According to our current Ethereum Classic price prediction, the value of Ethereum Classic is predicted to rise by 5.65% and reach $ 18.51 by November 27, 2022. According to our technical indicators, the current sentiment is Bearish while the Fear & Greed Index is showing 22 (Extreme Fear). Ethereum Classic recorded 12/30 (40%) green days with 10.96% price volatility over the last 30 days. Based on our Ethereum Classic forecast, it’s now a bad time to buy Ethereum Classic.
Ethereum Classic [ETC] sellers inflicted a relatively unhindered bearish pull over the past three months. The ongoing surge in selling pressure led the price to dip toward its vital support zone in the $21-$22 range.
The bearish pullbacks positioned ETC in a south-looking channel while keeping the long-term recovery hopes alive. However, the near-term market structure formulated a rather conducive environment for the sellers.
At press time, the alt traded at $20.41, down by 11.23% in the last 24 hours.
ETC’s decline phase kept snowballing after marking consistent reversals from the upper trendline of its descending channel (yellow). For over three months, the buyers have exhibited their willingness to bounce back from the $21.1 support mark.
A close below this mark could likely open doorways for an accelerated decline toward the lower trendline of the down channel.
Although ETC lost over half its value in its current patterned oscillation, the altcoin did not mark a substantially volatile phase on the daily chart. As a result, the price action kept strolling near the 20/50 EMA.
Going forward, a sustained close below the $21-mark level can position the coin for an immediate downside in the coming sessions. This decline would pull ETC toward its less liquidity range, as evidenced by the visible range profile.
Any decline below the boundary of the current pattern would hint at a one-sided bearish edge. The first major support level, in this case, would lie in the $16.5 region, followed by the $13.75 baseline.
If the broader sentiment marks any improvements, ETC buyers could enter into an accumulation phase. In these circumstances, the buyers could continue facing barriers near the upper trendline of the down channel in the $26-$27 range.
The Chaikin Money Flow (CMF) and On-Balance-Volume (OBV) marked a streak of higher troughs over the last few days while bullishly diverging with the price action. But the CMF still needed to find a convincing close above the zero mark to affirm a buying edge.
While the price action has been on a consistent slump since mid-August, ETC’s social dominance revealed mixed signals. Empirically, ETC has exhibited a relatively high correlation to this metric on a daily basis.
The long-term price plunge entailed a decline in social dominance as well. But ETC marked a substantial peak in its dominance during the first week of November. The price action is yet to react to this spike. Nonetheless, the metric also marked a plunge over the past day.
Buyers should keep a close eye on Bitcoin’s movement to gauge any improvement potential on this metric. More importantly, the broader market sentiment and other on-chain developments could be vital in influencing future movements.
Based on data from November 08, 2022 at 16:03, the general Ethereum Classic price prediction sentiment is bearish, with 4 technical analysis indicators signaling bullish signals, and 25 signaling bearish signals.
ETC price prediction was last updated on November 08, 2022 at 16:03.
Ethereum Classic [ETC] broke out from its long-term falling wedge to depict an ease in selling pressure over the past week. However, the altcoin’s Open Interest in the last 24 hours across all the exchanges highlighted an edge for sellers.
After a relatively bright week for the bulls, buyers ramped up their efforts by pushing Ethereum Classic [ETC] toward the 200 EMA (green) resistance.
The selling re-emergence from this barrier pulled the altcoin below the four-hour 20 EMA to reveal a near-term ease in buying power.
The altcoin’s reversal from the $25.57-mark induced a string of red candles that highlighted an increased bearish edge. The alt could enter a potential squeeze in the coming sessions. At press time, the altcoin was trading at $24.25, down by nearly 3.86% in the last 24 hours.
ETC declined by over 47% after rebounding from the $39-ceiling in mid-September. As a result, it hit its two-month low on 13 October.
Over the last few days, ETC broke into high volatility after jumping from the $21-zone support range. This buying comeback helped the bears find a close below the 20/50 EMA in the four-hour timeframe.
Meanwhile, the gap between the 20 EMA (red) and the 50 EMA (cyan) undertook a bullish crossover to depict a near-term bullish edge.
From now on, the altcoin could find immediate support in the $23-$24 range in the coming times. In this case, any rebound could see a bounce-back toward the $26 zone. Any bearish crossover on the 20/50 EMA could hamper the chances of a strong rebound.
Should the broader sentiment reignite the bullish vigor, the altcoin would likely see an immediate retest of the $26 ceiling. A close above this resistance range would confirm a robust shift in the near-term momentum in favor of buyers.
An analysis of the funding rates revealed a rather increasing edge for the buyers over the last few days.
These rates strived to hover in the positive zone as they continued their uptrend. Any close above the zero mark would confirm the buying edge. This edge could aid the bulls in protecting the immediate support on the charts.
But the Open Interest across all exchanges over the last 24 hours decreased by over 6% over the past day. The corresponding decrease in the price action highlighted an advantage for the bears.
Finally, broader market sentiment and on-chain developments would be vital in influencing future movements.
When the split first happened, everyone who held ether at the time (the native cryptocurrency of Ethereum) received the exact same amount of ethereum classic in their wallets for free.
But even though the two coins initially had the same future supply projections, differences came about over time as each coin evolved. While Ethereum doesn’t have a hard cap on how many native tokens will be created, Ethereum Classic executed a number of upgrades to change its monetary policy to be deflationary, meaning the number of tokens created decreases over time. That is supposed to make ETC a better store of value than Ethereum, because its tokens are scarcer.
