Ethereum Classic (ETC) Price Prediction 2019
September 24, 2020
Q4 2019 Ethereum Classic (ETC) Price Forecast: Technical And Fundamental Analysis
Ethereum Classic (ETC) is the version of the original Ethereum blockchain including the DAO attack which took place in 2016 at which point the Ethereum blockchain was divided through a hard fork leaving the original blockchain under the name of Ethereum Classic and a split-out, which did not include the DAO attack, under the name of Ethereum. As of the beginning of July 2019, this cryptocurrency occupies the 20th position by market capitalization which stands at around 855 million USD.
With the reversal of the trend on the cryptocurrency market in the second quarter of 2019, all major cryptocurrencies including Ethereum Classic are showing bullish dynamics in Q2 and Q3 of 2019 compared to Q3 and Q4 of 2018 and Q1 of 2019.
In April 2019, ETC showed a sharp momentary rise to $8.08 by the Bitfinex quote, which collapsed after that for around 75% of its value in 17 days. In May 2019, there was found a support at $5.42, which coincided with at least two peaks at the end of 2018 and the beginning of 2019 during the sideways trend at that time. The May support also coincided with the 50-period Moving Average on the daily timeframe bouncing off it twice with a false breakdown in the second time.
In June 2019, the April high was toppled by another high at $9.85 (Bitfinex quote).
After the attainment of that level the price fell again to $6.67. Thus, the bullish trend continued with the supports forming above the previous ones. The latest high was at $9.85. After that there was a correction that continued the bullish trend using the 20-period Moving Average as a support on the daily timeframe.
However, that tendency was broken on June 27th, and the price fell below the 50-period Moving Average. And we can observe the forming of a downward crossover of the 20-period Moving Average through the 50-period Moving Average on the daily timeframe which is a certain marker of a bearish reversal.
Looking forward into Q4 2019 we can now assume that ETC has shown strong upward dynamics from its lows in the late 2018 and that gives grounds for further growth throughout 2019 just according to the simple rule of trend momentum. Analyzing the future ETC price, we should still bear in mind the influence of Bitcoin on the entire market. And Bitcoin, as of the beginning of July 2019, shows a typical Elliott formation, which currently stands at the beginning of the second corrective wave on the daily timeframe.
Therefore, we can rightfully expect the third motive wave, the most prominent motive wave, in August 2019 trough to Q4 2019. It will produce a substantial bullish impact on the entire cryptocurrency market.
Important levels for ETC according to the Bitfinex quote currently are $5.81 (0.618), $6.58 (0.50) $8.31 (0.236), $5.63 (a daily support level).
On July 1st, 2019 Ethereum Classic Labs announced a partnership with Metronome, which should provide ‘chainhop’ blockchain interoperability between the blockchains of Ethereum and Ethereum Classic. This will allow to move Metronome tokens between Ethereum and Ethereum Classic blockchains.
This partnership is a part of a bigger upgrade called ECIP — 1054 (Atlantis). This upgrade aims at improving interoperability between the blockchains of ETH and ETC pulling the ETC blockchain up to the latest version of ETH protocol. This upgrade will enhance stability and security of ETC.
The implementation of Atlantis has been discussed with all the stakeholders in Ethereum Classic and they have all agreed on this upgrade. The implementation is scheduled for the block 8,772,000, which will occur on September 17th, which will be a Tuesday.
The implementation of Atlantis will be done by ETC Labs in cooperation with Metronome, and the two companies will issue a cryptocurrency MET that will be transferable between the ETH and ETC blockchains.
This update is believed to be an very important milestone in the development of Ethereum Classic and is likely to grant this cryptocurrency a bigger share in the cryptocurrency market. Therefore, it is awaited with anticipation by many cryptocurrency experts and cryptocurrency market analysts.
ETC is currently (the beginning of July 2019) experiencing the influence of resistance at $9.85 with the buy sentiment being still predominant for the asset. However, it is advisable for position and long-term traders to buy ETC at the following levels: $5.56, $5.80, $6.66.
with the target TP levels for Q4 2019 being at $14.40 and $17.43 on the Bitfinex chart.