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Cryptocurrencies

Ethereum Classic Price Prediction: $82 Soon

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Written By: Abdullah Sarwar

Reviewed By: Lilly Mwogah

Apr 07, 2022, 12:44 BST 12:44

Summary:

Our Ethereum classic price prediction suggests that a strong bounce from current levels could send ETC price to $82 in the medium-term.

Our Ethereum classic price prediction suggests that the price may soar to $82 in the medium term. On 22nd March 2022, the ETC price broke out of the downward trendline. This breakout took the price to $52.66, generating around 25% returns for the traders within a few weeks. Nevertheless, the price was rejected at the $52.66 level and is now retesting the trendline. At the time of writing, the Ethereum Classic price is trading at $40. It is currently the 29^th biggest digital asset by market cap.

What is Ethereum Classic?

As the name suggests, Ethereum Classic is the old Ethereum blockchain out of which the current Ethereum blockchain was forked. In July 2016, Ethereum faced a massive hack due to exploitation in a 3^rd party wallet. After the hack, Ethereum Foundation rolled back hacking transactions to get back the stolen funds. This formed a new Ethereum chain that is currently trading with the ticker symbol ‘Eth’.

Some Ethereum developers and investors disagreed with this decision and kept the old chain alive. As a result, this legacy chain became Ethereum Classic. In May 2021, the Ethereum Classic price made its all-time high of $167.

Latest Ethereum Classic News

As per the latest Ethereum Classic news, there is still very little traffic on the network. According to DeFi Lama, the network TVL is only $348 million. This TVL is present in the DEX HebeSwap. As far as Ethereum vs Ethereum Classic debate is concerned, Ethereum has 640 times more TVL than Ethereum Classic. This depicts that the development on the legacy chain is way behind.

Ethereum Classic Price Prediction

Technical analysis of the ETC price chart shows that the price is retesting the downward trendline. Any bounce off the current levels could send the price to $58 in the short-term and $82 in the medium-term. However, any close below 50 EMA ($37.55) could throw these Ethereum classic price predictions out of the window. Therefore proper risk management is necessary before entering into any ETC crypto trade. Currently, ETC is trading at $40, i.e. 76% below its May 2021 ATH.

ETC USD Price Chart

This post was last modified on %s = human-readable time difference 12:44

Written By: Abdullah Sarwar

Reviewed By: Lilly Mwogah

Abdullah Sarwar is a blockchain analyst and a cryptocurrency investor with more than 5 years of experience. He specializes in providing crypto price projections based on their fundamentals and price charts. He is also a successful day trader. He graduated in 2015 with a degree in electronic engineering. In his free time, he loves listening to electronic music and playing with trading bots.