Because of the upgrades, Ethereum Classic’s supply is capped at 210.7 million and its block reward declines by 20 percent every 5 million blocks, or roughly every two and a half years.
According to CoinDesk’s historical price data, ETC’s price surged to a peak of $42 during the 2017 bull run, before crashing to a low of $3 during the crypto-wide bear market. Amid the resurgence of buying momentum in 2021, ETC’s price skyrocketed to an all-time high of $134.
Although Ethereum Classic’s ETC has value as a speculative digital asset that investors can trade, Ethereum’s ETH is considered the more legitimate and widely traded. In early 2021, the Chicago Mercantile Exchange (CME) approved the trading of ether futures. Only Bitcoin and Ether have been approved for such transactions. The futures are derivative contracts on an underlying security with a fixed price and maturity date. Ether futures allow investors to trade ether for speculation but also to hedge an outstanding position in ETH or perhaps other cryptos.
We can determine how the investment community views ETC versus ETH by analyzing how much capital or investment dollars are being committed to the two currencies. When comparing the two market capitalizations of the two cryptos, ETH is the clear winner. The market cap of a cryptocurrency is calculated by multiplying the currency’s price—based on a fiat currency such as U.S. dollars—by the outstanding coins or tokens in circulation.
ETC has 133.9 million coins in circulation with a market capitalization of $6.1 billion while ETH has approximately 120 million in circulation and a market cap of more than $417 billion. ETC trades at $46.00, while ETH trades for more than $3,475 per coin as of April 2, 2022.
Although both networks offer smart contracts, the potential for the aforementioned security concerns surrounding ETC will likely push investors to invest in ETH and adopt Ethereum’s smart contracts versus those of Ethereum’s Classic.
The Ethereum blockchain was initially established as a single network where transactions were facilitated by ether, or ETH. The new cryptocurrency quickly became popular for initial coin offerings, as different groups used the platform to launch their own tokens.
The DAO, a decentralized venture fund where investors would vote on assets to invest in was one of the most successful ICOs. The hackers discovered a smart contract bug that allowed them to withdraw about a third of The DAO’s accumulated ether which quickly amassed to over 11 million ETH from 18,000 investments.
Given that the hack was so large, a lot of investors recommended rolling back the Ethereum blockchain to save those who were affected. However, others contended that this would set a dangerous precedent for future occurrences. A poll conducted shortly thereafter resulted in 97% of participants voting to return the lost funds through a hard fork.
The Ethereum blockchain split into two separate networks as a result. The newer network took on the name Ethereum and uses ETH or ether as its cryptocurrency. The older one is now known as Ethereum Classic and uses ETC.
Many experts believe that Ethereum Classic does not have the same promising future as Ethereum because Ethereum is seen as the more legitimate of the two networks. This is especially true in light of recent security concerns surrounding Ethereum Classic.
Investors have lost confidence in ETC over the years due to hacks into the system. Ethereum Classic may have challenges ahead until its code and software can be redeveloped to prevent future hacks. However, it remains to be seen how smart contracts will be developed within the Ethereum Classic project and whether they can be adopted for widespread use.
Ethereum Classic is a decentralized, open-source platform that runs smart contracts on a blockchain. It was formed in 2016 after a hack of The DAO, a smart contract running on the Ethereum blockchain. The original blockchain was split in two, with most users opting to reverse the hack and return the stolen funds.
The Ethereum community was split on how to proceed after The DAO failed. Some people believed that the investors should suffer the consequences of investing in a flawed project, while others thought it would be best to roll back the blockchain and create a bailout. In the end, the majority of the community decided on the latter course of action.
Ethereum is a blockchain platform that, like bitcoin, can be used to record transactions. However, Ethereum’s key advantage is its ability to run self-executing smart contracts.
Smart contracts on Ethereum Classic are enforced through decentralized governance, meaning that they can be carried out without involving a third party, such as a lawyer. Smart contracts work similarly to if-then statements–if the actions required in the contract have been fulfilled, then the corresponding contract parameters would be completed. However, if the contract parameters haven’t been met, there might be penalties like fees or voiding of the initial agreement depending on what terms were established at the beginning ofthe relationship.
An example of this would be if, in a real estate transaction, the contract said an upfront deposit was due on a certain date, but the funds were not received. The smart contracts are within a distributed ledger or blockchain network. A distributed ledger is tracker for transactions and contracts that’s kept and maintained without any central authority controlling it..
The terms of an agreement between a buyer and seller are written in code, which is self-executing and does not need external monitoring.
Even though they are both after the same market and offer smart contracts, Ethereum has become more popular because it is seen as more legitimate. Also, ETH is only second to BTC in value.
The biggest issue that Ethereum Classic currently faces is scalability. The network can handle 15 transactions per second which lags significantly behind other payment networks like Visa, who processes one thousand transactions per second. There have been many software upgrades for Ethereum Classic, but the scalability of its payments systems continue to be a challenge.
Not to mention, security is prone to stay an issue with smart contracts–especially because Ethereum Classic has already had a hack where millions of dollars were stolen. These concerns have the potentiality to stop smart contracts from being used in large financial and real estate deals.
The cryptocurrency market is still developing, so it’s unclear how regulations will change Ethereum Classic and other virtual currencies. For example, the Security and Exchange Commission does not consider Ethereum or Bitcoin securities because they’re decentralized networks.
Some cryptos may not be approved as securities, which means they could have challenges being included in various financial products that contain a basket of securities, stocks, and bonds. These products include exchange traded funds and mutual funds. In the future, Ethereum Classic’s regulatory landscape is uncertain. The same goes for other blockchain networks that aren’t as popular.