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 29th biggest digital asset by market cap.
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 3rd 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.
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.
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.
This post was last modified on Apr 07, 2022, 12:44 BST 12:44