Q2 2021.

But $600 is a lower target for another trader who took to Twitter expecting ETC to track towards $1k.

Before then, conservative ETC traders expect the coin to reclaim $180 in a buy trend resumption pattern than may even see the coin print new 2021 highs.

Ethereum Classic is a “Sleeping Giant”

In his view, Ethereum Classic is a “sleeping giant.”

At full throttle, ETC/USDT prices would print a 20X from spot rates to $1k, reclaiming its position.

Still, the analyst didn’t refer to any supporting technical or fundamental factors.

However, what is publicly known is that Ethereum Classic developers prefer to stick to the original dictates of blockchain. They stand for decentralization via Proof-of-Work and the belief that code is law.

As such, Ethereum fans who like Proof-of-Work might find refuge in Ethereum Classic as Vitalik and the team eventually transit to Proof-of-Stake.

For all this and more, traders remain pumped:

ETC/USDT to “breakout in the next seven days” to $180?

On Trading View, ETC’s sentiment continues to increase. One trader, fendimetal202, expects bulls to close above the descending wedge and pump higher as buyers flow in therefore swinging fortunes in favor of market participants.

Based on the daily chart, the analyst’s swing high is at 2021 highs of around $180.

Technical charts courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.

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